The use of AI and big data in blockchain technology

Blockchain, Big data, AI
iStock/gremlin

Blockchain technology’s incoming third wave promises to radically alter the digital economy by incorporating Artificial Intelligence (AI) and big data.

One of the companies leading the way is FiO, an innovative new “middleware” ecosystem that has partnered with IBM and is set to help businesses take advantage of the latest blockchain technology.

Following Blockchain 1.0 (digital assets) and 2.0 (smart contracts), the approaching Blockchain 3.0 era promises to create compliant independent financial markets and economies that will force businesses to join in order to stay competitive.

Yet, constantly evolving technology and exorbitant research and development (R&D) costs make blockchain technology still prohibitively unaffordable for small-to-medium enterprises (SMEs). FiO aims to decrease the barriers to entry and help SMEs integrate blockchain and big data-driven targeted marketing into their businesses. FiO is in its final stages of development and will be completed by the end of October; furthermore, FiO will be online by the end of 2019.

Blockchain as a Service (BaaS)

Blockchain technology is decentralise, incorruptible, and immutable by design in order to facilitate secure data storage.

FiO, an official IBM Hyperledger partner, builds on this with a seamless plug-and-play solution that uses a simple API protocol to effortlessly integrate with companies’ existing software.

FiO’s MCC (multi-cross-chain) solution acts as a flexible layer that allows clients to keep their data on either a private or public chain (or both), while its tokenization service foils traditional provenance fraud and theft by transforming ownership certificates into immutable blockchain records.

AI-enhanced Targeted Marketing

Additionally, FiO clients can also easily collect anonymity, GDPR-compliant user data. FiO uses IBM Hyperledger Indy’s Decentralised Identification (DID) to enhance blockchain big data with cutting-edge AI applications.

FiO’s tech-driven targeted marketing platform will create a sharing economy set to mutually benefit both businesses and their customers. The concept is simple — participants are incentivised to provide data, yet retain full control over their privacy. By compensating users who share data via a subscription-based model, it allows businesses to optimise their targeted marketing strategy.

In addition to partnerships with IBM and leading R&D partners, FiO also has the financial backing of Forbes Asia and Infinity Leadway, an Israel-based venture capital fund. FiO is currently rapidly expanding in Asia, with offices in TaiwanHong Kong, mainland ChinaJapan, and Singapore.

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