Focus - Blockchain, AI and Financial Considerations

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(Edited)

Hi

Today I want to talk about a few financial aspects of AI in and out of Web3.
These are just personal opinions, done with research. Limited ones, as there is a lot to say about the usage of AI.

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AI NFT, done by me in Simplified AI app

AI Impact on the Global Economy.

AI has the potential to disrupt and revolutionize virtually all sectors of the global economy. Its capabilities are being leveraged to automate processes and tasks, thereby cutting operational costs and increasing efficiency. AI can also drive insights and deliver more personalized customer experiences and fast, accurate decision-making, helping to increase sales and revenues. AI has already changed the way companies interact with customers, create products, and conduct business. Technologies such as natural language processing, machine learning, and robotics are being applied to drive automation, analytics, and improved workflows. AI is transforming industries ranging from retail and banking to healthcare and transportation, leading to cost savings and delivering competitive advantages. As AI-powered solutions become more advanced and cost-effective, their impact on the global economy is expected to increase exponentially.

Can AI print money? :))

We already know that AI cannot physically print money, as this requires physical action. However, AI can be used to help manage and oversee the financial systems that are involved in the printing and distribution of money. AI could be used to help detect and prevent counterfeiting, which would ultimately lead to increased safety and security of money. AI could also be used to monitor spending and investment patterns to better understand financial markets and how the economy works.

How can AI work for blockchain and crypto? Is AI present in the blockchain already?

AI can work with blockchain and crypto in a number of ways. For example, AI can be used to analyze large data sets associated with blockchain technologies, and help identify potential opportunities and risks for investors. AI can also be used to provide deep insights and learnings about blockchain networks, enabling investors to make better decisions. AI can also be used to improve the accuracy of automated processes, resources, and services associated with blockchain technologies.

AI is already present in the blockchain in various ways, such as the implementation of AI algorithms for monitoring activities on the blockchain or for providing automated services to enhance the blockchain experience. AI is also being used to identify patterns in large data sets associated with blockchains, and this data can be used to identify potential opportunities and risks for investors. Finally, machine learning techniques can be applied to continuously improve the accuracy of automated processes and services associated with blockchain technologies.

AI in FinTech

AI is becoming increasingly important in FinTech, as it can be used to automate many processes. AI can automate the underwriting of loans and credit, streamline fraud prevention and compliance checks, analyze customer data to create better customer experiences and personalize financial services, help identify new market trends, predict customer behavior, and optimize investments. AI also provides real-time analysis of current markets, allowing for automated trading decisions.

AI Limited Power in dcommerce Use

AI can be used in dcommerce in many ways. These include providing product recommendations, personalized content, automated customer service chatbots, fraud detection and prevention, automated order tracking, AI-powered search, voice-enabled shopping, and automated inventory management. By leveraging the power of AI, companies can increase conversions, reduce costs, personalize customer experiences, and create more efficient and effective processes.

AI can be used in decentralized commerce to help facilitate faster and more secure transactions, reward customers and merchants with incentives, improve customer/merchant relationships, and optimize the seller’s product recommendations and inventory management. AI-enabled systems can analyze customer behaviors and interests to provide more personalized recommendations and improve customer satisfaction. AI can also be used to better detect fraudulent transactions and secure payment processes. Additionally, AI could be applied to predictive analytics to optimize supply chain management and help facilitate the tracking of goods.

⏲️ After all this talk about what AI can do, I was about to start writing about its lack of many competencies in several areas. But it's just the beginning. In the future, I am sure that AI will be just like water, getting into any crack of the system, in every corner or wall...Will it be a good or a bad thing? We shall see and decide.

Thank you for reading!

With respect,
Zpek

Posted with STEMGeeks



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