The age of artificial intelligence (AI) may be upon us sooner than we think. Highly intelligent AI robots and machines the likes of which are seen in popular movies such as Steven Spielberg’s “A.I. Artificial Intelligence” and “The Matrix” series are still a bit far from reach. But it can be seen through generative AI platforms available today that they are within reach.
According to top AI statistics and trends handpicked by Forbes Advisor, the AI market is expected to balloon to $407 billion by 2027, and there will be at least one in 10 cars that will be self-driven by 2030. OpenAI’s generative AI platform ChatGPT, which allows for easier and faster content creation, is the fastest application to reach 100 million users. It now has over a billion users worldwide.
These statistics and forecasts are evidence of the rapid growth of AI and its surge in usage, which experts believe may also lead in a marked increase in enterprise blockchain adoption. Blockchain is known as the technological foundation of cryptocurrencies, but it is much more than that as it can act as a base layer for other emerging technologies and platforms that can improve the systems and processes of many different industries.
“So rather than thinking about blockchain on its own as a separate piece of technology that can change the world or at least optimize it, I think it’s more exciting to think of blockchain as a backend layer, as some sort of data standards that should be running in the back of applications,” Agata Slater, IBM’s blockchain consultant, explained in an interview.
Enterprise blockchain, which is geared towards enterprise use, has the ability to complete bigger data blocks and process a much higher number of transactions at ultra-low fees. And if the enterprise blockchain is able to scale on demand, these capabilities will only get more powerful, while becoming more affordable.
This combination of scalability, efficiency and practicality, coupled with a public blockchain’s immutability, security, privacy and transparency is perfect for AI. This is because AI not only needs a much bigger data space, but it will also generate a massive amount of data and use up transactions as it is increasingly used at present and in the future.
“Questions will start popping up about what is happening to our data, where it is going and what has fueled ChatGPT. All these questions about privacy, transparency, and immutability will become relevant, so it might lead to greater blockchain adoption amidst this backdrop of AI,” Slater said.
For instance, the BSV Blockchain, which is able to scale unbounded, is already completing 4GB data blocks and processing 50,000 to 100,000 transactions per second (TPS) at a transaction time of less than two seconds and an average fee of $0.000003 per transaction.
Compare these numbers to popular, yet unscalable, blockchain Ethereum (ETH). It is currently processing 14.5 TPS at a transaction time that ranges from 15 seconds to five minutes and a current average fee of $3.5 per transaction. Because it cannot scale, a surge in transactions usually results in network latency and high fees. For instance, in April this year, the average fee reached a peak of $26.7 per transaction. This will definitely not work as an enterprise blockchain.
So, if AI as an industry wants to further develop and widen its market, it is only but practical to use a scalable enterprise blockchain in order to be able to keep up with consumer demands. Hence, it is only logical to assume that a continued increase in AI adoption and use will also spur enterprise blockchain adoption.
