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Artificial Intelligence is a technology that can be leveraged by businesses considerably, and businesses can utilize it to scale at a rapid pace. The recent popularity of AI chatbot development has automated most of the manual tasks of businesses, decreasing multiple costs and workloads.
AI has already intertwined with most of our daily lives, from AI-powered speakers to vehicles that can successfully track objects in real time.
Because of the countless advantages of AI, businesses are looking for numerous AI Development Companies to integrate the power of AI into their businesses. AI, when merged with Blockchain and other decentralized technologies, can advance businesses with more scope for innovation. This mechanism rests on data distribution across distributed ledgers and increases data transparency by preventing data manipulation by centralization. It prevents AI from utilizing its true potential to develop autonomous and intelligent technologies.
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By the year 2027, the market for decentralized AI is expected to reach a total of $973.6M, with a CAGR of 23.6% in the forecast period of 2020-2027.
To understand the potential of AI in the coming years, and make businesses understand its importance, let us have a look at the revenues over these years:
| Year | Revenue In USD | Year-Over-Year Growth |
| 2019 | 10.1B | 54% |
| 2020 | 14.69B | 54% |
| 2021 | 22.59B | 54% |
| 2022 | 51.27B | 47% |
| Category | Cost Estimation |
| Custom or Off-the-Shelf | $500-$1000 |
| Prototype Development | Starts from $35000 |
| Software Cost | $50,000-$100,000 |
| Hardware Cost | $500- $10,000 |
| Manpower | $25-$50/hour |
| Maintenance | $1000 monthly |
This is not the actual cost, the cost can differ with various factors like design, customizations, features integrated and much more.
To know more about the factors that can fluctuate the cost of AI development, read our blog: AI Development Cost.
The use of Blockchain can be more beneficial, as manually, we have to create artificial neural networks and then teach algorithms to the system. No single server will handle the operation of AI applications. The cryptographic techniques will maintain privacy across the AI network.
Decentralized AI will add more value to businesses by reducing manual tasks. It will remove friction and increase business efficiency. Decentralized AI will help businesses resolve disputes as well as select more sustainable shipping methods.
AI can be used to generate more secure smart contracts and minimize vulnerabilities.
To understand this better, let us have a look at some security models of decentralized AI platforms
SMPC will enable making statements about the data without revealing the actual data.
It is a fresh AI model that is used in protecting communication between parties and tackling hackers that breach networks with neural networks.
It will enable computation on encrypted data without any secret key.
Blockchain and its digital records will provide massive insight into the AI framework. When blockchain is used for storing AI models, it will provide an audit trail and enhance security.
Decentralized AI will have distributed computing power and will take care of several space requirements like software, hardware, maintenance cost, and much more.
Not everyone can understand the complexities of cryptocurrency, and investing in it takes a lot of time and effort. As more tech-inspired tools are getting accessible, worth millions of dollars, businesses are moving forward in finding a way of making some sense of their investments.
AI is capable of monitoring the market price fluctuations of cryptocurrencies and ensuring to inform traders anytime a chance of profits arises; an automated trading bot will inform traders or businesses.
Technologies can be more accessible for non-technical users with innovations in NoCode AI. A no-code AI platform will provide you will an interface where data analysts can sucessfully deploy AI without codes.
No-code AI platforms like the Accern NoCdoeNLP are helping financial companies access AI with low costs for continuous operations.
Many businesses are spending millions of dollars on new technologies to extract more and more value from them. The main goal, however, lies in boosting income and developing a future full of data-driven enterprises. AI can alter data generation and decision-making based on it by associating only the relevant operations to accomplish a task.
We are top-notch blockchain based AI platform development companies for all industries. How can generate more business revenue with the help of blockchain networks.
Thus businesses can create a much safer, smarter, and more transparent data record with ML-based learning decisions.
Lantmateriet, a Swedish land registration authority, has begun experimenting with decentralized AI to create automated business solutions with the vast capabilities of AI.
To neutralize the high risk of monopolies of AI, blockchain can be used with AI to convert the AI algorithms to Decentralized Autonomous Organizations.
AI DAO will operate by smart contracts and perform actions that are embedded in these smart contracts.
Blockchain is a technology that allows the storage of data on distributed ledgers. Decentralized AI will allow data to be looked at by only the required parties.
With the usage of blockchain development services, immutable records of variables and data used by AI processes, eases the AI decision-making and auditing become easy.
Data Monetization is a huge income source for huge firms like Google and Facebook. Platform users usually create data through online services, which are then sold to other companies. This sharing of rare data is getting done for free.
AI development is a costly affair for companies, and by developing decentralized data marketplaces, data accession will become easier.
Unique Features Of Decentralized AI Platform Made By Suffescom
Image Classification can classify images into labels; Suffescom has worked on image classification with hundreds of thousands of photos for detecting fraud. It can be added to photographic evidence analysis, Information Retrieval, and Facial Recognition.
It can detect a lot of specified objects on large tiles of data on images. Suffescom can work on object detection through aerial imagery for object counting. Object Detection can be used in counting objects like ships, people, security footage, inventory tracking, and document analysis.
Segmentation can take images and segment them into particular classified areas, which is used for volumetric estimations. It can be leveraged by the mining industry and medical industries for remote sensing.
Some Businesses Merging Blockchain And Artificial Intelligence
Location: Denver, USA
Bext360 is using decentralized AI to improve its supply chain transparency in mineral industries, lumber, and evaluating plant growth cycles.
The company’s AI also assesses coffee beans’ quality and predicts the weather conditions to assist the quality of beans. The AI systems with blockchain serve as a payment ledger, facilitating transactions. The immutability offered by blockchain also improves supply chain efficiency and transparency.
Location: Denver, USA
BurstIQ uses decentralized AI in the form of a health wallet which further integrates AI, blockchain as well as big data to handle patient data holistically.
The healthcare team at BurstIQ gets access to patient health records from multiple wellness programs. This patient data can further be sold, purchased, or traded by professionals for several research and development medical solutions for complex illnesses. The patients can keep their information to themselves and share only a part or aggregate data for research.
BurstIQ can also propose treatments and services to patients based on their drug purchase history.
Location: Rancho Santa Margarita, California, USA
This is an AI-powered crypto trading platform that encourages crypto traders with several AI algorithms, advanced data forecasts, and high-quality data feeds.
CoinGenius uses many tools which will include activity, news, and then trade data from trusted sites like Hackernoon, Coindesk, and Medium.
Suffescom Solutions Inc. helps small, and enterprise-level businesses to start an AI powered business. We have been a leading IT development company for more than 13 years and have worked on multiple AI-related projects.
Visit our homepage and have a look at our varied services, which also include custom AI development. We will help you utilize the merged power of AI and Blockchain; this deadly combination can scale your business at the speed of light.
The impeccable pair of Blockchain and Artificial Intelligence will create a deadly product that will surely help you lead the market. Ready for your AI dreams to turn into reality? Suffescom is just a button away from assisting you with it.
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