Intelligent contracts and AI: Unlock new business models
The integration of artificial intelligence (AI) and smart contracts reviews the way business works. At the same time, traditional intelligent contracts deal with themselves and safe.
** What are smart contracts?
Smart contracts are digital documents outlining the terms of the transaction or agreement between the two parties. These are created using blockchain technology, which provides a decentralized, transparent and counterfeiting system to implement contracts. Smart contracts can automate various processes such as payment processing, asset transfer and discussion.
AI benefits in smart contracts
AI has been applied in a variety of ways to improve smart contracts to improve their functionality and efficiency. Some benefits of using AI in smart contracts are as follows:
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- Improved security
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- Customize : AI can be used to personalize smart contracts in each industry or use
New Business Models: AI-Compatible Intelligent Contracts
– Some examples are as follows:
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- The Cyber Security Services (CAAS)
real examples
Many real examples present the potential of AI-compatible intelligent contracts:
- Walmart AI supply chain : Walmart has introduced an AI-based supply chain management system that uses blockchain technology and machine learning algorithms to optimize stock management.
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Challenges and restrictions
Although AI and smart contracts have great potential, many challenges and restrictions should be addressed:
- Regulatory frameworks : Existing regulatory frameworks are not compatible with AI in smart contracts.
- Scalability :
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