Changes in technology have drastically changed the way humans work, learn, live, and even think over the last several decades. Due to global lockdowns during the pandemic, many individuals and companies scrambled to develop new forms of virtual experiences and digital interactions.
As technology continues to be one of the largest differentiating factors between modern businesses, new technology trends have begun to emerge for the new year of 2022. These emerging trends are only the beginning of the major transition towards Web3.0.
Blockchain as a Service (BaaS)
Blockchain as a Service, or Baas, is a new trend in the blockchain space that many corporations and businesses have already begun to take advantage of. Blockchain as a Service is a cloud-based solution that allows companies to collaborate on blockchain-based digital products, such as smart contracts, decentralized applications (dApps), and more. Since these types of products don’t require the full infrastructure of the blockchain to function properly, they can be integrated by large scale companies much more easily.
Many companies have already begun to develop their own blockchains and provide Blockchain as a Service to a wide range of businesses, which will ultimately have an impact on the future of blockchain based applications in years to come.
Artificial Intelligence
The rise of artificial intelligence has been one of the most significant technological advancements of our generation, and is showing absolutely no sign of slowing down. Many companies have begun to integrate artificial intelligence into their businesses in a variety of fashions, from artificial intelligence chatbots for customer service to Netflix using AI to recommend movies you’d be interested in.
Machine learning is being integrated in every industry, from Tesla’s newer vehicles utilizing AI to improve autonomous driving capabilities, to Amazon’s Alexa voice assistant using machine learning to interpret user queries and executing tasks.
Decentralized Artificial Intelligence on the Blockchain
A large number of the difficulties associated with both blockchain and artificial intelligence technologies can be remedied by merging the two ecosystems together. When combined, these systems can create an immutable, secure, and decentralized system.
This interconnection of artificial intelligence and blockchain technology is important for retaining a reliable record of each AI algorithm recordings made during the machine learning process.
By combining these ecosystems, it has resulted in massive advancements in the security of both information and data in a variety of industries, including healthcare, personal banking, and others.
Storing large files or documents on the blockchain can be prohibitively expensive due to factors such as the Bitcoin network’s 1-megabyte per block file size limit. To work around this problem, data is stored on a decentralized storage medium, and hashes of the data are linked to the blockchain or implemented in smart contract code.
A recent report by MarketWatch estimated that the Asia Pacific blockchain artificial intelligence market will grow at an annual rate of 31.1%. With major driving factors such as advancements in the cryptocurrency space and a growing number of investments in AI blockchain projects, this would put the segment near a total addressable market cap of $3650 million USD.