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2024 | OriginalPaper | Chapter

The Benefits of Combining AI and Blockchain in Enhancing Decision-Making in Banking Industry

Authors : Artor Nuhiu, Florin Aliu

Published in: Integrating Blockchain and Artificial Intelligence for Industry 4.0 Innovations

Publisher: Springer International Publishing

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Abstract

Artificial intelligence (AI) and blockchain technologies are revolutionizing the banking industry and impacting how banks operate. Not only do these technologies help increase the speed of transactions and reduce security risks, but they can also help financial institutions develop blockchain smart contracts that further enhance digital transactions. AI and blockchain are innovative technologies that pave the way for digital transformation and that will bring about disruptive changes in various industries. Technological innovations such as robotics, cloud technology, and the mobile economy have asserted themselves very quickly in recent years through evolution such as social media and digital identities and have become an important part of the commercial and social economy. The combination of artificial intelligence and blockchain creates what is perhaps the most reliable technology-enabled decision-making system in the world, one that is virtually tamper-proof and delivers robust insights and decisions. This technology enables the exchange of digital information without external users or intermediaries. Utilizing decentralization through blockchain makes digital transactions more secure. Moreover, combining AI and blockchain can contribute to improving cyber security, streamlining financial operations, improving marketing, providing better health care, etc.

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Title: The Benefits of Combining AI and Blockchain in Enhancing Decision-Making in Banking Industry
Authors: Artor Nuhiu
Florin Aliu
Publisher: Springer International Publishing
Book: Integrating Blockchain and Artificial Intelligence for Industry 4.0 Innovations
Print ISBN: 978-3-031-35750-3

Electronic ISBN: 978-3-031-35751-0

Copyright Year: 2024
DOI: https://doi.org/10.1007/978-3-031-35751-0_22

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