Big Data giants are accumulating huge chunks of data currently, wherein consumer data is being collected into the data pool. Artificial Intelligence (AI) platforms are enabling the big players to take control of the situation, owing to their capability to target and process these huge volumes of data. /adding to the data deluge, the newest advancement in the IT space comprises sensors being embedded into almost every device. These devices, ranging from IoT tools/wearables to self-driven cars, will further allow consumer data to be integrated and stored in centralized databases. However, this gives rise to the question of encroachment on the privacy of consumers.
On the other hand, in a bid to overcome the security and privacy concerns, blockchain technology is efficiently enabling participants to share information and transact in a swift and secure manner. Blockchain allows users to transact anonymously, which reduces the fear of the information being disclosed.
Therefore, as the volume of big data continues to grow, experts are looking forward to leverage blockchain into the healthcare, and banking sectors, where the sensitive information such as case history and the recent transactions can remain safe without being disclosed or manipulated. Alongside, AI can be utilized in the process of a better understanding of the customers’ interests and dislikes, food preferences (in healthcare) and much more. Hypothetically, fusing the advantages of AI with those of blockchain technology will secure information while at the same time will enhance transparency between the consumer and manufacturer or provider. The most important factor that is likely to drive this amalgamation is IoT.