However, the article also points out the challenges of implementing blockchain technology, such as the need for constant monitoring and updating of rules and standards, and the need for technical expertise. Despite these challenges, the article predicts that the adoption of blockchain technology will continue to grow as businesses seek cost-effective solutions to mitigate security threats and improve efficiency.
Key takeaways:
- Blockchain technology is evolving beyond cryptocurrency and is being adopted by businesses for diverse applications, including AI governance and supply chain management.
- Blockchain can provide a secure, cost-effective way to track the process of building and training AI systems, helping organizations better understand and manage the data feeding AI systems.
- In supply chain management, blockchain can resolve inefficiencies while tracking and tracing the movement of goods in real time, providing crucial information for compliance, quality control and authentication.
- Despite the potential benefits, adopting blockchain technology can be costly and requires businesses to have the right technical expertise and training. Nevertheless, the global blockchain supply chain market is expected to grow to $9.77 billion by 2030.