Blockchain and AI are not that old technology but are being developed in synchronization to optimize their impact. Due to the 4G and 5G implementation, the internet has now opened far more possibilities. You donâ€™t have to wait for a buffer to start a video or to play a high-end game online. All these technologies are getting synched together to prepare a better world for us. Blockchain is a complex technology, which has reframed the ledger entry system in banks to avoid a person from using the same currency at two places. This way the currency is limited and once it is used by the person, he cannot use it again as it now belongs to the sellerâ€™s account. This kind of transaction that banks perform for managing your accounts usually comes with a fee, however, Blockchain seems to disrupt this business model and make transactions free.
Blockchain was primarily made to provide this system for Bitcoins which is a digital currency and quite adopted in various parts of the world. Artificial Intelligence is another superior technology which was being developed for the past twenty years and now is fully developed. Corporates are trying to find various use cases of this technology and trying to adopt it in different sectors. Shopping portals are one such sector where these technologies seem to have various possibilities and developers are already working in this area.
How Blockchain and AI can be implemented on Shopping Portals?
The Blockchain's basic motive is to provide a secure system that cannot be barged. Hence, with sellerâ€™s item, it can help track their movement and the quality of the product, and its expiry date in case applicable. It can also help reduce the loss that happens in the transaction and help optimize the products. Artificial Intelligence is already working towards disrupting logistics. It would provide predictive data to optimize the logistics by processing, real-time data without any human interventions.
Blockchain can also help consumers know where the product is coming from. No one in the value chain could tamper with it. They could authenticate that product is not forfeited in any way and if the source of the product is legal or not like if child labour was used to produce it. They can know the environment in which their food product was made and read every ingredient in it to avoid anything they might be allergic to. From the AI front, the business can see the movement of the products and how they are performing in the market and align root causes to find business problems and solve them.
Blockchain will avoid any sort of counterfeiting with the product. Consumers and sellers can see the history of the product and judge on their own if they find an issue with it at any point. Like packaging was tampered with to introduce a low-quality product replacing the original product at any point of its transaction. AI will help process this data and provide more insights into the product. It can also help maintain the proof of ownership and help manage the warranties in digital format