Machine Learning and Artificial Intelligence For Understanding Customer Better

Today, the world has come to the point where novel technological innovations are helping mankind improve things we couldn't have possibly imagined before. As a matter of fact, human work was more desirable over a machine's work in the past because human beings were believed to be more accurate as compared to a machine. And rightly so! Human beings could consider and evaluate all perspectives and make an informed decision whereas a machine simply could not. But the tables have turned, thanks to the technologies we have at our disposal today! A Gartner report expects that by 2020, 85 per cent of customer interactions will be managed without human involvement. Let that sink in! Take artificial intelligence and machine learning for example -- two cutting-edge technologies that have demonstrated the capability to positively transform practically everything they touch. A prime example of their prowess is shaping customer experiences.

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Though we now live in an omni channel environment, a large number of companies still present customer engagement paths that are drenched in legacy, leading them to feel archaic. The reason is because organizations struggle to keep up with this breed of new age customers who, along with their needs and demands, are constantly evolving. But not all hope is lost because we have artificial intelligence and machine learning to rely on.

AI and Machine Learning: Same same but different

Nonetheless, before we delve into the details of the potential of artificial intelligence and machine learning, let us understand how these two phenomenon vary. Simply put, artificial intelligence is a technology that allows a system to exhibit human-like intellectual capacity. On the other hand, machine learning is a subset of artificial intelligence that leverages mathematical models based on data to make decisions. And remember, all machine learning counts as AI, but not all AI can be considered machine learning.

The impact of AI and ML

The scope as well as the impact of AI and ML remains a widely debated topic across the globe. And the progress that they have made thus far has led to fervent discussions about their impact on mankind's future and what it really means for us. Among the many topics currently being debated, their impact on employment is an important talking point.

A sizeable majority of people today are concerned about AI replacing countless jobs. Though that fear holds some merit, it is not completely true. Experts and leaders in this field are convinced that the emergence of new technologies will serve as drivers of employment. For that matter, automation too is proving to be handy as far as comparatively monotonous jobs go. It has already revamped manual industries as well as tedious tasks that are based on simple activities such as bookkeeping.

Besides that, AI, machine learning, automation, etc. are enabling companies to turning in complicated jobs to machines. For example, GE makes use of algorithms for managerial tasks.

If still that doesn't make the case for the impact of AI, read this: A global survey found that most organizations started deploying AI to either improve or automate disorganized or day-to-day processes. As a matter of fact, 66 per cent of the organizations surveyed are making use of AI technologies basically for business process automation -- which is considered an excellent was to get started on the path of achieving rapid improvements.

You can do it too!

It is not just industry titans and global corporate who can leverage AI and ML to their benefit. Thanks to Amazon and Google's AI Kits, the masses can get started on this path too. While Amazon has made Alexa Skill Blueprints available for a variety of kits, Google's kit is an engineering design kit that will serve as a base for developers to build their own products.

In conclusion…

Numerous organizations are already benefiting from the many advantages proffered by AI and ML as they become increasingly mainstream in business. And to ensure competitiveness as AI increases in scale and drives further change, organizations will do well to remember that transparency about such endeavors as well as their benefits can also lead to enhanced effectiveness of the technologies. This, in turn, will enable companies' leaders to identify new opportunities and deal with possible risks before they transform into grave issues.

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How are payments transferred in blockchain?

The substantially low cost of transfer of cryptocurrencies makes them an extremely well-suited medium for cross-border money transfer. Take a look at exactly how payments are transferred in blockchain:

People who wish to transfer bitcoin to another entity/person, publish their intention and the nodes scan the complete bitcoin network to validate that the sender has the requisite bitcoin and that they haven't already sent it to someone else. Once confirmed, the transaction is included in a block that is attached to the previous block.

That was a rather simple version. Here's a little more technical version:

1. The sender's bitcoin wallet holds their bitcoin address, which stores a record of all of their transactions, and thus their balance.

2. The bitcoin address, which is a long string of 34 letters and numbers, is known as the public key. Each public key has a corresponding private key, which is a string of 64 letters and numbers. Remember, these two keys are related.

3. Any transaction from a bitcoin address needs to be signed with the private key, which is done by putting in the private key as well as the transaction details into the bitcoin software on the sender's device.

4. The program then puts out a digital signature that is sent to the network for validation.

5. The transaction is validated by inputting the signature and the public key into the bitcoin program. In case you were wondering, validation in this context means that the sender owns the bitcoin being transferring and that it hasn't been already sent to someone else.

6. Now, the network will confirm that the sender hasn't already spent the bitcoin by scanning their address history, which is possible since it knows the sender's public key and because all transactions are public on the bitcoin ledger.

Read Also-: 

Blockchain :An Introduction

Common Blockchain terms that you should know about 

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Common Blockchain terms that you should know about

Blockchain is represents a new standard about the way information is shared.

With blockchain's growing importance, global companies are focusing on figuring out how they can utilize the distributed ledger technology for their benefit and advantage. A significant number of companies worldwide have started to roll out distinctive pilot programs as well as real-world projects spanning a broad variety of industries, which includes healthcare, financial services, global shipping, and mobile payments.

Suffice it to say that blockchain is likely to become an integral part of at least business to begin with. This, in turn, makes it important for people to be familiar with the technology as well as certain terms that can help ensure that they aren't caught unaware in a discussion centered on blockchain.

Here's a list and explanation of a handful of important blockchain terms:

a. Bitcoin: Created in 2009, it is a widely popular cryptocurrency, based on the ideas described in a white paper by Satoshi Nakamoto. Unlike government-issued currencies, it is operated by a decentralized authority and offers lower transaction fees as compared to conventional online payment systems.

b. Addresses i.e. cryptocurrency addresses: Typically, a string of alphanumeric characters or a scannable QR code, these are used to receive and send transactions on the network.

c. Attestation Ledgers: They are distributed ledgers that offer an abiding record of commitments, statements, or agreements, thus delivering evidence i.e. attestation that these commitments, statements, or agreements were indeed made.

d. Block height: It alludes to the number of blocks linked together in the blockchain, e.g. Height 0, also referred to as the Genesis Block, will be the first block.

e. Cipher: It is the algorithm that is used to encrypt and/or decrypt information.

f. Distributed ledgers: They are a kind of database that span multiple countries, institutions, or sites wherein records are stored one after the other in a sustained ledger. Depending on who is given the permission to view it, distributed ledger data can be either permissioned or un-permissioned.

g. Node: It is essentially any computer that connects to the blockchain network. And a node that completely implements all the rules of the blockchain is called a full node.

h. Multi-signature addresses: They enable multiple parties to need more than just one key to authorize a transaction and proffer an enhanced resistance to theft. The requisite number of signatures is agreed upon during the creation of the address.

Blockchain: Use cases

Thanks to the ingenuity proffered by blockchain technology, people and companies across the world continue to seek novel ways to administer it to essentially any requirement that needs a reliable record. Blockchain has already changed a variety of things in the world. To begin with, it has practically empowered people with the power of cryptography. It has also become the centre of much hype, which is most likely a result of possible unique applications of blockchain technology.

Here are some blockchain use cases to demonstrate the potential of this technology:

 

1. Smart Contracts: They are legally-binding digitized, programmable contracts entered on the blockchain. Developers administer legal contracts as variables and statements that can release of funds using the bitcoin network as a third party executor instead of relying on a single central authority.

2. Digital identity: The annual costs for digital security run in the billions, but blockchain technologies offer the scope to turn things around by making tracking and managing digital identities efficient as well as secure, thus reducing fraud.

3. Distributed Cloud Storage: Blockchain data storage is poised to become a major disruptor in a matter of years. With Blockchain, cloud storage can become decentralized, thus enhancing security and reducing dependency.

Read Also: 

Blockchain : An Introduction  

How are payments transferred in Blockchain? 

Contact us - contact@craterzone.com

Blockchain: An Introduction By Craterzone

Blockchain, undoubtedly a unique invention, was developed by either a single person or a group of them, known by the alias Satoshi Nakamoto. Poised to revolutionize the world quite like how open-source software did two decades ago, blockchain too presents the scope to be a similar agent of change. But as it continues to evolve, there's one question that a considerable majority of the global population seems to be asking far too often:

What is blockchain?

Before we delve deeper into the topic, let us get the basics out of the way. Blockchain is defined as an electronic ledger that can be openly shared among various users and that puts together incorruptible record of the users' transactions. Each digital record a.k.a. transaction, time stamped and linked to the previous transaction, in the thread is referred to as a block, thus leading to the name blockchain. This technology allows either an open or governed group of users to participate in and access the electronic ledger. And you must also know that each block is connected to a single participant.

What this means is that blockchain can be updated only by the consensus of the participants in the ledger. And once the new data is entered in the ledger, it can neither be amended or be erased. Thus, the blockchain includes a verifiable record of every single transaction ever made in the system.

Information hosted on a blockchain exists as a shared and constantly harmonized database. Furthermore, the blockchain database isn't stored in a single location, which means the records it contains are genuinely public and easily empirical. A centralized version of this information does not exist, which means a hacker can’t corrupt it. The data, hosted by millions of computers at once, can be accessed by anyone with an internet connection.

Read Also:

Common Blockchain terms that you should know about

How are payments transferred in blockchain?

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