Nowadays, Technology such as blockchain and artificial intelligence have attracted increasing attention due to the incomparable role that they play in technological innovation and industrial transformation. The concept of artificial intelligence was coined by the Dartmouth Society in 1956. As an essential branch of computer science, artificial intelligence technology is being considered to be an essential branch dedicated to the research and development of technical sciences used to expand human intelligence.
In recent years, Covid 19 proves to be a major push in derailing the further technical avenues. It causes tremendous breakthroughs in machine learning (especially deep learning) and the exponential growth of data. We came across a lot of covid19 related tech innovations like a smart mask, touch-less doorbells, disinfecting robots, air purifiers, and UV sanitizers.
Therefore, while making an analysis, prediction, judgment, and decision-making, artificial intelligence can fundamentally empower industries such as security, finance, retail, transportation, and education. Blockchain technology is somehow considered to be started relatively late, firstly starting with Bitcoin proposed by Satoshi Nakamoto in 2008. The blockchain is essentially a distributed ledger.
EVOLUTIONARY PROCESS OF BLOCKCHAIN
Blockchain is a digital ledger to save and secure thousands of transactions online throughout the globe. It speeds up the secure way of exchanging information in a cost-effective and secure way. It helps in improving cross-border transaction processes.
The evolutionary process of blockchain can be divided into 2 phases.
PHASE 1:
The term blockchain was coined by Stuart Haber and W. Scott Stornetta in 1991. Initially, they started working with the cryptographically secure blocks of chains. In layman or businesses term, blockchain is a platform where people are facilitated to perform all sorts of transactions without the use of a central or trusted arbitrator.
It was widely assumed that blockchain and bitcoin are on the same page; this assumption is not right. One of them is a secure platform while the other one is simply playing the role of a currency.
Bitcoin was first introduced in 2008 as the first application of Blockchain technology. Satoshi Nakamoto was spotted referring to it as an electronic system carrying different pieces of information and transactions.
PHASE 2
Vitalic Buterin felt the drawbacks in the progress of bitcoin to fully utilize the system of blockchain. He started working on the best possible option of bitcoin to produce the best possible results. He launched the new updated version of the Ethreum blockchain in 2015. Ethereum blockchain has now become one of the biggest applications of blockchain technology.
Ethereum blockchain operates the maximum number of daily transactions.
EVOLUTION OF ARTIFICIAL INTELLIGENCE
The concept of artificially intelligent robots was first introduced in the first half of the 20th century. Science-fiction introduced the concept of artificially intelligent robots.
The Logic Theorist was a program aimed at copying the problem-solving skills of a human. This concept was funded by Research and Development (RAND) Corporation. Thus, this concept is considered by many to be the first artificial intelligence program.
John Hopfield and David Rumelhart popularized “deep learning” techniques which allowed computers to learn user experience. Pandemic gave a tremendous push to Artificial Intelligence.
MARKET OF BLOCKCHAIN IN 2022
The Blockchain market size is projected to grow from USD 4.9 billion in 2021 to USD 67.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 68.4%.
COVID19 has taught us that the limitations are only in our heads. When the intention is clear and determination with consistency is there, we are bound to achieve our goals. Similar is the case with the innovators around the world who kept working towards exploring their limitations.
With the passage of time blockchain is gaining huge place and popularity in different market sectors. It is providing solutions to almost every industry from the extensive use in banking, cybersecurity, payment integrations, and rising
The banking and financial sector is growing at an exceptional pace and will hold the largest share of the global blockchain market in the coming years. The major driving factors contributing to the high growth rate of the blockchain market include is capital funding and investment in blockchain.
MARKET OF ARTIFICIAL INTELLIGENCE IN 2022
“The global artificial intelligence market size stood at USD 35.92 Billion in 2020 and is projected to reach USD 360.36 Billion by 2028, exhibiting at a CAGR of 33.6% in the forecast period.”
The artificial intelligence market 2022” is expected to rise with an impressive CAGR and generate the highest revenue by 2026. Multiple companies started using Artificial intelligence for their solutions to every problem. The recent CES 2021 virtual event showed us how hygiene-related products were more frequent. The report highlighted the important characteristics of the market based on present industry scenarios, market demands, and business strategies. Also, the research report separates the industry based on the Artificial Intelligence Market share, types, applications, growth factors, key players, and regions.
COVID 19 proves to be a great spike in the usage of artificial intelligence. Due to such a spike in demand for AI, the innovators took no chance to sit back.
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