The European Blockchain Association (EBA) and the International Association for Trusted Blockchain Applications (INATBA) have found that blockchain technology has advanced beyond its initial cryptocurrency-related applications. According to a report issued on July 8, blockchain can now enhance transparency and security across multiple industries, especially when used in conjunction with artificial intelligence (AI).
According to the report, algorithms created from AI have made it possible to detect any deviations from "normal" profiles and initiate investigations to detect fraud. These algorithms "analyze user behavior, transaction patterns and historical data" to establish these normal profiles. The report says, "AI can perform clustering and link analysis on blockchain addresses to group together related addresses that may be associated with the same entity, further helping track suspicious activity across multiple addresses."
The report states that AI and blockchain have the potential to help sectors and industries through their sustainability and authenticity. "Their combined capabilities can revolutionize industries by ensuring secure, transparent, and efficient operations," the report said. The relationship between AI and blockchain can elevate existing solutions through their sustainability by taking into account environmental, social, and governance factors, "consistently measured by blockchain."
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