Smart Contracts with AI: Automating Decision-Making

The Blockchain technology has come to stay whether we like it or not and that is just the fact. Blockchain technology for many years and even uptill have been able to run effectively making use of something called the smart contracts. For many of us, it is no longer a new thing again. Smart contracts helping transactions to be carried out automatically on the Blockchain technology and this has been ongoing for years. It is sometimes called self executing contracts as they help to automated a lot of things.

Recently the world have been experiencing the massive wave of artificial intelligence and this AI development have also spread into the smart contract world because it helps to make sure that there is effective decision making so that we can continue to adapt in the world as it changes. Smart contracts works just as the popular program codes we are known on python. The difference is that it is operated on Blockchain which makes them to be highly secured, transparent and at the same time Immutable.

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With the use of Artificial intelligence, it helps to take smart contracts to another high level because it helps to analyse the amount of data collected and with that data, AI helps to make the right decisions. There is something called the AL powered smart contracts and this helps to process data to different networks. This has recently helped to actually enhance decision making within the Blockchain ecosystem.

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There are a whole lot of benefits of AI powered smart contracts as compared to the usual smart contacts we all know. The first benefit is the fact that it helps to enhance efficiency and helps to take it to another higher level. Not only that, the accuracy level on which the smart contracts operates is taken to another high level which is something beautiful to also behold. With the accuracy, it helps to remove the potential errors that smart contracts should cause. Then lastly, it helps to save cost. It reduces cost because the decision making is fully automated thereby there is no need for human consultants.

Even though there might still be challenges associated to it. Challenges like the vulnerability of those smart contracts to attacks or the aspect of security. But I believe with time, solutions will be provided for the smart contracts. I personally, I believe the future of Blockchain technology depends on AI powered smart contracts.