A Peek Into The Future — Business With Robots And Ai Through Smart Contracts
Blockchain, AI, robots and cloud computing; the successes of this era are driven by technological innovations. It makes one think about what the future has in store for society. So, how about sneaking a peek? Considering the pace of the tech advancements, in the future one might walk into a store or a café that is run by AI and Robots. A place built on automation where artificial intelligence helps you in shopping for the perfect dress or order a cup of coffee.
But how can robots and AI run a business? The answer is, through smart contracts. The use of smart contracts and Blockchain technology makes it possible for AI to process transactions and conduct business with customers. The idea might seem quirky, but it is a prospect that several tech experts are betting on.
- The Store of the Future: -
Let’s take a trip to the future store run by artificial intelligence and robots. Suppose you want to buy a dress . In a traditional store, there will be dresses on display with price tags in different sizes for you to try and choose. That is the first step in the contracting process.
In the future, the AI takes in your body specifications and other details to come up with viable suggestions in dresses, just like a normal store sales attendant. Once you are ready to make the purchase, that where the AI uses a smart contract to process the transaction.
The store AI constructs a smart contract, by generating a simple contract containing the transaction details that gets stored in a Blockchain. The execution of the contract happens once the shopper cryptographically signs the transaction processed by the store’s smart contract.
Since it is the future, the payment is most probably to be made via cryptocurrencies through a public Blockchain.
- How Smart Contracts can work with AI: -
The smart contract is an integral part of Blockchain technology. These are more like programs that create contracts. Smart contracts are used to make immutable transactions out of complicated input and then store it in the Blockchain.
Read More: Top 10 Smart Contract Development Companies
As development in AI advances, smart contracts can be utilized in a broader aspect than just transactions. For example, artificial intelligence with extensive knowledge can leverage it to make any kind of contract of the complex nature. The best thing about smart contracts is that they are immutable and once created cannot be tampered with or reversed.
If we take the store example, in case you need to change the dress that you bought, that will need a new smart agreement for exchange or refund.
The problem with the utilization of smart contracts through AI is that the law does not identify AI as an individual. For this to work, a human has to own and be responsible for the AI. The different laws across nations are the second hurdle on the way of creating universal smart contracts. The legal agreements made need to comply with the respective jurisdiction and the parties in the transaction.
There might be initial glitches in the convergence and mass adoption of these technologies, but the change has already begun and the way things are moving the pace of development is sure to accelerate in the coming years. Experts predict that the use of smart contracts will change the face of traditional business practices, ushering an era of unprecedented growth in all sectors.
