The need for automation processes in digital systems is well known. Automated actions are not only more efficient at carrying out certain essential tasks than humans, they are often more secure, which is especially important in today’s digital world. But alongside automated software, more organisations are using blockchain technology in their digital systems than ever before. It is therefore in everyone’s best interests that blockchain networks can be automated.
There are already some blockchain networks that are using artificial intelligence (AI) in their technology to allow for automation in some form. An example is the Fetch AI network, which utilises AI technology allowing users to delegate everyday tasks to the platform on their behalf. The Fetch AI platform has its own native cryptocurrency in the form of the FET and since January 2023, the Fetch AI price has experienced a number of boosts that have got investors excited.
Digital twins
Based on the Cosmos-SDK blockchain network, Fetch AI makes use of automated technology to carry out automated tasks on a user’s behalf. For instance, rather than using a price comparison site to search for and book a train ticket, the Fetch AI network can do this task for you. It is able to do this by use of a ‘digital twin’, an automated robot that represents the user. This bot then interacts with other digital twins from train companies or ticket providers and negotiates on behalf of the user.
The aim of Fetch AI is to make all online transactions decentralised and automated. In order to carry out automated actions, the network utilises a high-performance WebAssembly-based smart contract language called Cosmwasm. This smart contract language enables machine learning logic and advanced cryptography to be performed on-chain.
Smart contracts
The demand for automated processes is huge, not just for consumers but also for brands, industries, and organisations. More and more sectors – for instance, government, finance, insurance, retail, healthcare and more – are relying on blockchain software within their digital processes. On top of that, these industries have standards to adhere to. That is why it is so important that blockchain networks are equipped to make use of technology that allows for automated tasks and actions. Organisations need to be able to rely on a digital infrastructure that can take care of itself; one that is able to emulate repetitive tasks quickly, as well as reliably and securely. The means at which it can do this is through AI automatic technology.
Blockchain networks can be automated across boundaries without the need for a centralised entity via the use of smart contracts. Typical uses for blockchain software within organisations and industries include management of transactions, records or legal ownership, processing of claims or payments, tracking assets, and many others.
Machine learning
Robotic process automation (RPA) is a technology that uses a software bot to automate manual and repetitive actions. The process makes it easier for users to build, deploy, and manage software bots that replicate human tasks and actions. There are many advantages to RPA within digital systems, particularly for businesses. Not only does the technology improve digital processes, it saves in costs and leads to an improvement in productivity and quality. Also, any machine-led software is bound to be more reliable, consistent, and accurate than a human, as well as be better equipped to adapt faster across different industries.
Whilst RPA is applied to work alongside humans by automating repetitive tasks, AI technology is expected to fully replace human labour by automating actions without human supervision. Despite this, machine-learning AI technology has been introduced into RPA software, enabling for automation of actions via non-structured data, visual perception, and more advanced decision-making processes. Among the technologies that can benefit from AI-led RPA advancements are the blockchain networks.
Combining technologies
What was once merely a platform for bitcoin, blockchain software has now developed into a separate technology where users can make trusted and secure transactions.
In order to improve productivity and save on costs, it is usual for businesses and organisations to work with multiple digital technologies. Furthermore, in order to keep up with consumer demands and stay ahead of their competitors, companies need to look to the most up-to-date strategies when it comes to what digital platforms they use. By combining automated technology like RPA with blockchain software, organisations can rely on a system that gives them the results they aim for. For instance, blockchain networks can use RPA software to enhance customer satisfaction by enabling fast, secure, and reliable automated transactions.
Blockchain technology and RPA can also be used together to create automated trusted data processing. By combining these two, the blockchain takes on the role of a central network that can manage the data that is transmitted by another process. The blockchain’s ledger can therefore be used to record any transactions and data processes for the automated decisions that have been made by the RPA software.
Conclusion
Blockchain networks can be automated through the use of several technologies like AI software, smart contracts, and RPA. As blockchain technology is still relatively new, it will be interesting to see what the future holds when it comes to performing automated tasks.
