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Homepage > News > Business > AI and blockchain: Redefining business model across industries The intersection of artificial intelligence (AI) and blockchain technology is transforming business models across various industries, unlocking new opportunities for innovation and growth. From financial services to real estate, AI is reshaping traditional practices, enabling businesses to offer new services and streamline operations. In tandem, blockchain’s ability to ensure data transparency, security, and scalability makes it a vital partner in the evolution of AI. One of the most significant impacts of AI in the financial sector is its ability to provide financial services to underserved populations. Traditional banking systems often rely on factors like credit scores and IDs to determine eligibility for loans or accounts. However, many individuals, especially in developing regions, lack access to these credentials, leaving them excluded from the financial system. AI is bridging this gap by offering innovative solutions that allow financial institutions to assess the creditworthiness of individuals without traditional forms of identification. As Gian Paulo Dela Rama, Chief Product Officer and Head of Sprout AI Labs at Sprout Solutions, explained at the Futureproof Tech Summit 2024 in Mandaluyong, Philippines, “For finance, one of the most important things that it’s doing for the sector is banking the unbanked. So, people who don’t have access to credit, who do not have access to IDs—your traditional sources of bank applications—using AI tools, you can now credit score these individuals. So they will now be eligible for financial services they normally wouldn’t have.” This democratization of financial services is significant for those living in regions with limited banking infrastructure, as AI enables financial institutions to expand their reach to previously excluded populations. AI is also revolutionizing the real estate sector by enhancing sales processes. Rather than replacing real estate agents, AI is helping to refine their roles. By using AI tools to…

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Filed under: News - @ November 8, 2024 4:25 pm