Blockchain for Business Innovation

HARVARD BUSINESS REVIEW: What an honor! It’s amazing to share FICO’s #AI #blockchain story with the global business leaders who read #HBR. “Using Blockchain to Build Customer #Trust in AI” details how FICO came to use blockchain as critical #AIgovernance tool in our #datascience organization, how we implemented it, the strong business results it’s produced, and how our learnings can help others. Excerpt below, full version here: https://lnkd.in/dzkQdbXv It was a pleasure to collaborate on this piece with co-author Jordan Levine of Massachusetts Institute of Technology, who came up with the idea for a Harvard Business Review article after one of my guest lectures to his students at MIT Sloan School of Management. It’s been a fun and illuminating process, thank you Jordan! Special thanks to Pookie Foster for her creative and editorial assistance. Please read, share and let me know what you think. "In a remarkably short period of time, organizations across industries have deployed artificial intelligence (AI) to produce decisions that affect people’s daily lives. Since AI can be characterized as 'a mirror that reflects our biases and moral flaws back to us,' sometimes this practice results in unfortunate and even tragic mistakes. And bias is just one of a multitude of reasons why AI is considered a 'black box' … "Clearly, AI needs to prove itself as a trustworthy technology. To do this, companies that use AI must ensure the interpretability, auditability, and enforceability of decisions these analytic models make. Interpretability enables the technology to be understood. Auditability enables accountability. Finally, enforceability assuages doubt, leaving trust in its wake. … "At FICO, we’re using blockchain technology to build the trust of consumers and the financial industry at large in AI. Blockchain creates an immutable record of every aspect of AI model development, and ensures that every action taken adheres to corporate requirements and standards for Responsible AI. Rather than signaling mistrust in data scientists, a blockchain system for AI model management illustrates that trust is not a personal issue — there’s a reason that important things in life have contracts. The blockchain doesn’t serve to pinpoint blame; it’s designed to keep everyone honest, efficient, safe, and on-standard. With proper governance and accountability structures in place, AI innovation has a safe and wide-open space to thrive. "This article presents a case study on how FICO came to adopt blockchain-based AI model development management, how it benefits the business, and how other organizations can adopt and gain from this approach."

Blockchain is changing industries in ways we didn’t expect. We often hear about blockchain when it comes to finance, but its impact goes much further. Here's a look at how it's shaking things up in different areas: Supply Chain Management: Blockchain is improving transparency and tracking. Take IBM's Food Trust network, for example—it lets consumers see where their food comes from, all the way from the farm to their plate. Healthcare: Blockchain helps keep patient records safe and makes it easy for healthcare providers to share info. MedRec Technologies, for instance, uses it to manage electronic medical records, ensuring privacy and accuracy. Voting Systems: With blockchain, we can build voting systems that are harder to tamper with. Voatz, for example, tested blockchain-based voting in U.S. elections, letting military members vote securely via their phones. Music Industry: Artists can keep control and get paid fairly. Platforms like Ujo Music let musicians publish and sell their music directly, without middlemen. Real Estate: Blockchain is making property transactions smoother and more transparent. Propy Inc., for example, helps with international real estate deals, simplifying buying and selling. Gaming: Players can truly own their in-game items. Decentraland, a virtual world, lets users buy and sell virtual property through blockchain. Intellectual Property: Blockchain securely records patents, trademarks, and copyrights, making it harder for anyone to steal them. Insurance: Blockchain is speeding up claims and policy management. Etherisc is working on decentralized insurance systems that help with quicker payouts. Education: Blockchain makes it easier to verify diplomas and certifications, cutting down on fraud. MIT Media Lab is looking at how blockchain could verify academic credentials. Charity and Philanthropy: Blockchain brings transparency to donations. The BitGive® (acquired by Heifer) Foundation, for instance, shows exactly how donations are used. Blockchain isn't just changing finance—it’s transforming industries, making systems more efficient, transparent, and trustworthy across the board.

 Blockchain Technology: Transforming Industries Worldwide Blockchain technology is no longer just about cryptocurrency—it's reshaping industries by enhancing transparency, security, and operational efficiency. Here's how leading enterprises are leveraging blockchain across various sectors: 🔧 Trading: Prudential and BHP Billiton use blockchain for trading and supply chain efficiency. 📊 Data Integrity: Samsung and UPS are advancing secure data-sharing systems with blockchain-backed solutions. 💊 Healthcare: United Healthcare and MetLife store patient medical records securely with blockchain, transforming healthcare claims management. 🛒 eCommerce: Alibaba uses blockchain to track luxury goods, ensuring authenticity and traceability. 🚚 Transportation: Ford and Toyota harness blockchain for autonomous driving and enhanced mobility solutions. 📦 Supply Chains: Nestlé and Maersk ensure food supply transparency and efficient shipment tracking. 🔐 Data Protection: Google and Baidu explore blockchain for cloud security and intellectual property rights. 🌟 Why It Matters: With Web3 and decentralized systems gaining traction, blockchain is emerging as a critical tool for ensuring trust and efficiency in digital ecosystems. 💡 What's Next? As blockchain adoption continues, industries will witness faster transactions, better supply chain management, and unprecedented data security. What are your thoughts on blockchain’s role in shaping the future of industries? Let’s connect and discuss! Please Follow Sri Bhargav Krishna Adusumilli for more similar useful content!

Back in 2019, I was working on my M.S. and wrote a paper on how #blockchain would reshape the future of banking and financial services. Little did I know how much would unfold over the next few years! I decided to go back to my research paper to share some of the key highlights I had concluded (and to see how many of my pipe dream scenarios might actually be closer to reality now): 🔍 Historical Context Blockchain isn't new - it originated in 1991 with researchers Stuart Haber and W. Scott Stornetta. However, it wasn't until 2008 that it burst into public consciousness with #Bitcoin, introducing a #decentralized cryptocurrency that could transfer value without traditional intermediaries. 💡 Key Technological Innovations The true power of blockchain extends far beyond cryptocurrency. Key innovations include: - Smart Contracts: Automated, self-executing agreements that eliminate the need for third-party intermediaries - Decentralized Transactions: Removing central authority control - Enhanced Security: Cryptographic principles that make data tampering extremely difficult 🛡️ Security and Efficiency Advantages Blockchain offers remarkable benefits for banking: - Drastically reduced transaction processing times - Significant cost savings by eliminating multiple verification steps - Cryptographic security that makes data breaches exponentially more challenging - Transparent, immutable transaction records 🌐 Beyond Banking: Broader Applications While my research focused on banking, blockchain's potential reaches multiple industries: - Renewable energy exchanges - Food supply chain tracking - Foreign aid distribution - Real estate transactions - Voting systems with reduced fraud potential ⚠️ Challenges to Consider It's not all smooth sailing. Blockchain faces significant hurdles: - High computational and energy costs - Regulatory challenges (especially with GDPR in Europe) - Complexity that makes widespread user adoption challenging - Ongoing security vulnerability concerns 🔮 Future Outlook For banks to remain competitive, blockchain isn't just an option - it's becoming a necessity. Financial institutions, from community banks to global enterprises, must: - Invest in blockchain ❗understanding ❗ - Develop strategic implementation plans - Collaborate with FinTech innovators - Continuously adapt to technological advancements The institutions that embrace this technological shift will lead the next wave of financial innovation. #Blockchain #FinTech #BankingInnovation #DigitalTransformation #FutureOfFinance