Published on February 15, 2024
By: Pofan Palnudoti
When discussing artificial intelligence (AI), a conversation often arises that tends to touch on controversies… It shouldn’t be that way. What now feels like an incredibly attractive and revolutionary technology is the result of decades of collective effort and daring innovation. This holds for every piece of groundbreaking technology capable of influencing our lives and reshaping social and economic paradigms. Countless professionals invest their passion in developing new tools, not to encourage laziness in our societies but to empower users, allowing them to leverage their talents and achieve superior performance.
Some individuals view artificial intelligence (AI) as an instrument ideal for fostering a lack of empathy and an overflow of individuality, when, in fact, the opposite is true. The development of AI results in the creation of new jobs and the optimization of production processes, enabling numerous users to better manage their time.
Everything revolves around adaptation. There is no shame in feeling intimidated by the changes that encompass computing and finance, much less in not connecting with the talk of adaptation, at least not at first. However, once new technologies reach a higher level of maturity, the ideal scenario is for the less enthusiastic not to wait any longer and to analyze things objectively, wondering how they can become part of what is here to stay. AI, like any other technology, doesn’t emerge because thousands of developers were, for many years, conspiring to try to exclude as many people as possible. No developer aims to make industries discard their productive force, but rather to extend an invitation, to open the door to a world of new and exciting possibilities… It is up to us whether we decide to accept it or not.
“Within a generation… the question of putting a machine to think will be resolved”.
-Marvin Minsky (1961), co-founder of the MIT Artificial Intelligence Laboratory.
“There is no favorable wind for those who do not know where they are going”, that is what Seneca said. The first examples of chatbots were created in the 1960s. During those years, Joseph Weizenbaum developed ELIZA, a computer program that simulated a therapeutic conversation with the user. If we go a little further back, we find that the iconic Alan Turing, in 1950, published his article “Computing Machinery and Intelligence”, in which he addressed the thesis on machine thinking and proposed the survey that ultimately made history: the “Turing Test”, which sought to answer whether machines could exhibit behavior indistinguishable from that of a human being. The truth is that, like Turing and Minsky, many computer scientists had accurate ideas about the future. Herbert A. Simon, John McCarthy, Arthur Samuel, Donald Michie, and Frank Rosenblatt are worth mentioning. What we are beginning to elucidate today, almost as part of our daily routine, is the result of a long journey.
But enough of the history lesson; let’s delve into our field and explore how AI can positively impact the e-commerce sector, supported by Blockchain and cryptocurrencies. While we lightly touched on this topic in a previous note, this time we want to dive into deeper waters – something we thoroughly enjoy as we continue to write more articles.
Ethical individuals are keenly interested in the efficient use of Blockchain technology, liberating users from dependence on a central authority. Blockchain is here to reduce fraud and cyber attacks, provide clear and immutable records, and, of course, facilitate cheap transactions and optimal settlement times. Smart contracts take the spotlight as its key tool; they enable payments to be released once the established criteria between buyers and sellers are met, contributing significantly to building trust. For more information, we recommend reading our previous note on this subject.
In the traditional e-commerce model, specific algorithms recommend products and services to users based on their preferences… Deep Learning algorithms are used to comprehend complex patterns and hierarchical representations of products. Although these methods have shown effectiveness, the evolution of artificial intelligence (AI) could lead us to models integrating various processing techniques. This would enable algorithms to interpret dynamic contexts more effectively and provide better responses to address privacy concerns.
Here, security becomes another noteworthy point. Through AI-based systems, it would be possible to detect suspicious behavior and prevent fraud in real time, blocking operations and notifying users about additional verifications. Additionally, more accurate facial and fingerprint recognition could be offered, adding an extra layer of protection to transactions. It is well known that cybercriminals are constantly learning and improving their techniques at an unusual pace. AI can learn from past incidents and adjust its patterns to combat new threats.
Providing security and personalized experiences are not the only aspects constantly sought to improve in e-commerce. Every merchant knows that inventory management can be a real headache, but also that truly effective demand control is essential to ensure a healthy business. Poor inventory management can result in lost sales, unnecessary storage costs, and even problems with suppliers. By implementing AI, multiple factors linked to market behavior could be analyzed, such as trending purchases, commercial events, and predictions of future demand, and even extending the analysis to the supply chain, making acquisition and production processes more efficient and streamlined.
Adapting to changing market conditions is vital to avoid unpleasant situations. This is where dynamic pricing algorithms based on artificial intelligence (AI) come to the fore, which can be used to achieve a thorough understanding of how certain factors influence demand and prices. It involves analyzing the current supply and demand, and even the pricing strategies offered by the competition. Thus, by creating a link between the information collected, adjusting costs in real time, and offering benefits such as personalized discounts and rewards programs.
When it comes to customer service, it is worth remembering why chatbots have become a very common tool – their use does not diminish the importance of human intervention or anything similar. Thanks to chatbots, it is possible to address common queries 24 hours a day, undoubtedly building trust, as nothing is more tedious than submitting a ticket and receiving a notice that you must wait between 24 and 48 hours. Although we acknowledge the hard work of customer support agents, we are also aware that, on some occasions, due to unforeseen circumstances, these teams cannot respond in an optimal time. Regardless of good faith, the client is the one who shares their impressions and generates word-of-mouth that can be detrimental to the company. However, we must also understand that programmed rules – chatbots vary in terms of complexity and functionality – do not inherently possess adaptability. AI-powered chatbots could continually improve and offer more precise answers, making fewer and fewer users feel that their questions are not understood with adequate precision.
“Change is the law of life. And those who look only to the past or present are certain to miss the future”.
-John Fitzgerald Kennedy.
Worried about AI? Perhaps there’s a perspective you haven’t considered yet – the dawn of a world teeming with innovation and an even more skilled human workforce. In our recent articles, we’ve focused on exploring the intersections of AI, e-commerce, Blockchain, and cryptocurrencies, because our primary goal is to inspire you to delve into these topics, emphasizing that the changes unfold through each of us. In today’s world, continuous learning is crucial. It begins with curiosity, leading to thoughts like: ‘Hey, what if I’m wrong? What if it’s not as dire as it seems?’ Then, we progress to reading articles, attending conferences… Take your time, but don’t get left behind. AI is here to stay. It’s better to be prepared, don’t you think?
AI already enables many projects to surpass themselves and offer better services to consumers. The force with which this technology has surged into our society has inspired us to push even further, aiming to provide a product attractive enough for the public to turn to for years. With the LOAD protocol, we have designed an entire structure that will allow buyers and sellers to conduct transactions in various cryptocurrencies, ensuring very low fees, and enabling the community to receive LOAD tokens for their participation. Yes, we are positioned to have a presence in the new generation of the Internet, leveraging the best that Blockchain has to offer and demonstrating to users the true meaning of decentralization.