How Will Blockchain and Chatbots Be Our Everyday Future
We live in a digital age in which we can’t imagine life without a smartphone or a computer. And we’re constantly seeking to simplify our lives using technology while decreasing uncertainty at the same time.
The thing about technology is that, while it is absolutely brilliant, there is always a nagging uncertainty when you do a transaction online.
Is it secure? Can I trust the person I just transacted with? Will I actually get the order I placed? Isn’t there a way for me to get things done on one platform, instead of having 10 apps or visiting a dozen websites?
The solution to all these questions lies in a combination of two disruptive technologies: chatbots and blockchain.
Chatbots
Currently, the best example of a working AI that is voice-based is Apple’s Siri and Amazon’s Echo. The great thing about Siri and Echo is that you can ask it about anything. From “Where’s the nearest Starbucks” to “What’s the capital of Iceland?”
But what you really want is something like what you see on Star Trek — AI that can actually do stuff and take action to make your life easier, rather than just simply pump you with information and leave it to you to do the heavy lifting.
Chatbots won’t make dinner magically appear like the computer in Star Trek, but it can certainly do a lot more in certain aspects than Siri. And with users unwilling to clutter their phones with dozens of separate apps for each service they need (not to mention the tedious task of creating a user account for each app), chatbots are beginning to gain real traction.
Instead of having to trawl through the web to look for something you want or download an app from a particular store, you can simply chat about it to a human-like bot which should, theoretically, make the experience less of a hassle.
Pizza delivery giant Domino’s recently launched its Facebook Messenger chatbot, “Dom,” that lets you order a pie with just one word — PIZZA. So chatbots aren’t just about dumping loads of information on you — you can make real-life transactions without having to go through other apps or websites. How convenient is that!
What is blockchain? And why is the marriage of chatbots and blockchain so awesome?
Blockchain, in a nutshell, is a registry of assets and data. It can also be described simply as a transaction history stored in blocks of data. What’s awesome about blockchain is that it is immutable and unforgeable.
The logic behind the hype is plain and simple: Blockchain gives certainty to users and institutions alike by providing a public registry that stores transactions in a network that is super secure and extremely hard to tamper with.
It is an open infrastructure that stores all sorts of data, from digital assets, IP titles, contracts, personal ID information, certificates, the list goes on.
There is a huge buzz around the marriage of chatbots and blockchain and it is totally unsurprising.
While chatbots allow you to chat with human-like robots about shopping and make various transactions, you may feel rather uncertain about giving out your credit card or personal details via a chat platform.
But having blockchain gives you that certainty as it will store your transaction history in a safe and secure way, so that there will be proof for recourse if need be.
For example, let’s say you ordered a top from a retailer via its chatbot with a blockchain in place. You order one thing after a discussion with the bot and another top turns up at your doorstep. Your whole conversation with the bot has been recorded and retraceable, so there will be no dispute regarding the transaction and you won’t need to go to a third-party enforcer to sort the issue out.
Chatbots and blockchain in real life
Blockchain is getting everyone super excited. Expectations are high and many believe blockchain has the potential to disrupt entire industries, with the financial sector taking the lead by already investing heavily into the development of blockchain-based services.
But before you start thinking about complex things like signing up for an insurance plan or investing in a fund via chatbots, there are simple, everyday usages of chatbots using blockchain technology that would truly enhance your life.
Let’s take the example of what Deloitte came out with during their internal three-day hackathon; a tamper-proof warranty solution! It is a giant pain to keep all of those receipts and warranty cards for years on end. You end up with a massive, dusty stack of paperwork, which you go through probably every few years, at best.
Worst thing is, if you’ve lost your receipt and let’s say your TV suddenly stops working, you have no recourse. It’s just bad luck for you all around.
With a warranty chatbot, you’d be able to store all of your warranty cards, receipts and other documentation on blockchain, which would stay there forever without creating clutter in your house while eliminating any chance of dispute for your warranty (or the legitimacy of your item, if you wish to sell it on).
Here’s a video on how Deloitte put product warranty on blockchain.
Financial firms betting big on chatbots
Financial firms are getting pretty excited about the “next big thing” that chatbots may become.
While the technology is still in development, banks and other financial firms are enthusiastic about the appeal of AI that will allow customers to ask questions about their financial status, carry out transactions and get financial advice via a chat platform such as Facebook Messenger or Whatsapp.
Imagine if you could get your banking done by chatting to a bot and have the certainty (provided by blockchain) that your transactions are absolutely secure.
You don’t have to login to your account on a separate website or app — you just have to have a “chat” with a bot that will do all the work for you. What could be better than that? It will save you loads of time and it will be virtually effortless. You could literally do your banking while you’re mid-chat with a friend.
The chatbot could tell you about how to invest your money or look at your spending patterns and advise you on how best to pay off your bills. And you won’t have to spend any time queuing at a bank to have an awkward conversation with a salesperson you don’t know at all.
Chatbots and blockchain — a no brainer!
With chatbots being able to carry out conversation like a very knowledgeable friend and blockchain providing the technological capability of creating a record of all activity, it is a no brainer why so many big players in so many industries are getting pumped about the marriage of these two technologies.
Earlier this year, Bank of America announced the launch of “Erica,” its new digital assistant which will be available inside the bank’s mobile app starting next year. The bank hopes that Erica will help its customers create better money habits by providing investment advice and account analysis.
And this is just the beginning as the technology behind chatbots and blockchain are still in their infancy. My experience behind Chatobook allows me to see how chatbot and blockchain can be an everyday thing. Industry heavy hitters are betting big on this, so watch this space — this may change the way you do so many mundane things in everyday life, forever.
