Recent advancements in AI are transforming blockchain technology in various industries with the enhancement of security and efficiency.
NEW YORK, April 26, 2023 (Newswire.com) – Legacy Suite, a developer of digital asset management solutions, continues to add the latest in AI technology, like ChatGPT, which is revolutionizing the way people invest and use digital estate planning and cybersecurity.
The combination of AI and blockchain technology is improving security, transparency, and efficiency. With cybersecurity threats increasing at an alarming rate, traditional ways of securing systems are not enough to ensure safety. AI can detect and respond to threats while blockchain technology can help protect the security and integrity of data.
“This is important for us being involved in digital estate planning,” Legacy Suite CEO Sean Foote said. “Combining AI and blockchain, we can offer a more secure and efficient cybersecurity system for our clients.”
The innovation and growth of ChatGPT have been impressive, crossing one million users within five days of its launch in December 2022. Only two months later, it had already reached 100 million users. A large language model, ChatGPT can generate human-like responses to text-based queries and improve customer experience.
“The future of AI and blockchain is exciting, and there are many ways in which they may integrate to create innovative solutions in various fields,” Foote said.
Effect of AI Technology on the Blockchain Industry
AI technology is impacting the blockchain industry in many ways, including in the development of decentralized autonomous organizations (DAOs). In a decentralized marketplace, buyers and sellers can complete transactions without using intermediaries. AI optimizes the marketplace with specific recommendations to buyers while blockchain technology safeguards the authenticity of goods.
“Another potential area of integration is in the development of AI-based prediction markets, which can be used to forecast future events and outcomes,” Foote said. “These markets can be built on top of blockchain technology, ensuring the data’s transparency and immutability. Combining AI with blockchain makes it possible to create more accurate and reliable prediction markets.”
Supply chain management is also seeing a change. For example, blockchain can be used to track the movement of goods while AI can be used to analyze data and identify potential issues or inefficiencies in the supply chain.
“Blockchain can be used to store encrypted data while AI can be used to develop more sophisticated encryption algorithms that are less vulnerable to attacks,” Foote said. “Legacy Suite is planning to use AI and blockchain technology to improve its offering in diverse ways.”
“Based on user input and the machine learning model’s analysis of the legal requirements and common clauses, the AI system will generate a customized will document that meets the user’s specifications and complies with legal requirements,” Foote said.
Legacy Suite’s existing smart contracts automate the process of inheritance and transfer of assets after death. It uses AI to create algorithms to execute smart contracts and ensure that the inheritance process is seamless and transparent.
AI can verify the identity of the beneficiaries and ensure that the right people are inheriting the assets. “Blockchain technology can be used to create a secure and tamper-proof record of the identity verification process,” Foote said.
AI can detect fraudulent activity in the inheritance process, including identifying fake documents or detecting attempts to manipulate the system. Blockchain technology can be used to create a secure and transparent record of all transactions, making it easier to identify fraudulent activity.
“With AI tools like ChatGPT and blockchain technology, technologies continue to evolve, creating more innovative applications that are changing the way we handle digital assets,” Foote said.
For more information on safeguarding your future, please visit www.legacysuite.com.
About Legacy Suite
Legacy Suite is a complete end-to-end solution providing first-class digital estate planning support, including wallet monitoring and crypto wallets. Legacy Suite is a secure solution for crypto self-custody and password management, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin.
Source: Legacy Suite
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