A business, which goes online, needs a fast and reliable payment method. Bank transfers, PayPal, Apple Pay, Google Pay, and other financial services are highly convenient for the customers, and offer
A business, which goes online, needs a fast and reliable payment method. Bank transfers, PayPal, Apple Pay, Google Pay, and other financial services are highly convenient for the customers, and offer low risks to the business. Cryptocurrency is another way of accepting payments through the internet. It is still considered a high-risk one and seems to be difficult in implementation and usage. However, it can go far beyond buying and selling goods or services online. Especially if you use blockchain technologies together with AI development.
While blockchain-based projects fully controlled by artificial intelligence are still more theory than reality, AI can help businesses to automate the usage of cryptocurrencies and make it safer. AI programmer knows how to increase productivity, optimize, and get better control over the services using cryptocurrencies.
6 Reasons to Hire AI Programmer and Introduce Cryptocurrency in Your Business
According to Coinmarketcap in January 2018 the market capitalization of all cryptocurrencies was on a pike of $828.3 Billion. And in December 2020 it has reached $548.5 Billion — we see a new pike rising:
More people start using this kind of currency, and more companies accept it as a payment method. For the business it means broader possibilities to embrace digital money and get benefits from it:
- You save on the bank card processing.
Digital currencies are decentralized. Both merchant and customer do not have to pay fees for the transactions. For the business owner, it may mean from 2 to 5% savings on the bank transactions.
- Transactions process quicker.
Using a bank account you have to wait until the funds are available. Cryptocurrency transactions do not go through the banks slowing down the process of payment. They occur in real-time or take just a few minutes. High transaction speed is a bonus for a vendor — you don’t have to wait for the money to become available on the bank account. And for the customer it is one more valuable thing about the store or service: everyone likes when payments and orders happen quickly.
- One currency is used around the world.
The international currency is important for a business selling products or providing services abroad. It also helps businesses importing materials or ordering services from another country. Bitcoin or any other cryptocurrency is the same in all countries, so you don’t have to care about the exchange rates and transaction fees.
- Blockchain protects from chargebacks and frauds.
Cryptocurrency works like cash: either you have money available, or you don’t. All the transactions go through the blockchain and are final. During the payment process, each transaction is approved both on the merchant and customer side. Thanks to this system it is almost impossible to spend more than you have on the account or get a chargeback.
- You attract new customers.
More than 40 million people around the world use cryptocurrency for payments. And there are still not many companies, accepting payment in digital coins. So, the more paying options you offer to your clients, the better. Opening this possibility, you get a pool of new potential customers. In addition, regular customers will become familiar with this way of payment. Opening more possibilities for them, you also increase the chance that they will complete the intended purchase. From a perspective, it increases your revenue.
- You move to the decisions of the future.
According to Statista.com, at the end of November 2020, the number of blockchain wallets has reached some 60 million. The number of blockchain applications raises, so the number of digital wallets’ users will raise as well. The trend continues since 2016 and grows as more people become familiar with cryptocurrencies. Accepting digital coins now means setting your business apart from the competitors and getting your benefits sooner.
Which Brands Have Already Implemented Cryptocurrencies
Implementation of artificial intelligence and cryptocurrency programs help entrepreneurs to bring compliant and secure payment methods to the customers. Allowing a client to use cryptocurrency is an important step for businesses that go international. And many giants of the market have already made this step:
- Facebook©. The company has introduced its own digital coin Libra. They expect this currency to be mainstream and become a powerful competitor for Bitcoin.
- IBM©. The company is involved in many crypto projects. In 2019 it launched an own bank system based on the Stellar blockchain: IBM World Wire. It also broadly uses a Stellar-based currency — Stronghold. Another project of IBM — Hyperledger Fabric. It doesn’t have its own digital currency but is based on blockchain technology.
- Ubisoft©. The video game producer works on introducing cryptocurrencies since 2018. They aim to use the Ethereum blockchain to turn in-game items into crypto tokens. The project is promising, but still not finished. If the company completes it, it will show that cryptocurrencies may be used successfully in the gaming industry.
- Google©. The company offers tools for Ethereum developers and datasets for some popular cryptocurrencies, including Litecoin and Bitcoin. The offered services are useful for developers and analysts.
- Square Inc©. Initially, the company was founded to support Bitcoin. In the beginning, it has worked with the traditional currencies but later has begun to support Bitcoin payments and trading.
- JP Morgan Chase©. This banking institution is one of the biggest in the world. Now it plans to issue its own cryptocurrency on the Quorum blockchain. Clients of the company can use Quorum for their assets.
How AI Development Helps With the Introduction of Cryptocurrency
Cryptocurrency networks with the trained AI models available within the networks are extremely valuable for the businesses, ready to implement them. Stablecoins powered by machine learning can ensure easier decision making. The system detects malicious behavior, allocates intelligent resources, and more.
Introducing AI to a cryptocurrency network, a company gets the technology able to generate credit reports for the decentralized financial industry and facilitate anti-fraud reporting for exchanges. AI helps to tune numerous parameters of transactions, security, and performance of the whole digital currency system. The entrepreneur gets better control over the business, and customers are sure that their personal data is kept safe and private.
AI-powered applications have an improved efficiency thanks to the conjunction of artificial intelligence and blockchain. Together with blockchain-powered tools, they are to become a new trend. For example, Microsoft© is going to add such apps to the PowerApps custom app builder and PowerBI business intelligence tool.
All these processes in business lead to an increase in demand for cryptocurrencies. Blockchain is more often used as a service, and it also positively influences the blockchain market. As a result, investment opportunities become more attractive and increase the market capitalization for the whole industry. According to the forecasts, the global market size of the blockchain technology industry will increase at a rate of approximately 51% by 2022.
Hiring an AI programmer to develop a blockchain-based application or cryptocurrency service will bring such benefits to a company:
- Cheap analytics. Data analysis needs powerful human resources. And with human-performed analytics, it takes months to analyze, process, and get the results from the incoming information. AI makes analytics faster, can process it better than a human brain, sawing your money on human resources.
- Customization. AI speeds up interactions on the websites. It improves overall users’ experience and helps to run processes more effectively.
- Anticipation. AI collects and gives relevant information about the customers’ experience with the offer. It gives broad opportunities to analyze the quality of the service or product and improve it.
- Security. AI analyzes all the activities on your website or service. It spots suspicious activities. The network sees the signs of a scam, fraud, or other attacks, and can launch the protective mechanisms in real-time.
To implement all these benefits to your business, you need a team of skilled programmers. AI developer cost depends on the skills of the specialists and the country, where you hire them:
If you want to find specialists for a lower cost but without loss of quality, you can pay attention to the countries with smaller AI programmer salary. Such countries often offer a great pull of talents and the possibility to create a perfect team on outsourcing.
Cryptocurrency: a Trend From Future for Business
With the rise of Bitcoin, blockchain technology has become extremely popular. Without it, all the cryptocurrencies including Bitcoin would be useless. In fact, blockchain technology is a tool holding a sequence of transactions. They are automatically updated by numerous independent databases, located in various places. This technology is implemented in different industries: computer software, IT services, research, higher education, gaming, automotive, telecommunications, consumer electronics. semiconductor, and other. But the biggest and most rapid effect it has shown in the industry of financial technologies and currency.
Blockchain gives any cryptocurrency nearly all its value: the highest level of security and efficiency, and lower transaction cost. Thanks to it your customers can create verifiable transactions almost impossible to fraud. Over the last 12 years, interest in digital assets has grown multiple times, and the value of the cryptocurrencies has grown as well. And it means that blockchain will be integrated with the business sector more and more.
Choosing AI-based cryptocurrency technology for your business, you get a reliable and secure payment method, save on bank transactions, and receive a possibility to broaden a pool of customers.