ORS Group, an artificial-intelligence software company, is using blockchain technology to create “hypersmart contracts” to help entrepreneurs and small businesses compete with larger corporations.
Blockchain, the technology behind the cryptocurrency bitcoin, has been touted as a potentially game-changing innovation that could transform the banking industry, as well as messaging apps, insurance, voting, supply-chain management, stock trading, and the music business, according to CB Insights.
So it’s no surprise that artificial-intelligence software companies like the ORS Group have decided to leverage blockchain in its business.
“Recognizing that the blockchain can be utilized for collecting and sharing information with ease among decentralized, independent organisations and that Ethereum smart contracts are extremely useful for executing instant payments without financial intermediaries, Ors Group has been connecting together A.I., blockchain and cryptocurrency, thanks to their newly created ‘Hypersmart Contracts,'” said CEO Fabio Zoffi.
Zoffi explained: “Hypersmart contracts act as intelligent connectors, which activate A.I. algorithms (off-chain) to solve complex efficiency/optimization problems utilizing data stored on-chain. They can also release instant crypto payments. Together, these technologies can lead to significant improvements in global value chains, which even small farmers can benefit from…As an end result, small farmers can regain negotiating powers against distributors and compete globally.”
Blockchain Technology’s Many Applications
Other major corporations such as Walmart, Nestle, Kroger, and Unilever have hopped on the blockchain bandwagon. The latest trend is using blockchain software to improve food safety.
“There is no question about it, blockchain will do for food traceability what the internet did for communication,” Frank Yiannas, Walmart’s vice president for food safety and health, told Bloomberg.
Blockchain technology can be used to track the movement of (for example) a chicken that gets sold in supermarkets, so consumers can be assured of its safety, all by scanning the product’s label with their smart phones. The label provides details about where the chicken originated, what temperature it was stored at, and when it ended up at your local grocery store.
Fabio Zoffi, the CEO of the ORS Group, said there’s no doubt that automation and artificial intelligence are going to change the world very quickly. “When I learned about the blockchain technology, everything came together in my mind and we decided to enter the crypto world to help empower a community of developers and entrepreneurs worldwide,” he said.