By understanding the potential of AI and blockchain, and utilizing cross-sector collaboration, startups can create successful and innovative businesses in a rapidly evolving technological landscape.
Artificial intelligence (AI) and blockchain technology have been rapidly growing in value and importance in recent years, with AI projected to be worth US$1,811.75 billion by 2030 and blockchain at US$3 trillion. It’s no surprise that both these powerful technologies have garnered strong interest from startups and investors, with many eager to explore their potential when combined. Through unlocking new opportunities and endless possibilities by offering accuracy, efficiency, usability, transparency and security far beyond what’s existed before, users who understand their prospects and applications can capitalize on significant advantages.
AI has widespread uses across age groups and industries, from writing articles to predicting startups’ likelihood of success. It provides human reasoning at machine speed in a cost-effective manner and is forecast to improve significantly. Blockchain is also advantageous in countless areas, enabling users to prove ownership and skills, and securing transferrable distributed ledgers that are impossible to forge.
There is an enormous opportunity for startups with limited resources to exploit one technology to take advantage of cross-sector collaboration, working with other organizations across industries to achieve larger business goals.
The team at Brinc has seen some great examples of different industries benefiting and advancing through the integration of these new tools. “In recent months, we have seen a lot of new and exciting applications of AI across the food system,” said Nicole Lee, Food Tech Program Manager. “On a farm, AI has significant applications in using data from sensors, drones, and even weather patterns to predict inputs or timings to maximise crop yields. Another application is in trend analysis and product discovery, where AI platforms can help identify and speed up the product formulation process by studying ingredient databases or predicting potential supply-chain bottlenecks. At the last mile, AI can also help map out most direct distribution pathways to ensure the most time and energy-efficient ways to get goods to consumers.”
Joseph Ho, Brinc’s Healthtech Program Director, is seeing similar adoption benefits across the health industry. “Blockchain technology has the potential to significantly impact the healthcare industry by improving data security, interoperability and patient-centered care. This technology has unlocked several new white spaces and business models that were not possible before. We are already seeing healthcare startups employing blockchain as part of their core strategy and building new services and products that are innovating and disruptive in this industry.”
As the Brinc network expands, the potential for collaboration between startups in different sectors continues to increase. “Both AI and blockchain individually can revolutionize countless industries and catalyze countless processes,” said Shirley Feng, Brinc’s Program Manager of ZK Advancer (Hong Kong). “Combined, that potential grows exponentially. It’s exciting to see startups integrating these technologies with founders’ creativity and boundless innovative opportunities.”
Would your startup benefit from mentorship and networking opportunities in these spaces? Apply for a Brinc accelerator program
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