Contents
Overview
Agentic AI, a term coined by researchers like Nick Bostrom and Stuart Russell, refers to artificial intelligence systems that can make decisions autonomously. When combined with smart contracts, which are self-executing contracts with the terms of the agreement written directly into lines of code, the potential for innovation is vast. Companies like Accenture, Deloitte, and Ernst & Young are already exploring the use of agentic AI and smart contracts in various industries, with platforms like Ethereum, Polkadot, and Solana providing the infrastructure for these applications.
📈 Smart Contracts And Blockchain
Smart contracts, first introduced by Nick Szabo in the 1990s, have been gaining traction in recent years thanks to the development of blockchain technology. Blockchain platforms like Bitcoin, Ethereum, and Hyperledger Fabric provide a secure and transparent way to execute smart contracts, which can be used for a wide range of applications, from supply chain management to voting systems. Researchers at universities like Stanford, MIT, and Cambridge are working on developing more advanced smart contract platforms, such as Cosmos and Tezos, which can support more complex logic and decision-making.
🔍 How Agentic Ai And Smart Contracts Work
So, how do agentic AI and smart contracts work together? In essence, agentic AI systems can be used to make decisions about when and how to execute smart contracts. For example, an agentic AI system could be used to monitor a supply chain and automatically trigger a smart contract to release payment when a shipment is delivered. This technology has the potential to increase efficiency and reduce the need for human intervention, as seen in projects like the Walmart-IBM food safety blockchain and the Maersk-IBM supply chain blockchain. Companies like SAP, Oracle, and Salesforce are also exploring the use of agentic AI and smart contracts in their products and services.
🌐 Real-World Applications And Future Directions
The potential applications of agentic AI and smart contracts are vast and varied. In the finance industry, for example, agentic AI and smart contracts could be used to automate trading and portfolio management, as seen in projects like the Numerai hedge fund and the HedgeFund AI platform. In healthcare, they could be used to manage medical records and automate clinical decision-making, with companies like Medibloc and HealthVerity working on blockchain-based healthcare solutions. As the technology continues to develop, we can expect to see even more innovative applications of agentic AI and smart contracts, with researchers like Andrew Ng, Fei-Fei Li, and Yann LeCun working on advancing the field of AI and its applications.
Key Facts
- Year
- 2020
- Origin
- Global
- Category
- technology
- Type
- concept
Frequently Asked Questions
What is agentic AI?
Agentic AI refers to artificial intelligence systems that can make decisions autonomously.
What are smart contracts?
Smart contracts are self-executing contracts with the terms of the agreement written directly into lines of code.
How do agentic AI and smart contracts work together?
Agentic AI systems can be used to make decisions about when and how to execute smart contracts.
What are the potential applications of agentic AI and smart contracts?
The potential applications are vast and varied, including finance, healthcare, and supply chain management.
What are the security risks associated with blockchain and AI?
The security risks include hacking, data breaches, and other cyber threats.