Real-time data refers to information that is immediately available as it is created, supporting instant decision-making without delays. It impacts daily life, enabling everything from bank transactions to emergency response. The key feature is its time sensitivity, as insights quickly expire, necessitating prompt analysis.

For instance, nautical navigation software collects vast data points per second to ensure accurate weather and wave conditions, crucial for crew safety. Similarly, patient monitoring systems send vital signs to cloud software, alerting hospital staff instantly if indicators fall below safe levels. Real-time data empowers organizations to make swift, informed decisions. In stock trading, for example, real-time analytics allows for immediate corrections to mis-timed trades, enhancing overall efficiency and effectiveness.

Real-time data for autonomous decisions

While real-time data is integrated into our lives, its potential can be greatly enhanced through integration with blockchain and AI. This combination could lead to autonomous applications that not only monitor events but also make decisions and act independently, reducing the need for human intervention. Current blockchain networks utilize smart contracts, which execute agreements based on specific conditions. For example, in decentralized finance, a lending protocol automatically loans cryptocurrency once collateral is deposited. However, these smart contracts can only process blockchain-based data, limiting their capabilities. This is where AI comes in, enabling the creation of “intelligent contracts.” GenLayer, a blockchain project using generative AI, exemplifies this innovation. Unlike traditional smart contracts, intelligent contracts can process natural language, access real-world data, and make subjective decisions. To illustrate the difference, think of a vending machine (smart contract) versus a personal assistant (intelligent contract). The vending machine follows pre-set instructions to dispense items, while a personal assistant can adapt and execute a wide range of tasks based on understanding context, making them far more versatile.

Intelligent contracts make intelligent apps

Intelligent contracts open up vast opportunities for developers of decentralized applications (dApps). These contracts can access real-time data, enabling dApps to respond to events like local weather, sports results, or financial market changes. For instance, an insurance dApp could automatically process claims and issue payouts based on verified real-world information, while a sports betting app could instantly reward winners. In decentralized finance (DeFi), intelligent contracts facilitate on-chain verification, uncollateralized lending, and dynamic interest rates. As AI, blockchain, and real-time data converge, innovations like GenLayer’s intelligent contracts are leading the way for transformative applications in this emerging sector.

Link:

https://www.artificialintelligence-news.com/news/real-time-data-blockchain-and-ai-a-game-changer-for-intelligent-apps/