Bot essentials 14: Blockchain and chatbots
Blockchain technology has now become the talk of the town on its own merit instead of just being known as the technology behind the massively popular cryptocurrency - Bitcoin.
Blockchain has the promise of revolutionising many industries, completely changing the way in that systems operate. The top minds are surely keeping a close watch on how it impacts their respective domains. Use-cases around blockchain to date mostly focus on the financial domain revolving around ICOs and crypto-currencies. That gold rush seems to be on its waning phase, now leading to innovation in diverse areas, helping solve real problems by utilising this technology. Chatbots have definitely been more established as a technology, in terms of adoption and providing measurable ROIs to businesses. They have helped improve customer engagement metrics or even reduce support costs significantly. We believe that blockchain can be a great enabler fuelling innovation in this space.Here are just some areas we think the synergies would play out-
A challenge for AI chatbots would always be to increase adoption and engagement. In-bot systems involving gamification to drive up engagement are surely going to become a need and blockchain would play a significant role in establishing such systems. The inherent nature of blockchain-based points/currency systems would provide a lot of additional value in such setups.It would be then just a question of how well we design these systems and mini-economies to leverage the best capabilities of blockchain that tech has to offer.
Blockchain based ad-networks/marketplaces
Blockchain at its core is a distributed and decentralised network which would be best suited for developing systems that would power chatbot ecosystems. There would be ad networks streaming sponsored content across bots and bot marketplaces for content and bot structure, personalisation, etc.
What could be better than one promising new-age technology becoming the driver and the force behind the ecosystems of another high-tech area of the current times.
Blockchain redefines the notion of trust. From being something, being a property of an individual or an entity to a model. To where it is an inherent aspect of the system itself. This brings about a paradigm shift in how we look at establishing trust. Expanding it to the chatbots space would definitely be something necessary as we would start witnessing a deluge of AI chatbots around us, following what we saw for websites and more recently for mobile apps.
Trust scores of chatbots maintained on the blockchain with inputs from users would be imperative. Only to establish their reliability and separate the best from the crowd. Read about NLP Implementations in Chatbots.
The above points are like scratching the surface. There is so much more to discover. In terms of the possibilities, these would arise out of the fusion of these technology areas. We are sure that there would be a lot of other use-cases. They would spring up over time and we are very optimistic about the opportunities that lie ahead of us.
Where do you see blockchain adoption heading towards in the realm of chatbots? Most definitely, there is a lot more to find out. Would be glad to know your thoughts, please feel free to share them in the comments section below.
Engage and retain your customers using Engati. Try it for free!Set it up in 7 mins!
Engati powers 45,000+ chatbot & live chat solutions in 50+ languages across the world.
We aim to empower you to create the best customer experiences you could imagine.
So, are you ready to create unbelievably smooth experiences?