Artificial intelligence (AI) and blockchain technologies have reached a “tipping point” and are set to shrink established industries while creating new ones, forecasts a report from Moody’s Investors Service published on September 6, 2023, stated Cointelegraph.
Sources revealed that the combined impact of AI and distributed ledger technologies (DLTs), such as blockchain, has effects “far beyond corporate balance sheets” and will likely reshape entire sectors, leading established industries “to shrink or disappear altogether while creating new markets from scratch.”
“The coming transformation will bring process efficiency and new products, but also amplify existing risks and give rise to new ones,” as per insights from the report.
“The overall economic and financial effects of technological changes, including the policy and strategic shifts they prompt, are likely to be positive. However, there will be considerable differences in how the costs and benefits of progress are distributed among people, companies, and countries,” Cointelegraph concluded.
