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How does blockchain help you in using ChatBots effectively

7th Jun 2018
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Need to know which is the trending mobile application?Hmm...yes what your thing is right, In recent times the trending mobile application are chatbot with blockchain. If you have googled about trending concepts or topics you will find chatbot with blockchain, This both are shaking the IT industry's, In recent years top industries like FB Messenger, KIK, and Slack or SMS..etc use chatbot in their mobile applications platforms.

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Chatbots are not new to the industry they have been from 1960’s by a professor, After a long time from its invention chatbot came to rule industry and the experts have given the words on chatbot that it’s going to rule mobile application business around the world. When we combined chatbot on blockchain there is a huge difference. Here we can discuss chatbot on the blockchain.

Let’s Know About Chatbots

The chatbot is an Artificial Intelligence, It’s basically a software which has a capability of performing the task automatically. It can perform the automated task with the help of interface by this humans can interact(Chatbox) with bots. Let’s look into an example:

Example: 1

Sarah: Hi

Chatbot: Hello Sarah, how are you?

Example: 2

Sarah: Can I book a movie ticket?

Chatbot: Hi Sarah. We have the ticket available at 9:00 PM tonight - price is $60 with tax.

If we see some chatbot it can interact with humans at certain questions at a certain level only, For advanced chatbot we required artificial intelligence need to be used with chatbots. By this more they interact with humans more they learn from them. There are three types of chatbots they are:

1. Scripted Chatbots

2. Intelligence Chatbots

3. Application Chatbots(both scripted & intelligence)

Use Cases of Chatbots

1. It’s very difficult to define what exactly chatbot is used for Because there are many different ways were chatbots are used. Here are few examples were Chatbots are exactly used.

2. Chatbots helps users to purchase the product from e-commerce sites

3. It provides answers to customer service questions

4. It helps customers to book movie ticket, bus ticket, flight ticket and given relevant information

5. In some restaurants, customers can order food from their table with the help of chatbots.

Let’s Know About BlockChain

While we talk about blockchain we should know that it’s the combination of digitized, decentralized, public ledger for all the transactions in cryptocurrency. In other words, it’s a type of public distributed ledger which can manage permanent transaction data and changed transaction. Where blockchain is the decentralized database, It can be managed with help of P2P network and in this disturbed network, the data in each computer are same whenever the changes are made it is applicable to all the computers. This helps to prevent the data of the single point of failure(SPOF).

Working of Blockchain

Here, I will explain in brief how blockchain works!! Let’s get started. There totally five steps were blockchain can complete the process they are:

1. Transaction

2. Block

3. Verification

4. Hash

5. Execution

Transaction

While in transaction process two clients such as First client and Second client exchanges the value in the form of virtual currency such as(bitcoin and cryptocurrency) and start the transaction.

Block

In this process, the “Block” is created for the newly initiated transaction and combined with the other pending transactions. After creating the block, This will be sent to the blockchain network to the participating computers.

Verification

The group of participating networks in the bitcoin blockchain is also known as “Miners”. It checks the transaction with some rules given by the blockchain and use the mathematical formulas and validate the transaction. In this process, the transaction is verified.

Hash

Hash-code is nothing but a unique identity, In blockchain, each block has unique hashcode and interlinked with the previous blocks. While they are verified with the cryptographic hash code.

Execution

Execution is the last stage of the blockchain, In this process, the unit value will be exchanged from first client account to second client account.

Combination of Blockchain with Chatbots

In this digital era, when we combine blockchain and chatbots it helps for many organizations to automate the marketing activities. While there was a huge drone on this both, If we take some e-commerce platform which uses chatbots in this humans chat with chatbots about the product and the transaction process can be done with chatbots the customer feels unsecured for giving the payment details to the bots.

Now, The blockchain come to the chatbots which helps the humans or customers to feel secure because as we know blockchain is one of the best transaction platforms in recent times. When the humans make any transaction with chatbots the blockchain can store permanent transaction data which customers can use this as a reference by this the transaction data are safe and secure.

Blockchain with Chatbots in Real Life

In the recent times, the expectations of blockchain are getting bigger and bigger than before, While financial companies have already started investing in blockchain services. There is Bank name called Bank of America which use Intelligence chatbots and saves the transactions data with help of blockchain.

There is a top company called Deloitte, where they bought a new change in their warranty solution on their products. They came into this idea because of every year they end up with the huge amount of warrant papers which is very difficult to maintain. With the of warranty chat boards, We can store all the warranty cards, documents..etc with the help of blockchain. Here you can check how Deloitte put product warranty on the blockchain.

Final Words

When we take chatbots as separate technology in the industry there are so many disadvantages(Trust rate ratio is very less with customers) when compared to advantages. While chatbots are combined with blockchain there are lots of advantages where the trust rate ratio also increases.

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