The convergence of artificial intelligence, blockchain and fintech in energy, oil and gas trading: Increasing efficiency, transparency and automations
Project Manager FinTech, AI and Blockchain, Nawah Energy Company, Abu Dhabi, UAE.
Review Article
World Journal of Advanced Research and Reviews, 2024, 22(02), 2064–2073
Publication history:
Received on 14 April 2024; revised on 22 May 2024; accepted on 25 May 2024
Abstract:
Artificial intelligence (AI) and blockchain technology, in conjunction with Financial Technology (Fintech), are playing an increasingly significant role in shaping global Energy Trading trends. The combined use of blockchain, AI, and Fintech introduces innovative features that have the potential to improve the efficiency and performance of current systems. This study provides insights into the key features of the intersection of AI, blockchain, and Fintech, such as data security, encryption, sharing, efficiency, collective decision-making, decentralized intelligent systems, transparency, automated decision systems, and financial applications. By analyzing literature from major digital databases, this technological convergence was constructed via the emerging era, convergence era and application era. In the convergence era, features were categorized into data manipulation, regulations, applicability to legacy systems, compatibility and hardware issues. The application era explores the impact of this technology fusion in areas like cybersecurity, finance, energy, Internet of Things applications, and smart cities. This comprehensive analysis helps outline the timeline of AI, blockchain, and Fintech convergence and highlights the unique characteristics of their integration. The paper concludes by addressing the current challenges and how it is increasing efficiency, transparency and automation of AI, blockchain, and Fintech in energy trading and also in the sector of energy trading i.e. electricity, gas, oil and non renewable energies. AI enables predictive analytics and automation, blockchain ensures secure and transparent transactions, and FinTech facilitates seamless financial transactions and risk management in energy trading. The convergence revolutionizes energy trading.
Keywords:
AI; Blockchain; Fintech; Convergence; Efficiency; Transparency and automation
Full text article in PDF:
Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0