Blockchain: The Economic and Financial Institution for Autonomous AI?

This paper examines how the combination of artificial intelligence (AI) and blockchain technology can enable autonomous AI agents to engage and execute economic and financial transactions. We critically examine the constraints on AI agents in achieving predefined objectives independently, especially...

Full description

Saved in:
Bibliographic Details
Published in:Journal of risk and financial management 2024-01, Vol.17 (2), p.54
Main Authors: Nguyen Thanh, Binh, Son, Ha Xuan, Vo, Diem Thi Hong
Format: Article
Language:English
Subjects:
Agreements
Algorithms
Artificial intelligence
Blockchain
Collaboration
Computational linguistics
Decision making
Digital technology
Economic aspects
Economic development
Efficiency
Empowerment
Financial institutions
Financial services
Financial services industry
Forecasts and trends
Language processing
Natural language interfaces
Pattern recognition
Software
Citations: Items that this one cites
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:This paper examines how the combination of artificial intelligence (AI) and blockchain technology can enable autonomous AI agents to engage and execute economic and financial transactions. We critically examine the constraints on AI agents in achieving predefined objectives independently, especially due to their limited access to economic and financial institutions. We argue that AI’s access to these institutions is vital in enhancing its capabilities to augment human productivity. Drawing on the theory of institutional economics, we propose that blockchain provides a solution for creating digital economic and financial institutions, permitting AI to engage with these institutions through the management of private keys. This extends AI’s capabilities to form and execute contracts, participate in marketplaces, and utilize financial services autonomously. The paper encourages further research on AI as a general-purpose technology and blockchain as an institutional technology that can unlock the full capabilities of autonomous AI agents.
ISSN:1911-8074
1911-8066
1911-8074
DOI:10.3390/jrfm17020054