AUSTIN, Texas, Oct. 20, 2016 /PRNewswire/ -- CognitiveScale, a provider of industry-specific machine intelligence software, announced today that it is integrating blockchain technology into its customer engagement and process intelligence products to deliver AI applications with enhanced trust, relevance, and assurance.
Powered by the company's Cognitive Cloud foundation and secured with blockchain, the company's ENGAGE and AMPLIFY products will leverage the immutability, immediacy, and transparency of information captured within a blockchain to verify and assure everything from medical and financial records to online purchasing advice and procurement processes.
"As digitization and machine intelligence continues to proliferate and get pervasive, the need for customer intimacy, transparency, and security of data are becoming essential to next generation business networks," said Nij Chawla, Chief Product Officer of CognitiveScale. "CognitiveScale is one of the first companies to combine blockchain, big data, and machine learning for industry-specific outcomes that power the next-generation Internet of Trust."
Blockchain-Enabled AI Applications and Processes
CognitiveScale provides two products called ENGAGE and AMPLIFY that use machine intelligence to transform customer experience at the edge of the business and deploy self-learning, self-assuring business processes at the core. The company's product portfolio has been enhanced in the past year to address an evolving market, where trust, relevance, and assurance are becoming increasingly integrated and business critical.
CognitiveScale will use blockchain technology to underpin its products to put additional "smarts" in blockchain smart contracts for multiple industries and processes, including financial services, healthcare, and procurement. By observing the chain and engaging chain participants with contextual insights, CognitiveScale's Blockchain-with-a-Brain will learn continuously to maximize trust and compliance in the network while enabling AI powered applications and business processes with enhanced protection, provenance, and privacy of sensitive data.
Benefits of blockchain-powered AI applications and processes include:
- Compliance: Driving greater awareness and compliance of operational guardrails of the business so that regulatory policies, procedures and best practices are followed
- Immutability: Protecting the customer experience through an immutable Profile of One to drive assured commerce with audit trails for improving quality, accuracy and confidence
- Trust: Providing unique digital identity management through a blockchain-powered profile of one to reduce risk, drive a customer-focused experience, and secure the system with evidence of tampering and data breach notification
- Veracity: Guaranteeing the veracity of underlying data and operational procedures making it independently verifiable by customers, auditors and regulators to reduce compliance effort and costs
For financial services firms, the company will combine blockchain technology with its Deep Cognition Engine to power identity, insights, and process assurance. Specifically, the company will use its blockchain-powered ENGAGE product to offer personalized services based on the client's individualized profile of one while ensuring that advisors operate within the specified guardrails. In addition, its blockchain-powered AMPLIFY product will help identify regulatory red flags and assure compliance within and across business networks by providing audit trail for regulators to verify compliance while dramatically reducing costs, complexity and time.
For healthcare organizations, CognitiveScale ENGAGE will use blockchain technology to provide unbreakable trust and security for patient data. Insurance companies and providers can feel confident in the accuracy of patient identities and the security of patient data, which helps to expedite time-consuming and costly procedures like billing and claims while improving the quality of patient care, and reducing the likelihood of medical errors.
For workforce operations leaders across industries, CognitiveScale AMPLIFY will ensure new levels of back office process assurance and compliance starting with Procurement. Procurement software is notoriously complex and non-intuitive, and employee non-compliance costs firms millions of dollars annually. For procurement and other complex operations procedures, AMPLIFY will offer a more personalized, contextually aware, and simpler user experience, powered by AI and secured and verified with blockchain.
CognitiveScale's Blockchain-with-a-Brain is available now in limited release for healthcare, financial services, and workforce productivity customers, with a full product release coming in early 2017.
CognitiveScale enables businesses to win with machine intelligence. The company's products—CognitiveScale ENGAGE and CognitiveScale AMPLIFY help enterprises transform customer engagement, improve decision-making, and deploy self-learning business processes. CognitiveScale has successfully deployed its industry cognitive clouds with Global 500 companies in financial services, healthcare, and commerce.
CognitiveScale was founded in 2013 by highly successful serial entrepreneurs and senior executives with deep expertise in vertical enterprise software, cloud computing, and machine learning. The company has won numerous awards and featured in prominent research and publications. It is headquartered in Austin, Texas, with offices in the United Kingdom and India, and has strategic partnerships with IBM, Deloitte and Microsoft. To learn more, please visit www.cognitivescale.com or follow @cognitivescale
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