Building Customer Trust in AI Through Blockchain Accountability
Brief news summary
To enhance AI investments, organizations should focus on building trust through transparent communication with customers, regulators, and stakeholders. A key strategy is integrating blockchain technology to increase accountability. FICO's use of a private blockchain has notably improved AI model documentation and standards, achieving a 90% reduction in model recalls and support issues, while speeding up time to market. This success hinges on not just technological advances but also strong stakeholder engagement. Essential steps include setting clear standards before deployment, designing user-friendly interfaces, pursuing quick wins, and ensuring a skilled IT team is available for ongoing support. This holistic approach demonstrates how innovative technology and solid practices can effectively build trust and promote AI adoption.For organizations to truly benefit from their investments in AI, gaining customer trust is essential. Systemic societal skepticism surrounding AI can only be alleviated when inquiries about the technology's functionality—posed by customers, regulators, and other relevant stakeholders—are addressed. Implementing accountability through blockchain offers a feasible and actionable solution for ensuring accountability and enforceability. FICO created a private blockchain that streamlined the documentation and standards involved in model development.
This strategy accelerated their AI and analytical innovations' time to market, while also maintaining the longevity of new models in operation; through blockchain technology, they have decreased support issues and model recalls by over 90%. The challenge in making this system effective was more about working with people than the technology itself. They discovered that initiating the process with clear standards, followed by technology development, was crucial; that a user-friendly system was essential; that quick wins should be prioritized through iterative improvements; that there was a need to establish repositories for substantial AI assets in alternative storage; and that skilled IT teams were necessary to meet the system's maintenance requirements.
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Building Customer Trust in AI Through Blockchain Accountability
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