What is the true potential of Blockchain and decentralisation?

The blockchain has a huge power of revolutionizing the working of many fields, not just payment and financial sector. Most of the uses of blockchain are available in the form of smart contracts. With the help of blockchain technology, smart contracts can be made more secure. Since blockchain technology can guarantee the accuracy of data, it can be useful in many Artificial Intelligence (AI) applications, for entering the data into the AI systems and for recording the results from them. Financial institutions spend a great deal of money to meet the KYC norms. In this case, the blockchain technology would allow the organizations to access the individual verification of each other’s clients. This will reduce the administrative costs.