Responsible AI and Blockchain-Based Smart Contracts for Industries

Abstract

This chapter examines the ways in which blockchain smart contracts and responsible artificial intelligence (AI) are transforming many sectors. At the moment, typical contracts in industries like manufacturing or supply chains face several inefficiencies, delays, and the possibility of errors or even fraud. The issue is that those smart contracts lack the intelligence required for real-world scenarios where things are constantly changing, even though blockchain has helped by making things more automated and transparent. The idea here is to make blockchain contracts less rigid by incorporating AI and real-time data analysis. Contracts would adjust in response to events rather than simply adhering to predetermined guidelines. Additionally, the chapter explores how smart contracts are established by fusing AI tools, data feeds from services like Chainlink, and platforms like Ethereum. In general, it involves creating systems that are responsible and intelligent, which seems to be the only viable option at the moment. This chapter examines the evolution of AI in industrial contexts, analyzing its role before and after the integration of smart contracts. It presents relevant industrial case studies, applies responsible AI principles to the development of blockchain-based smart contracts, and underscores the adoption of international frameworks and standards to promote ethical, transparent, and accountable implementation across industries.