Artificial Intelligence, Internet of Things, and Blockchain are the innovative and emerging technologies. It paves the way for the digital transformation in all the aspects. Soon, it will disrupt different industries. These top three technologies will come together and create the new business models. It includes the autonomous agents such as cars, sensors, and machines that will start to act as their own profit centers. The convergence of these technologies will drive a huge development of such autonomous business models as well as digital transformation firms.
What do blockchain, IoT, and AI mean?
Blockchain is the distributed ledger technology, which stores all sorts of the assets, which are similar to the register. It has the ability to increase the transparency, security, privacy, and security of the business process by rendering the decentralized and shared distributed ledger.
IoT (Internet of Things) drives the automatization of the industries and user-friendliness of the company processes. On the other side, AI (Artificial intelligence) enhances the processes by finding the patterns and optimizing the results of these processes. The interconnection between these technologies is often overlooked.
As soon as companies come to know the benefits of this convergence, it grabs unlimited benefits. Without any doubt, these innovations are the future of the business world. Are you thinking about how to connect these popular technologies? The most possible connection between these technologies would be the following.
- Internet of Things gathers and renders the important information in the form of data
- Blockchain renders the infrastructure and then sets up the rules of the engagement
- Artificial intelligence optimizes the rules and processes
Regarding the design, IoT, AI, and blockchain are complements. They exhibit their fullest potential when they are combined and applied. The convergence of these technologies is highly beneficial for identity management, data management, and automatization of the business processes.
IoT and Blockchain
Large-scale IoT implementations usually mean the coordination of activities and data management from billions of devices. Based on the current estimation, there will be about 60billion IoT devices in operation by the year 2025. All of these devices need to be monitored, repaired, secured and managed. When you combine the blockchain with IoT, it will reduce most of these problems. With the decentralized IoT platform, you can replace the centralized solution rendered by a single vendor.
In simple words, when you combine IoT with blockchain, the individual IoT devices pack the data and information together and have the data. After that, it signs the data with a separate private key and makes it findable and detectable. Throughout the network, the private key is shared and makes it accessible for all the participants. With the development and advancement in IoT, industries are enabled to collect data, gain enough insight from the data, and then make the right decisions according to the data. This is why more trust is obtained in the information.
However, the real truth is that no one knows where the data came from and how to make the decision based on the data that cannot validate. IoT with the blockchain brings the real trust to the captured data. The major idea behind this is to render the devices an identity during the creation. The identity can be validated and then verified throughout their lifecycle with the blockchain. With the blockchain technology capabilities, there is a huge potential for IoT systems. It relies on the device identity protocols as well as reputation systems.
Every device has a specific blockchain public key with the device identity protocol. It sends the encrypted challenge and then response messages to other devices. As a result, it makes sure the device remains in the control of its identity. Along with this, the device with the identity can even develop the history and reputation, which is tracked and monitored by the blockchain. Let’s explain the idea behind these technologies convergence. Currently, smart homes are the major thing of the present. Almost all the things in the home are connected. With IoT, whenever something goes wrong, IoT devices can take the necessary action.
AI and blockchain
AI and blockchain are the changing technologies, which stand to reshape the industries. Both come with tons of benefits and bring their own challenges and hassles for adoption. When using a logical way to combine these technologies, it brings many potential and useful outcomes. BY centralizing the AI’s three major elements such as analytics, data, and models, blockchain delivers the confidence and trust, which required for the end-users to adopt completely and rely on the AI-based business processes.
Huge amounts of data are being generated every second. Machines have the ability to assess more data than human and access as the basis for drawing the conclusion. But, AI applications are highly capable of analyzing the large data sets and variables when learning about or connecting those variables related to their objectives and tasks. Due to this reason, artificial intelligence continues to be adopted in different applications and industries. Even though more outcomes are there and AI made the decisions based on that, it is still important to verify the accuracy of humans. This is where blockchain helps a lot.
Blockchain can assist simplify the transparency, understanding, provenance, and explanations of those decisions and outcomes. When the associated data points and decisions are recorded through transactions on the blockchain, the auditing becomes simpler with the blockchain’s inherent attributes. Keep in mind that the blockchain is the major technology, which brings the trust to the transactions in the network. As a result, infusing the blockchain technology into the AI decision-making process becomes necessary to achieve the high level of transparency required to trust the outcomes and decisions derived from AI.
Combining the artificial intelligence and blockchain strengthens cybersecurity protocols, categorizes databases, and then performs the tasks in a short time. Artificial Intelligence relies on the datasets, which stored on the blockchain. On the other hand, blockchain utilized artificial intelligence to develop the autonomous organization, user-controlled data, and the marketplace for the AI models. When rendering the access to the trained artificial intelligence models for individuals and companies, blockchain may deploy as the infrastructure. As a result, it minimizes the costs and maximizes the number of people who access these services.
What happens with this convergence?
When these technologies are combined, it impacts the privacy, business processes, security, immutability, and transparency heavily. It makes the system more autonomous and smarter by doing the following things.
- Overcoming all kinds of the limitations
- Reducing the potential risks
- Enhancing the functional capability
- Preventing the data modifications
- Limiting illegal and unauthorized access
Let’s understand the importance of combining these innovations with an example. If your home is automated in the future, the IoT day from the fridge will find the milk or grocery stock, machine learning looks for the retailer selling the specific brand, and finally, blockchain ensures the safe and secure transaction.
Regarding the manufacturer industry, these technologies give space for the production manager to get a remote view of every machine, access ML-powered proactive maintenance, monitor the machine performance, and allocate the right technician at the right time. Additionally, blockchain helps a lot in replacing the damaged or repaired parts securely.
These technological innovations are extremely useful even in the cybersecurity. Are you surprised? Do you wish to know how it is possible? Machine learning analyzes the data/information gathered in the centralized repository, makes the logical decisions, and then takes the autonomous action upon protecting the evidence through the blockchain. These technologies eliminate the human element and therefore there is no risk of the human error.
If you focus on these three technologies, then you will take your business to a new height in the future. In fact, you get the capability to play a lead role in your domain or industry.
Why add blockchain with IoT and AI?
Currently, blockchain is at the nexus of the technologies such as AI, and IoT. It is because blockchain brings the missing element of trust in all these technologies. When the trust is obtained through the diversity of users, these technologies will reach a new height. This is why the convergence of IoT, AI, and blockchain has obtained such a great impact. As soon as these technologies are combined and applied, it increases the trust in the data hugely.
This trust will let AI and IoT be adopted by anyone without the fear of compromise. It also paves a way to the digital era in which you will find everything smarter and autonomous. The new era of adoption and application of these technologies will surely change the everyday life of the users much better. If you really wish to bring trust in your company product or service that access IoT or AI technology, then add the blockchain.
AI, IoT, and blockchain are rendering tremendous and outstanding benefits for the immutability, security, privacy, transparency, and automatization of the company processes. On the other hand, the impact of these technologies is much higher when they are combined. In the upcoming years, you will find the convergence of these technologies. It will also increase the quality of the data management by meeting the higher degree of standardization, security, and privacy of the data.
The new business models are enabled that autonomous agents such as cameras, machines, and various other IoT devices can set up as the profit centers, which send and receive money autonomously. It is often recommended to engage with these popular technologies to realize the efficiency gains. Overall, the combination of AI, IoT, and blockchain paves the way to the new age of the digitization. It also renders the newest level of societal outcomes, performances, improvement of services and products.