The introduction of Bitcoin
in 2009 brought along a new technology for the technocrats to ponder upon. It
wasn’t long ago that blockchain
became the talk of the tech industry. Sooner than we could realize, the
technology was adopted by the finance sector and now it is revolutionizing the
sector by decentralizing (Defi). The blockchain industry since than has been
steadily growing. Supply chain, retail, media, and entertainment, and many
other sectors are in pursuit of technology. In 2020, government
institutions, enterprises, and mainstream companies adopted the technology at a
large scale.
Artificial intelligence and
IoT (Internet of Things) have brought along equally revolutionary
transformation in the industry. Both are impacting the way work is done,
increasing efficiency and productivity. While these technologies are great
individually, they are even better together.
Blockchain and IoT
According to estimates,
there will be over 60 billion connected devices by 2025. These devices would
need to be monitored, repaired, and secured.
Blockchain, AI, and IoT
together will mitigate many of the above- mentioned issues. A centralized
platform from a vendor to manage all these services can be replaced with a
decentralized IoT platform.
Blockchain
and Artificial intelligence
Artificial intelligence is
a strategic priority for organizations today. Enterprises are exploring all
possible ways to integrate artificial intelligence in their workflow to
maximize worker’s efficiency and productivity. Blockchain
and artificial intelligence together can strengthen cybersecurity
protocols, organize large databases, and perform tasks faster than one can
imagine with the existing infrastructure and technologies.
Artificial intelligence
uses data stored on the blockchain. Blockchain, in turn, uses artificial
intelligence to create an autonomous organization. Blockchains can be deployed
as the infrastructure to provide access to AI models for companies and
employees to use. This reduces cost and increases the number of people who can
use these services.
Integrating blockchain, AI,
and IoT
Security, transparency,
immutability, and privacy – the essential features of blockchain – are
accentuated when AI, IoT, and blockchain come together. These features are
accentuated. Business processes and systems built on these technologies are
smarter and more autonomous, which further results in in-
- Reduced risk
- Overcoming limitations
- Greater security
- Limited illicit access
- Preventing data modification
- Improving functional capabilities