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
Here are a few examples to highlight the above benefits.
1. Homecare: Refrigerators can communicate with other devices in their surroundings because of IoT. It can even track the stock of milk and know when it’s over because of machine learning. When milk is over, it can place a secure order via blockchain.
2. Healthcare: In pharmaceutical companies, electronic batch record systems enable complete paperless manufacturing through regulated processes. And in hospitals sensor-equipped medical devices can track the vitals of the patients. These devices can further alarm doctors and nurses and even schedule appointments whichever is suitable for the situation. Blockchain will also help to store medical records of the patient, so it can be referenced as and when required.
3. Cybersecurity: Human errors are a major cause of cybersecurity attacks. The use of these technologies removes the chances of human error. Machine learning algorithms analyze the data collected in the centralized repository to make logical decisions and take action automatically. The evidence of the action is recorded on a blockchain.
Overall, blockchain, IoT, and AI will have immense benefits. These technologies will come together in the future to create a synergic effect that will provide greater efficiency and productivity. As the blockchain industry and the other two technologies grow, there will be more innovation to integrate these technologies in ways that will transcend the conventional approach to increase efficiency and productivity.