Individually artificial intelligence (AI), the Internet of Things (IoT), and Blockchain have made numerous breakthroughs, however, 2021 will see the power of three as one.
In other words, 2021 will see an emerging trend that will see a concerted approach of three powerful technologies that will accomplish new levels of performances, societal outcomes, improvement of products, and services. In their recent blog, the Central Blockchain Council of America (CBCA) had chosen the triumvirate – Blockchain, Internet of Things, and Artificial Intelligence – and discussed the convergence of these important emerging technologies that have already disrupted the world individually.
In 2020 – the current year – numerous organizations globally faced lots of uncertainties, economic downturn, and big-scale disruptions. Businesses all over the world wanted to create a customer journey that was different from the rest and this drive was its peak in 2020. This was also the time when Blockchain technology was continuously generating curiosity and was getting ingrained into enterprises, government institutions, and various other mainstream industries. At the same time, the businesses were opening their doors to other revolutionary technologies like Artificial Intelligence (AI) and the Internet of Things (IoT)
The author of the CBCA blog feels that while individually the implementation of these three technologies was at its peak in 2020 – and there is definitely no doubt about it, as we have seen the technologies single-handedly disrupting the businesses globally – there will be a major shift in 2021. It is believed that 2021 will be the year the power of these three technologies will form the trinity and bring in a major shift in how businesses are conducted. In simple words: It is predicted that in 2021 blockchain will converge with the other two powerful technologies – AI and IoT – to bring in a major shift in the world. Let’s have a look at how this shift will affect the world.
Remember: Whenever powerful technologies are converged it refers to the joining of different systems with a similar goal. The result is new values in a combined form that is different from the individual technology. Let’s take a look at how.
Blockchain and IoT
Before we delve further into the conjunction of Blockchain and IoT let’s understand how will IoT work with Blockchain. It is understood that IoT enables numerous devices across the Internet to send data. Now, this data is sent to private blockchain networks to create records are of shared transactions that are tampering-proof.
As the CBCA article says that big-scale IoT implementations mean coordination of activities and data management from billions of devices. As the industry experts predict there will be more than 60 billion IoT devices that will be operational by 2025. And all these will need to be monitored, managed, repaired, protected, and even secured.
Enter Blockchain and its alliance with IoT to mitigate numerous of the above-mentioned issues. Blockchain offers a decentralized IoT platform thus replacing the centralized solution offered by a single vendor.
Consider this: Individual IoT devices – Packs data together – Hash the data – Signs it with Private Key – Makes identifiable and findable – Shares throughout the network – thus makes it available to all participants.
Now let’s see how the convergence of Blockchain & AI will affect global businesses.
Blockchain & AI
Blockchain technology and artificial intelligence together can cement the cybersecurity protocols – something that has always been the worry of the digital world – organize huge databases – another problem that the businesses around the world face, and perform various tasks in half or less than the original time taken to finish the task.
Remember this: AI needs stored databases and Blockchain stores data. So it is like Blockchain technology uses AI to create an organization that is autonomous while monetizing the data that is user-controlled and becomes a marketplace for AI models. It is believed that blockchain technology can be deployed as the infrastructure as it offers access to trained AI models for both organizations and individuals. Result: Reduced costs and increased number of people who can use these services.
Consider this: Blockchain & AI can do this: Identifies and record data points – facilitates information owners to package the generated data – provides data wrapping – records provenance – secures against tampering – improves data quality.
The article has also talked about the convergence of these three powerful technologies and shared some of the solutions as well like minimized risks; prevention of security issues, and prevention of data modification among other solutions.
