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How Blockchain, AI, and IoT will converge in the next decade to revolutionize business worldwide?

Nov 05, 2020

The next emerging trend in 2021 and beyond is to accelerate the concerted approach of technologies to accomplish a new level of performance, societal outcomes, improvement of products, and services. We have chosen the triumvirate – Blockchain, Artificial Intelligence, and Internet of Things and discussed the convergence of these important emerging technologies here.

In 2020, the current year, many organizations across the world confronted with economic headwinds, uncertainties, and large-scale disruptions too. The momentum to create a differentiated customer journey was at its peak. Blockchain technology continued to generate curiosity and got ingrained into government institutions, enterprises, organizations, and other mainstream industries. Also, our trust in technologies like the Internet of Things (IoT) and Artificial Intelligence (AI) increased.

Though the implementation of these technologies is at its peak, we believe that 2021 will be a year for blockchain convergence with the other two giant technologies – IoT and AI. Let’s explore the potential of this emerging technology convergence in bringing a shift.

Converging technologies refer to the conjunction of different systems evolving toward similar goals. They convey new efficacies in combined form as against separate technologies. Let’s see how.

Blockchain and IoT

Large-scale IoT implementations mean data management and coordination of activities from billions of devices. Current estimates indicate that there will be over 60 billion IoT devices in operation by 2025. All these should be monitored, managed, repaired, protected, and secured.

The orchestration of blockchain with IoT will mitigate many of these issues. The centralized solution offered by a single vendor can get replaced by a decentralized IoT platform.

Blockchain and Artificial Intelligence

Blockchain and Artificial Intelligence together strengthen cybersecurity protocols, organize humongous databases, and perform tasks in a fraction of the time.

AI relies on datasets stored on the blockchain. In turn, blockchain uses AI to create an autonomous organization, monetize user-controlled data, and a marketplace for AI models. Blockchains may be deployed as the infrastructure while providing access to trained AI models for companies and individuals. It reduces costs and increases the number of people who can use these services.

Blockchain, IoT, and AI: The convergence and illustrations

The impact of security, transparency, immutability, privacy, and business processes are higher when these 3 technologies converge. The convergence makes the system smarter and more autonomous by –

  • Minimizing risks
  • Overcoming limitations
  • Preventing security issues
  • Limiting illicit access
  • Preventing data modification
  • Improving functional capability

Take a look at these illustrations.

For employee wellness: Fujitsu’s algorithm monitors employees’ physiological data such as humidity, activity levels, and temperature to measure heat stress levels. It helps the organization to improve the well-being of its employees and prevent work-induced health issues.

At home: In the future, IoT data from the refrigerator will determine the milk stock, machine learning will look for retailers selling the select brand, and blockchain will ensure a secure transaction.

For healthcare: In the case of sensor-equipped patients, ML monitors IoT sensor data, a virtual assistant can refer to the doctor’s calendar and schedule an appointment, and blockchain will maintain a secure and accurate medical history digitally for reference.

In the manufacturing industry: Production managers can gain a remote view of every machine, monitor performance, use ML-powered proactive maintenance, assign the right technician at the right time, and replace parts securely through blockchain.

In cybersecurity: These technologies remove the human element and thus the risk of human error. ML analyzes the data collected in the centralized repository, make logical decisions, and take autonomous action while securing the evidence via blockchain.

In brief, blockchain, IoT, and AI innovations will provide tremendous benefits and these will converge in the near future for added benefits.

Do you aspire to focus on these big three: blockchain, AI, and IoT?

If so, then, carve your niche in it by earning a blockchain certification.

Appreciate the transformational technologies and realize their full potential for your organization. Change the business models and be a part of the technologically-enabled future. Let the transformation be real.

Get certified, engage with these technologies, drive your business forward, and begin the business transformation.

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