The new wave of technology focuses on three major technologies: Artificial Intelligence, IoT, and Blockchain. The combination of AI, IoT, and Blockchain technologies is driving the new wave of digital transformation. The current scenario predicts that the combination of these three technologies will help in the development of autonomous business models that will support the transformation of industrial corporations, while also disrupting certain industrial sectors. The new technologies are powerful enough to form new business models while improving existing businesses and disrupting industries.
Can IoT, AI, and Blockchain work in Cohesion?
Blockchain is a distributed ledger capable of storing assets, whereas IoT focuses on industrial automation and AI focuses on improved processes through the recognition of patterns and optimization of business processes. Although the three technologies have been developed independently, the world of technology is eagerly anticipating their convergence. We must not overlook the potential of combining these three technologies as they are collectively heralding a new era in the world of technology.
A fusion of these three technologies could be, IoT looking into data collection while blockchain offers infrastructure and a set of rules and AI optimizing the rules and processes. This sets the convergence of these technologies to be extremely useful in various fields.
- Business processes automation
- Management of data and
- Identity management
Combination of the Technologies
Although the three technologies are used independently, the convergence of these three technologies can bring about feeling, thinking, and remembrance to support human learning in the digital world. IoT supports feeling, AI algorithms deal with thinking, and Blockchain registers and retain. Let's take a deeper look into how the combination of these technologies can be fruitful.
- Combination of Blockchain and AI- The convergence of these two technologies is supporting new developments, as blockchain provides privacy and trust to AI-based applications while AI technology is capable of increasing scalability and security to solve personal or any other issues. The advantage of these two technologies is that the combination of blockchain and AI technology ensures trust in data integration while improving recommendations. Additionally, AI technology is very supportive for businesses, as it can help them understand and recognize new challenges, as well as aid them in decision-making.
- Combination of AI and IoT- Since IoT is associated with the connection of several devices, there is a risk of data theft. To overcome this risk, Artificial Intelligence can play a good role in defending against theft-hacking cases. AI can easily increase the functioning of the Internet of Things (IoT) network while making it smarter and more autonomous. Adding further to these two technologies, blockchain can limit data access on the network to further increase security.
- Combination of Blockchain and IoT- IoT applications are increasing over time, providing a platform for interaction between the real world and technology. While IoT is the latest buzz in the technology world, it comes along with a lot of challenges that cannot be ignored, such as privacy, security, maintenance, scalability, trust, and others. This technology needs a high-performance platform for capturing, processing, communicating, and other activities. The combination of these two technologies can be beneficial, as blockchain, when used with IoT, performs different tasks while providing features such as persistency, audit, decentralization, and much more, which together help in building a trusted system. It is the Blockchain technology that supports IoT-based applications, allowing them to store and access data from anywhere while ensuring complete data privacy.
The convergence of AI, IoT, and Blockchain is enhancing Industrial efficiency
The combination of these 3 technologies is supporting several industrial businesses like finance, healthcare, stock market, agriculture, oil & gas, manufacturing, automation, and other sectors. The fusion of these three technologies is leading to innovation, along with a complete transformation of industrial businesses for better performance and asset functioning. Let's take a deeper look into some of the industrial sectors to understand the value of these three technologies working together.
- Manufacturing sector- IoT technology is helpful in providing production monitoring solutions while helping professionals to know about the machines in the factory and their digital status along with forecast production capacity. AI technology helps to identify faults while looking into predictive maintenance and determining the right resources. Blockchain technology is also helping the manufacturing business by ensuring secure purchases of valuable raw materials, parts of machines, and much more.
- Stock market- Several businesses are using AI to predict stock market trends. AI technology is in high demand among brokers and traders to know about market trends, make predictions, verify transactions, and carry out other activities.
- Health sector- Nowadays, machines with sensors are used to keep track of a patient's health condition, and virtual assistance is provided by doctors, which started during the pandemic and has now become routine. To ensure 100% security of patients' personal and medical data, Blockchain technology is being used.
- Smart city projects- The coming together of AI, IoT, and blockchain technology is proving beneficial for smart city projects. Several industries are working on this project, and the trio technology combination helps in better structure monitoring, reducing energy consumption, and avoiding the wastage of energy resources.
- Automation-Since these three technologies are changing the definition of technology by encouraging automation tasks such as virtual assistants and chatbots, automation technology can also be seen in homes, cars, making payments, and performing other routine activities.
How Technological convergence is beneficial for Industries?
The combination of these three technologies is bringing a new level of business to different industrial sectors. Industries are also making the best use of these three technologies to boost their performance. Some of the benefits of these technologies that industries are experiencing include:
- Better data security
- Improvement in smart contracts
- Decentralized environment
- Automation of the processes
- Energy consumption in an optimized way
- Having knowledge about deeper insights
- Saving time while the reduction in surplus costs
- Accessing a large amount of data
Finally, it is time for us to realize the power and potential of data-driven concepts through smart technologies. The trio of technologies is pushing the use of data analytics so that industrial businesses can come up with better and more innovative services for their target customers. The focus of the three technologies brings about clear transparency in social networking, thus improving Corporate Social Responsibility (CSR) practices. The real and transformative power of these three technologies works to increase competition across different domains.