The dynamic landscape of today's reality is largely influenced by revolutionary innovations that have disrupted our current ways of doing business. It is imperative to understand how businesses; policy makers and governments can leverage the powerful potential of emerging technologies to unlock a bright future for the competitive world tomorrow.
Information technology has revolutionized business operations leading to higher ROI, smooth process management and overall increased productivity and efficiency. Business world over are now getting ready to deploy bespoke solutions with the advent of emerging technologies such as Blockchain, Artificial Intelligence (AI) and Internet of Things (IoT).
Let's understand the details of how these trending technologies can add more value while solving critical issues for your business.
The blockchain is a decentralized transparent and secured digital ledger of activities that can be programmed to record virtually everything of value. The blockchain technology can then be utilized and tweaked to provide bespoke solutions depending on the nature of the business.
- Blockchain is a database that is shared over a computer network.
- Once data is added to database it’s very difficult to alter it.
- Records are bundled together in a block and are added to chain one after other.
- Blockchain creates hash values to protect data from alteration.
- Blockchain is a decentralized, distributed and public digital ledger that provide transparency and security.
Since, Blockchain is still emerging as a technology, some of the most common challenges that businesses face is scouting the right resources that understand using and deploying this technology effectively.
Blockchain can be used for a variety of purposes such as integrating machine learning with blockchain makes it phenomenally cost effective. In fact, when integrated with IoT, it effectively works on its own without human intervention.
On the other hand, when Blockchain is used along with AI which gets predictive analysis of customers by assessing their preferences based on their online activities such as likes, cookies, preferences and other data collected by an algorithm, it ensures that the data we use is secure and incorruptible.
Security of data is most important thing which Blockchain provides. AI is insecure without security of personal data which means it is insecure without Blockchain, while blockchain can’t be cost effective without AI.
Artificial Intelligence (AI)
AI focuses on Machines which react like humans, using various algorithms. It includes speech and face recognition, machine visions and more. Below given are the points describing AI and its features in more detail:
- AI focus on creation of intelligent machines that work and react like human.
- AI has reshaped the organization by introducing new opportunities.
- AI includes Learning, Reasoning, Problem solving, Planning.
- AI is also used for collecting real time data and by performing intelligent search it can interpret text and images to discover patterns in data.
- AI uses various algorithms for machine learning.
AI is growing tremendously as Tech giants such as Google, Microscope and Amazon offers AI as a service. Developers can bring their own data to train algorithms that suits their needs by using AI as a service.
AI is best at predictive analysis, but it will solve the similar looking problem statement, Suppose AI detects face better than humans, but that algorithm is not suitable for solving a math problem.
AI is also used for access of data, but when it comes to real time data or big data it faces problems, With the help of IoT we can gather huge amount of real data of different format and can store it in a data base.
Security is also vulnerable when it comes to AI so by using blockchain transparency and security is maintained throughout the process. AI is one of the trending technologies, adding value to our market.
AI helps machine learn from their experience and data, while IoT is all about interaction of devices using internet, IoT is powerhouse of data which is used by AI for prediction.
Smart home with the help of sensor will manage things smartly. Suppose whenever fridge runs out of milk, IoT sensor will detect it as all the devices relate to internet and will notify the grocery store, payment will be received by online wallets. This is a perfect example of AI and IoT working together smartly.
IoT devices need AI for making them work efficiently in turn AI cannot work without IoT devices as the provide a huge amount of data which is used for predictive analysis. Both together can bring a revolutionary change in our society and business.
Internet of Things (IoT)
IoT is network of devices which connects inanimate objects with internet without human intervention.
- IoT provide unique IDs to objects, computing devices, digital machines and interrelate them.
- Organizations are accepting IoT in various industries for understanding customers, improve decision making and to add value to business.
- IoT includes sensors, data acquisition, Pre-processing and cloud analysis.
- IoT is system of things embedded with sensors and connectivity for performing better exchange.
Smart Cities have adopted AI for real time data analysis and for keeping track of their actions. Dubai is considered one of the most digitally progressive cities and soon it will be considered as first blockchain based city as it is adopting innovations made by blockchain.
Smart cities can reduce resource consumption, traffic congestion by using IoT devices, optimizing the use of electricity and water, by smartly training the traffic lights.
Blockchain is adding value to IoT by making devices more secure through encrypting data which is transferred using internet.At this stage where technology is already facing security issues, blockchain when combined with IoT generate amazing innovations in various industries.
It builds trust, reduce costs and accelerate transactions, making stronger bonds with customer and provide them efficient products.
Blockchain and IoT make a perfect match together providing secured data, taking our business to another level.
Auto Insurance scenario where all three technologies are used
For example, there is a car in which sensors are installed and some parts of car are damaged, AI will assist the sensor to detect the defect and using cryptocurrency the insurance money is transferred to claimer’s account.
Convergence of Blockchain, AI and IoT will maximize benefits for each of these and will minimize the risks. IoT is connected to devices, data can be hacked, stolen or defrauded. Introducing AI will defend it from malware and hackers while Blockchain will maintain transparency and security. Combing three of them will make these technologies more powerful as they will be hiding their vulnerabilities, strengthening each other by their amazing features.
It is important to seek the right talent that can make this convergence happen from simply a white paper to reality. Your search for the expert professionals with proven experience ends here: call Cygnet Infotech on +1-609-245-0971 or email us on firstname.lastname@example.org.