New technological advances are not only making our lives easier but also changing the way we do business. The emerging buzzwords that everyone seems to talk about are Blockchain, Artificial Intelligence (AI) and the Internet of Things (IoT). These three technologies have enormous potential to revolutionize the digital world & are rightly getting all the attention. Let’s explore the trio power and learn their capabilities to transform the future in coming years.
Significance of using Blockchain Platform with IoT
As a decentralized ledger of all transactions, Blockchain helps in replicating transactions across multiple computers linked to one another, which make record tempering impossible. This removes the need for a central entity that governs the transactions. Some of the amazing benefits of using blockchain platform with IoT are :
People trust each other & transact peer to peer because of blockchain’s open & cryptographic nature. However, IoT transactions have potential security risk as autonomous systems/devices interact with one another. Blockchain development solutions help in keeping the permanent record of decisions made & communicated.
Security is the main concern for IoT networks as hackers can attack the smart city shutting down all the interconnected processes & exposing personal data. If the data are transmitted through blockchain technology, security will be enhanced.
Using blockchain, smart contracts are built that gets automatically executed after conditions are being fulfilled. It allows actions to be executed across several entities in an unchangeable manner without stressing about disputes.
Blockchain helps in keeping an immutable record allowing custodianship to track any data or goods while moving from one point to another. It makes the record transparent where activity can be tracked anytime by any authorized person.
Why Collaborate Artificial Intelligence with IoT?
In the past, machines were not able to compete with humans but with the evolution of Artificial Intelligence solutions, things have changed drastically as machines can now be trained using deep learning & smarter algorithms. IoT involves a lot of data and AI can help in generating meaningful patterns hidden in the data & make decisions that are even difficult for humans. As AI platforms tend to learn over experience, decisions made by IoT platforms will get better over time.
Another area of interest is predictive maintenance as it helps in cutting down downtime, enhance machine availability & lower the cost. IoT platforms such as Azure IoT, AWS IoT, etc. are making use of machine learning for predictive abilities along with deep learning.
Power of Three in One
Blockchain, IoT, and AI can complement one another perfectly and remove the challenges of each technology faced while implemented separately. The data from external sources of IoT platform flows through the blockchain while AI gets layered over IoT. Using blockchain, the data exchange of IoT network will ensure traceability & recording of all transactions. IoT networks exchange lots of data and the capability of AI will get enhanced only with more data. The collaboration of these technologies will enhance efficiency & help organizations to deliver customer experience.
Though the concept of these tech trends is still in infancy, they are here to stay & make a huge impact in coming years. Now is the time for businesses to wake up and explore the potential to make the best use of these technologies. If you are looking for ways to use blockchain for IoT & create secured data records for trust, get in touch with the renowned blockchain & IoT App developers available in the market today.