What is the benefit of collaborating AI, IoT, and Blockchain Technology?

Posted by Bessie joans on November 25th, 2020

In the current scenario, Blockchain Technology is evolving the business verticals in unique ways. Blockchain is integrated with various newly advanced techniques to draw the best solutions for the business requirements.

Blockchain

Blockchain is a shared distributed ledger recording all the transaction details with a timestamp. Each Block of data is interconnected with previous and successive blocks. Blockchain has three unique features like Decentralization, immutable, and transparency. 

•  Blockchain is a shared distributed ledger, transaction details are shared to all the participants involved.
•  Data uploaded on blockchain databases are immutable, that no one can alter the data stored on it.
•  Data are stored as blocks and each block are interconnected with one another, Each block of data is encrypted using hash functions.
•  Blockchain creates hash functions to defend data from modification
•  Blockchain is a decentralized, publicly shared distributed digital ledger that provides transparency and security.

Blockchain integrated with IoT will be effective in automating the smart city, Smart industrial environment that highly efficient, secured, and reliable. The Blockchain when integrated with Artificial Intelligence that provides exclusive data analytics for automating various business operations with the help of AI in predicting exact results for suitable according to the present situations.

Security is a very important factor to consider while using Artificial intelligence as the data are not secured, whereas incorporating Blockchain with Artificial intelligence will have enhanced security for the data involved. AI helps the blockchain at an affordable cost.

Artificial Intelligence (AI)

AI converges on Machines that pretend like humans, using various algorithms. AI works with help of data obtained from the sensors deployed, analysis the data, and predicts the action to be triggered.

The devices used in the AI technique are speech and face recognition, machine visions, and more. 

•  AI helps in building intelligent machines that work and behave like a human.
•  AI includes Learning, Reasoning, Problem-solving, Planning.
•  AI is adopted for collecting real-time data and by performing data analytics to predict the exact results for triggering the process accordingly.
•  AI uses various algorithms for machine learning.

AI combined with IoT can be very effective ways of handling real-time data on a secured blockchain platform.

AI helps machine learn from their practice and data, while IoT is all about the synergy of devices using the internet, IoT is a source of data which is used by AI for prediction.

IoT devices need AI for making them work efficiently in turn AI cannot work without IoT devices as they provide a huge amount of data that is used for predictive analysis. Both collectively can produce advancements in business.

Internet of Things (IoT)

IoT is a network of devices that connects azoic objects with the internet without human intervention.

•  IoT provides 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 the business.
•  IoT incorporates sensors, data retrieval, Pre-processing, and cloud analysis.
•  IoT is a system of things fixed with sensors and linking for data sharing and integrity.

Smart Cities have chosen AI for real-time data analysis and for keeping track of their actions. For example, Dubai is recognized as a digitally lenient city, and shortly it will be the first blockchain-based city. Blockchain-powered applications help in a context like resource consumption, traffic congestion by using IoT devices, optimizing the use of electricity and water, by active training the traffic lights.

Blockchain helps in creating trust, reduces costs, and accelerate transactions, making stronger bonds with the customer, and provide them efficient products. Blockchain and IoT make an ideal collaboration for rendering secured data, grasping business to the next level.

Summing Up:

The Blockchain technology implemented in business verticals may be exclusive in attaining efficiency, Reliability, Flexibility, and Trust. Concatenating these three techniques would give an extraordinary effect on business operations. Arranging three of them will make these technologies more potent as they will be hibernating their vulnerabilities, strengthening each other by their amazing features. There are Enterprise Blockchain Solutions that are developed uniquely customized that address the business requirements.