Thanks to Catherine Metcalf for authoring this post for us..
It’s no secret that technology has changed significantly over the past few decades and is continuing to evolve. Three of these technologies – the Internet of Things (IoT), blockchain, and Artificial Intelligence (AI) – are particularly exciting to people across all industries.
Alone, applying any one of these technologies can yield impressive results. However, using all three at once could truly revolutionize how we approach things. While the IoT, Blockchain, and AI may seem intimidating, partnering with a digital creative agency that specializes in leveraging these for situations requiring voice app development and others can help ease your transition.
Here’s how leveraging these three technologies can completely change industries:
What Blockchain Does
When you hear the term “blockchain”, it may call to mind cryptocurrencies like Bitcoin. However, the two are not the same.
Blockchain technology provides users with a way to create a decentralized and digitized ledger of all transactions, and can be recreated and linked with computers around the world. This makes it virtually unhackable, and means that no one person or organization needs to (or can) directly manage exchanges.
Why Use the IoT and Blockchain Together
Blockchain can greatly enhance many of the best parts of the IoT. Although blockchain is still fairly new, it’s already being used by some major companies. For example, Watson, IBM’s IoT platform, is now able to seamlessly incorporate blockchain.
As the various devices interact, transactions that take place over the IoT expose themselves to risk. By including blockchain technology, users are informed of any completed transactions. The system also keeps track of these with a permanent recording system. Even better, including blockchain with your IoT solutions is cost-effective and easy to do.
One of the key aspects of blockchain is that anyone with access to the network can view all activity that takes place. That means that even when transactions involve multiple networks and users, they’re inherently traceable and transparent. As the record can’t be removed or deleted, there will always be documentation of the transaction.
Blockchain is also notoriously secure. As mentioned previously, if you don’t have access to a specific blockchain network, you cannot access its information. Therefore, blockchain can be used to enhance the overall security of IoT networks, as the use of so many devices can leave them vulnerable to data breaches.
Finally, blockchain can make executing contracts far simpler. Blockchain has ‘smart contracts’ that will be executed by the network automatically once they’ve been fulfilled. This will remove any potential for argument and will keep an indisputable record of the services completed.
Partnering IoT With AI
Up until recently, AI was inflexible. The technology was programmed to perform set tasks, and was unable to do anything outside of the inputted rules. Thanks to the introduction of deep learning, AI networks can now be trained to improve over time. The more problems these systems are exposed to, the better they get at solving problems, recognizing patterns, and recommending courses of action.
Machine language, a faction of AI, has already been introduced to the IoT. As the two technologies continue to intertwine, the IoT will be able to make better, faster, and more accurate decisions. And, thanks to deep learning, as the AI system deals with daily issues, processing is only expected to get better with time.
One example of AI and the IoT working together comes from predictive maintenance. Huge amounts of data need to be processed in order to find patterns that show when a piece of equipment needs to be attended to. With the help of AI, this information can be studied rapidly and accurately. Thanks to IoT integration, data can be collected automatically from different pieces of equipment.
Using Blockchain, AI, and IoT Together
As we’ve seen, AI and Blockchain both pair well with the IoT. The three together will be even better.
AI can help understand massive amounts of data collected by the IoT. Blockchain can then protect this information and keep track of it in one secure database. As many users can input data, firms with international offices can have all of their information recorded on a single platform.
However, there are potential cons. Integrating these three technologies can create high-level intricacies that are difficult to understand and work around. There are also privacy issues to be considered, especially for those who work in public or client-facing sectors. Without proper policing and regulations in place, standards would fall to the wayside.
Technology is advancing faster than ever. By preparing for and understanding the intricacies of AI, the IoT, and blockchain, you can better protect and expedite your work proce