Blockchain today finds use in a number of applications and it is one of the most prominent technologies to be used in the past in the last decade. The fusion of the technologies of blockchain and IoT together with the artificial intelligence can lead to the formation of smart systems.
AI and Blockchain
Maintaining records accurately and processing the data that the blocks store are blockchain’s primary objectives. Identification of patterns, in the process of making efficient decisions, are some of the areas where artificial intelligence finds use. With artificial intelligence being integrated in blockchain, it would mean making improvements on the data accuracy and also aid in the process of making decisions particularly during the post processing of transactions. In order to make decisions that are effective, accurate timing and genuine information are essential requisites for the system that is driven by AI.
Taking A Step Forward
IoT, blockchain and artificial intelligence are the leading technologies that are taking digital transformation a step ahead. Organisations today are taking initiatives to move along and stay at par by driving the most happening digital transformation.
The Role of IoT
IoT helps to connect the mundane objects as well as devices and helps in the collection and sharing of data. Operations are made more efficient, processes can now be automated and all this happens because of the boon of IoT. Now starting from optimisation of supply chains and tracking of products in real time, creation of ecosystems in the connected form that plays an active part in improving productivity and in delivering experiences that are personalised ones are all possible.
Blockchain in Full Swing
Blockchain makes transactions secure and less prone to fraudulent activities and this is done by the elimination of intermediaries, making transactions more transparent. Also records are maintained in a decentralised manner, and integrity of data is enhanced. Much like IoT, blockchain also holds the potential to bring about revolutionary changes to the realm of management of supply chain and its various operations. Not just that, blockchain also holds the potential to bring about transparency and efficiency in the different financial transactions.
The Power of AI/ML
The power of artificial intelligence and machine learning can be felt as it helps organisations to make the best use of data available, by the automation of processes, and by helping to gain insights that hold much value. Analysis of enormous amounts of data, pattern identification and bringing about accuracy in predictions can be achieved with the help of the algorithms of artificial intelligence and machine learning.
Unlocking Some True Potential
The true essence of digital transformation is brought forward when the technologies of IoT, blockchain and artificial intelligence and machine learning come together and perform their parts in a harmonious manner. Generation of data can be done by IoT. This storing and sharing of the data so collected can be done by blockchain. The remaining decision making part can be achieved with the help of the algorithms of artificial intelligence and machine learning which does extract useful insights and creates scope for further improvements.
Industries starting from healthcare to logistics are experiencing strong impacts as a result of the combined effect of the technologies of IoT, blockchain and artificial intelligence and machine learning. Companies offering Digital Transformation Services are in great demand in the market. Some happening examples could be that of the smart cities which are coming up, personalisation of the healthcare facilities and the efficient operations that are gaining traction in the logistics industry.
Opportunities that are still to be exploited can be unlocked by using the power of these three combined technologies. A fine edge over competition can now be achieved and customers could be given experiences that have never been there before by the virtue of the much coveted digital transformation.