As digital transformations are slowly redefining how businesses provide real value to customers, it is important to consider the role of Artificial Intelligence (AI), the Internet of Things (IoT), and Blockchain.
What is Blockchain?
A blockchain is an expanding list of cryptographically signed, irrevocable transactional records shared by all participants in a network. Each record contains a timestamp and reference links to previous transactions, allowing anyone who has access rights to trace back a transactional event, at any point in its history, belonging to any participant. A blockchain is one architectural design of the broader concept of distributed ledgers.
Blockchain is vital in improving digital transformation results as a growing number of IoT users have already implemented it or plan to do so in the near future. Despite still being relatively new, Blockchain will be a positive disruption of existing solutions and will bring value to every industry and sector.
Similarly, AI and IoT will bring real value to this new digital era, especially if these emerging technologies work together.
How do they bring value?
IoT can bring new, cheaper, and faster ways to communicate and perform transactions. Used alongside Blockchain, this will enhance the immutability, transparency, security, interoperability of applications, and allow enterprises to exploit otherwise unused resources, trade the un-tradable, and enable new ecosystems.
AI, together with Machine Learning, Deep Learning, Automations, has already begun to deliver important value to businesses by speeding up and improving processes. Moreover, AI and machine learning can create real advancements for the industry by creating self-healing, self-regulating large management systems.
Without an efficient joined ecosystem, however, these emerging technologies won’t be able to reach their full potential. Thus, there is a need to embrace openness and collaboration. Many It teams struggle with data sprawl and thus, cannot capitalize on its value, something that could potentially impact positively the organisation.
Therefore, businesses need to make themselves open, by enabling easy integration and collaboration with other systems and using an open API, for instance. API-first architecture means customers can integrate solutions with their existing tools for monitoring, provisioning, configuration management, and more.
The ever-growing potential of IoT and edge devices will only add to the advance of data and will certainly drive ML in the enterprise. There will be new possibilities to interpret, visualize, and produce insights from all the data collected.
Hence, while IoT is developing data from new sources and sensors, blockchain is ensuring immutability and AI is delivering safely new business meanings and outcomes. Hence, by working together, these new technologies create a data value chain that enables the collection, sharing, security, immutability, analysis, and automation of decisions with minimal human involvement.
With the advancements made in the digital world, IoT, AI, and blockchain have come a long way and are most certainly representing the future of technology. IoT brings now great value by improving the many consumer-centric benefits. AI gives more accuracy, trust, and confidence in developing new products. Blockchain improves the immutability and transparency of apps as well as allow giving new, valuable options to businesses.