There is a buzz of some prominent technologies which are exciting the companies as well as are expected to show further bloom in the coming year. Despite many technologies, the four major ones; Artificial Intelligence, Internet of Things (IoT), Blockchain, and Big Data, are the point of concentration.
However, as they are getting into the mainstream, security issues and concerns are raising along. Therefore, many experts and companies think that combining these technologies could be effective in solving the issues.
When talking about the combination of AI and Blockchain, Big Data could be useful as a corner component. But, the convergence of IoT and Blockchain can assist in the advancement of both of these technologies.
AI, Big Data and Blockchain
One can find various ways in which these technologies could converge and work together to create a better effect. Therefore, many tests and experiments are conducted to find out the ultimate and strongest use case. As explained above, the four major technologies, when combined, could be a driving force to initiate the fourth industrial revolution.
“All three technologies IoT, AI & Blockchain have developed strongly in the last ten years. Moreover, the success of the ecosystem begins with Blockchain,” says Imad Labbadi, CEO of VeCap (a company working for the security of IoT enabled Smart Homes).
He further explains the importance of Blockchain – among all the other technologies – in the rebuilding of the internet. The further connection of IoT and AI is hindered due to the security vulnerability which is inherited from the internet in its present forms. However, to solve these issues, Blockchain technology can do prominent help by achieving three things.
Labbadi explain those three things as follows:
– This technology allows users to trade directly by offering the payment mechanism as well as a communication channel.
– Any user can use the reference of indexed records which are created by the Blockchain networks. These records are linear and permanent so that they could be attained globally without censorship.
– Blockchain technology allows its users, who control their data, to act as their certification authority.
Like Labbadi, there are many TED talks for blockchain which endorse this technology as the third generation of security due to the added layer of security.
As far as the IoT and blockchain convergence is concerned, Dan Bieler, the analyst at Forrester, also highlights the importance of this pair;
“As the Internet of Things, applications are by definition distributed it is only normal that the distributed ledger technology, which blockchain is, will play a role in how devices will communicate directly between each other. Keeping a ledger and thus trail of not just devices but also how they interact and, potentially, in which state they are and how they are ‘handled’ in the case of tagged goods.”
Blockchain has the dominance for enhancement in IoT compliance as well as in IoT features and cost-efficiency because blockchain is built as a base for applications that contain transactions and interactions. Also, they have smart contracts or other smart application that back particular Internet of Things processes.
Merging in for Future growth
The companies and users of the advanced technologies firmly believe that the idea of a fourth industrial revolution will not be built only on one technology but on the combination of all of them in different facets.
If IoT has the security and privacy lacks, it could be patched with the assistance of Blockchain which can secure the data with its immutable ledger. Similarly, if AI has the issues with data recording and record of AI, a distributed ledger can enhance that too.
Therefore, the blockchain builders and investors need to stop concerning about destructing present and past sectors with the use of deployment of the single blockchain. Instead, they should think how they can use blockchain in coalition with Big Data, IoT, AI, and others so that they can attain success and Fourth Industrial Revolution.