How AI on Blockchain is Ushering in Industry 4.0
Blockchain technology and artificial intelligence are powerful and can improve virtually every industry they implement. This includes food supply, supply chain logistics, finance, media royalties, healthcare, and more. With the advent of these technologies, the human race is experiencing the next big technological revolution, termed the “Fourth Industrial Revolution.”
According to market data, the global artificial intelligence industry is expected to see significant growth and could reach a market size of over $118 billion by 2025. Additionally, blockchain technology has also come into focus, with Deloitte’s global blockchain survey revealing that 53% of professionals stated that blockchain technology is an area of interest for their respective organizations.
While blockchain technology and artificial intelligence are relatively new technologies, some companies have already started using them to address problems faced by their industries. One such company is AIWORK which uses artificial intelligence and blockchain technology to address the problems faced by the online video space. But how is blockchain and AI ushering in industry 4.0 and fueling a fourth industrial revolution?
AI, Blockchain, And The Fourth Industrial Revolution
Blockchain technology refers to a distributed ledger that stores data in blocks. Each block consists of information from the preceding blocks, forming a chain. Because blockchains use cryptographic information, the data stored on the blockchain is immutable, meaning not even the data creator can make any changes. Industries that involve the use and processing of a large amount of data can benefit from blockchain technology since it ensures secure data storage and the streamlining of various processes.
Artificial intelligence refers to the ability of machines that are capable of mirroring and performing tasks that would generally require human intervention. It leverages data to mirror the problem-solving capabilities of the human mind, encompassing fields such as deep learning and machine learning which also use AI algorithms to make predictions or classifications. Artificial intelligence can also learn from the data it uses, getting smarter over time. Both technologies have been touted as bringing in the next industrial revolution. Let’s understand how.
AI’s Impact On Industry 4.0
Predictive Analysis
AI can leverage the data generated before, during, and after the production process, generate insights into the product quality, and predict when the product may need servicing or replacing. Given the sheer volume of data generated during the manufacturing process, AI is an ideal use case for such a scenario.
Predictive Maintenance
Predictive maintenance uses data from the production line to anticipate the life span of manufacturing equipment and when it may need repairs or replacement. As with predictive analytics, predictive maintenance also relies on large data sets.
Industrial Robotics
Using AI with industrial robotics allows them to be deployed much faster, monitor them for changing conditions, and efficiently adapt to them. AI can also significantly improve robot accuracy and reliability and enable advanced forms of mobility.
Computer Vision
Computer vision applications for AI primarily involve visual inspections. AI offers the critical advantage of speed and accuracy and can use cameras far more sensitive than the human eye.
Blockchain Applications In Industry 4.0
Blockchain for Industry 4.0 can prove beneficial in several ways. Blockchain technology can enable decentralized transactions and knowledge sharing within a trusted framework that stores a record of all transactions and timelines.
Blockchain technology and smart contracts guarantee that all parties adhere to agreed timelines regarding manufacturing. It can also ensure the prevention of counterfeiting by ensuring the tracking of products right from the factory to the markets. It can also be used to track warehouse inventory and productivity in manufacturing. Some of the most promising blockchain applications for industry 4.0 are as follows.
- Finance
- Manufacturing data protection
- Identification of products and assemblies
- Automotive
- Information and security
- Business
- Supervision
- Supply chain management
Companies Utilizing AI And Blockchain
Let’s look at some companies that have successfully implemented blockchain technology and artificial intelligence.
AIWORK
AIWORK is an open-source blockchain protocol looking to address long-standing issues faced by the online video space by combining blockchain technology and artificial intelligence. The platform uses a consensus network comprising AI computing resources and human experts to generate normalized and enhanced metadata for online video content. AI algorithms scan media files, generating metadata, transcripts, and translations, while human experts create, verify, and validate data sets.
Core Scientific
Core Scientific merges blockchain technology and AI with existing business networks, enhancing infrastructure, servers, and software, allowing them to handle everything ranging from supply chain monitoring to real-time data reporting.
Bext360
Bext360 uses blockchain technology and AI in the coffee, lumber, seafood, and mineral industries, improving supply chain transparency and efficiency. AI evaluates crops and anticipates their growth patterns, while the blockchain ensures that the product’s supply chain is tracked during all stages of the manufacturing process.
Bitfury
Bitfury is a blockchain technology business that recently added an AI division. The new division will look to process vast amounts of data and gain value from it. The use of blockchain will make the data the company processes more accurate.
AlphaNetworks
AlphaNetwork uses blockchain technology and artificial intelligence to improve audience analytics and viewer algorithms. The combination of blockchain and AI allows the business to support its Proof-of-Engagement tools, which trigger automatic payments to content providers based on views and engagement.
In Closing
Blockchain and AI are the most impactful technologies around. Blockchains integrated with AI have opened up new uses and possibilities for B2B applications, resulting in improved performance, privacy, and transparency. While blockchain and AI are still nascent, it is expected to gain significant traction, especially in supply chains, financial services, health, insurance, and more industries.
About AIWORK
AIWORK is a decentralized and open-source blockchain protocol and ecosystem. The protocol is built on a network of AI computing resources and a community of human experts, which generate normalized and enhanced data for video content. Human experts can help create, verify and validate AI datasets, helping improve AI efficiency.
