Blockchain evolves IOT,AI and Society!
When we talk of future disruptions in tech industry ,AI and Machine learning aren’t the only usual suspects.There is a huge gap that needs to be filled in order to build the system that caters to the needs of the business,society,governance etc.Think of an automated car going past the toll,how would they interact and do transaction with the fully automated toll management system on the fly.This gap could easily be filled by blockchain and iot.
Blockchian is something that enables trust between multiple entities by providing the highly secured, decentralized,distributed platform over which such transactions can take place.In its advance generations(4th and 5th gen) blockchain promises to run full fledged application ,schemes,even governments etc over such decentralized platforms,not owned by anyone and that is when true potential of blockchain will be harnessed.
And trust come from the fact that no single entity in the network has the potential to alter or manipulate the data in the way they want.The network runs in consensus always.And the state of the info across all nodes in the network is always the same.The more technical details in next article.
One must admit though ,that these platforms are still in there alpha stage and but that should not stop people from investing their time in these interesting stuff.Think of internet of 90's,not many people would have bought in to the idea that internet could be the biggest thing to change how we live our day to day life.
The blockchain coupled with iot will be the next big thing to happen to the world after the internet.But the adaptability of these technologies by established firms will be a real challenge,they will have to do it anyway someday, its all about how soon.
As evident from the Gartner hype cycle,2017 the blockchain and iot platform are maturing at the right time and the big boom may arrive in next 2 to 3 years.
Blockchain is internet of 90’s , not ready yet but definitely the game changer.
When we talk about blockchain,i reckon the most interesting implemention of it today is ethereum.And the community of ethereum is growing at a very rapid phase.For developers like us,it is really a great time to start creating some real life solutions.And you have almost everything to get started and start experimenting.The ethereum differs from the other blockchain like bitcoin ,litecoin etc such that it enabled the execution of smart contracts in the blockchain network.These smart contracts are just code written in a programming language(solidity,go etc) which facilitate the txn. Its very powerful,you can change the state of some information on the fly by these automated contracts,think of self executing insurance contracts to update the information about the insurance,or self executing business contracts.This is powerful,really powerful.
Lets suppose we have a car information and its insurance contracts stored in the blockchain since its inception.When this car meets with some accidents ,all the owner has to do is upload some images which will be scanned by the machine learning algos and automatically the insurance contracts will get executed transferring the digital currency and the car devaluation and the accident info is also updated.
The big firms like Microsoft azure (azure adds baas) and ibm are even providing now blockchain as a service.The linux foundation is now maintaining the enterprise grade blockchain platform called hyperledger.Many major corporations,nations, and even UN are doing a lot of poc’s around these platforms to make a decentralized world.
I briefly touched upon the blockchain and iot in this article which was more informational in nature than technical which i will be doing next time.