2018 — The Year Blockchain, IoT and AI will Converge

The past few years have been a revolution for technology. We saw a change that has the potential to level up the sophistication, disrupt almost everything in the way they operate today and simplify our daily chores. Blockchain, IoT and AI are among the top ones that have made the most news recently.

As the digital revolution speeds up, more and more applications for the above-said technologies are coming up and we can’t wait to explore the benefits that will come with the convergence of them. In order to understand how these technologies will work when they are made to work together, it is important to understand their respective specifics.

IoT

Internet of Things or IoT integrates data from the different devices, that are connected via the internet, and applies analytics to share the information across various platforms. With the increase in the number of smart devices, the importance of IoT has kept on increasing and now it has become one of the most mainstream technologies that are a part of our daily lives.

AI

Artificial Intelligence or AI, is basically machine intelligence that runs on a set of learning algorithms that adapt, learns and adjusts itself to make decisions based on the processing of high volumes of data. Apple’s Siri and Microsoft’s Cortana are a few examples of the same. The inclusion of AI in various operations makes processes faster, easier and smarter for end users.

Blockchain

The blockchain technology has been around for nearly a decade, but came into prominence after the rise of the virtual cryptocurrency — Bitcoin. They are a decentralised database platform that records data in each of its nodes which are linked to its adjacent nodes. This makes the information immutable and linear, improving the security of the transactions. It removes the involvement of any third party in the process of any transaction or transfer of information, making everything simple, faster and more secure.

So, how can these three technologies make a difference when they come together?

One of the biggest issues that restrict the usage of IoT and AI is security vulnerabilities inherent within the internet ecosystem. Blockchain can help resolve this issue by doing just three things in particular -

• Allowing users to initiate and conduct commerce one-one independently
• Create indexed records that are linear and permanent allowing global access
• Allowing the users to act as their own certificate authority

With IoT, every connected device becomes a vulnerable point of entry and with AI being involved in decision making, the risk of foreign attack becomes more significant. The easy scalable, secure blockchain platform, therefore, forms the perfect platform to access these technologies in the most effective way.

2018 would mark the first time that these technologies can take advantage of each other’s capabilities. Together, they may also form the foundation of an ecosystem that will transform the way we see the world today. The change is finally arriving and we can’t wait to see how.

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