The New Future
The Artificial Intelligence, Internet of Things and Blockchain have been the hottest technologies in the IT field for more than 5 years now. Artificial Intelligence has been taking the world by the storm and it’s no different when we talk of the Internet of Things and Blockchain. However, the concept of their marriage is something new and calls for endless research and exploration. The confluence of AI and IoT are something many of us might have seen the self-driving Tesla cars or the automated vacuum cleaner iRobot Roomba. The AI + IOT continues to find application in different fields like Security and access devices, Emotional analysis, facial recognition, etc. However, when we put Blockchain in the equation, the results can be pioneering. Let’s look at what Blockchain has in store for us.
IoT and Blockchain:
When you start to think about it, there are numerous advantages to the existence of machines that are operable and networked using Blockchain. It is in the nature of Blockchain to be transparent and anyone with authority can connect to the network to track and analyze transactions. Thus, here are some clear benefits of the confluence between IOT and Blockchain:
- When transactions occur between various networks operated by a different network, a permanent unalterable record would mean that possession details can be tracked. If something goes amiss and failures occur, the Blockchain record facilitates the identification of the source of the problem and takes actions accordingly.
- Thoroughly encrypted and distributed data means data is reliable and can be referred to by all the involved parties. Human interference and error are mitigated.
- Agreements can be created using Smart Contracts, which can be advantageous when the authorization of a system is to be done to make a payment.
- IoT is infamous to being vulnerable to the flaws of the network it is based on and with the highly personal nature of data it produces, it becomes necessary to add an extra layer of security, which can be achieved by Blockchain.
Blockchain and IoT are highly promising technologies and has been accepted and used widely by numerous industries. A combination of both of them can lead to the development of systems which are not just highly useful but with added security and minimized risks.
Artificial Intelligence and Blockchain:
Artificial Intelligence, in simple words, is the science developing systems which are capable of performing tasks that require human intelligence. On the other side, Blockchain is a file system for storing data and secures it with encryption and decentralization techniques. When we combine these two, we have something ground-breaking, with its security aspects so much so as to be the USP of such system. Here are some reasons, AI and Blockchain are means to be together:
- Blockchain, being a file system is perfect for storing highly personal data like medical diagnosis, datasets used by services like Amazon and Netflix to recommend products/services. This would mean minimization of classified data from the data itself to a small file with private keys. A distinct field of AI even deals with working on data while it is still in the encrypted state, thereby increasing security exponentially.
- Incomprehensible AI decisions can be resolved and understood with the help of Blockchain. Blockchain makes it way easier for the decisions to be audited with the assurance that the report has not been tampered in between. Hence, recording the decision reports on Blockchain would imply transparency of the highest degree.
- Mining algorithms in conventional computers brute-force their way to mining cryptocurrencies. However, with the advent of AI, mining algorithms can become much smarter and better at cracking code.
Undoubtedly, AI and Blockchain can do wonders together. Although there is a lot to unveil in the years to come, these two technologies complement each other far better than we think they do and definitely have the most promising future in the technological field, with their individual and combined offerings.