Blockchain Technology and Applications II
The inevitable convergence of the Blockchain, AI, and IoT (Veuger 2019) will be an impactful combination of security, interconnectivity, and autonomy to revolutionize the way processes run. A combination of Blockchain, AI, and IoT technologies that affect the potential of how businesses, industries, and even economies operate will redefine them more than they do now. Some applications and concepts have already seen an overlap between these technologies with promising results. One example is the combination of AI and Blockchain to manage Unmanned Aerial/Air/Airborne Vehicle traffic, making mass autonomous flying safer. This application alone will redefine the business of aviation and logistics.
The convergence of Blockchain, Ai, and IoT can enable organizations to maximize the benefits of each of these technologies while minimizing the risks and constraints associated with them. Since IoT networks include many connected devices, there are numerous vulnerabilities in the network that make the network vulnerable to hacker attacks, fraud, and theft. To prevent security problems, AI powered by machine learning can proactively defend against malware and hacker attacks. Network and data security can be further enhanced through a blockchain that can minimize illegal access to and alteration of data on the network. AI can also improve the functional capacity of the IoT network by making it more autonomous and smarter.
For example, Fujitsu’s algorithm to measure employee heat stress levels is a proven convergence of Blockchain, AI, and IoT. The algorithm continuously monitors workers’ physiological data (temperature, humidity, activity levels, pulse rate, etc.) using portable In Vitro Diagnostic Devices (IDA) and sensors to track the correlation between various factors and workers’ health. The analysis can help the organization to improve working conditions and prevent health problems of workers. In addition, applying Blockchain to this system can help maintain more personalized data by ensuring privacy or help pay health insurance amounts through smart contracts.
The expected impact of the convergence of Blockchain, AI, and IoT is not (yet) foreseeable, and existing applications are not (yet) perfect. Many organizations, especially early adopters, are highly opinionated about the value of cognitive technologies and therefore invest in them. Findings of applications are now (still) at an early stage. They are not yet as advanced as is necessary to achieve real transformation, as well as that business models also determine this. The same can be said of the IoT and Blockchain. With increased interest, investment, and innovation, the convergence of Blockchain, AI, and IoT will become a reality. (Imprint: Nova)