The impact of AI, Blockchain, and IoT technologies is realized by every major section of the society. The little we have discussed the amalgamation of these three technologies and how it can impact the business industry.
According to Gartner’s predictions, the total spending on IoT Endpoint Security solutions will rise from $240M in 2016 to $631M in 2021, accomplishing a CAGR of 21.38%.
According to Tractica, a Market Research Firm – the global AI software market is expected to experience a revenue increase from 9.5 billion U.S. dollars in 2018 to 118.6 billion by 2025.
As per Stratista’s predictions, global blockchain technology revenues are expected to rise by 23.3 billion U.S dollars by 2023.
The above predictions state that businesses can invest in these technologies to experience rapid technological advancement. The amalgamation of AI, blockchain, and IoT technologies can influence the revenue of businesses. Let’s discuss how!
Oodles Technologies is a well-established software development company. We use AI, blockchain, IoT technologies to design apps for clients across the globe.
Blockchain has influenced every major industry including healthcare, supply chain, and retail by adding a layer of security and transparency into their processes. It is one of the most adopted technologies by entrepreneurs today. Some of the core advantages blockchain provide to an organization are:
- Data Privacy and Security
- Decentralized database
- Distributed ledger
Apart from the benefits, there are certain threats/ challenges businesses have to face with blockchain as a technology. Let’s understand what are these treats.
Challenges with Existing Blockchain Model:
- Cost and Complexity
- Legal Implications and Regulations
The limitations of current blockchain technologies cannot be ignored easily. To prevent these challenges convergence model of blockchain, IoT, and AI is needed. The mixing capabilities of these radiating technologies can improve the condition of blockchain within an organization.
How AI creates Value for Blockchain
AI addresses various challenges faced by blockchain technologies. Let’s know-how:
Energy Consumption: Data mining needs immense computing energy. AI keeps a check on energy consumption to minimize wastage.
Scalability: AI utilizes blockchain’s stability, paving the way for decentralized learning.
Optimizing security: Blockchain in itself is a highly secure platform however its integration with machine learning and deep learning technologies adds another layer of security within the transactions.
Efficiency: AI optimally utilizes resources to minimize wastage and reduce the cost associated with blockchain.
Fixes Talent Requirements: The demand for blockchain implementation has increased in recent years. The blockchain professionals are very few in comparison to their demand. AI-powered virtual agents can replace the task of these experts by playing an instrumental role in tasks such as creating new ledgers on its own.
Provides Data Screening: Massive data put into the use of blockchain makes privacy and personal data vulnerable. AI-powered data gates and data screening can enable monitor access to personal data.
We are a blockchain app development company providing secure blockchain solutions for enhanced security and privacy of your digital transactions.
Artificial Intelligence (AI)
Artificial Intelligence(AI) is a computer science area. It focuses on the creation of intelligent machines that act and work like humans.
Artificial intelligence (AI) is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. Activities computers along artificial intelligence are designed for include:
- Expert Systems
- Speech recognition
Artificial Intelligence makes machines capable of mimicking human intelligence and performing tasks on their own. Providing cognitive abilities to computers enables them to automate human tasks and bring a paradigm shift in the business world.
Key Features of Artificial Intelligence are:
- Better Data Management
- Future Prediction
- Error Deduction
- Real-Time Assistance
- Data Mining
Challenges faced by AI:
- Limited Computing Power
- Limited People Power
- Building Trust
- Differences in Mind-Sets
The above AI challenges propose serious threats to business models. The convergence of Blockchain with AI improves security, scalability, and flexibility to robotic operations. They add efficiency to autonomous cars or facilitate in bitcoin mining.
We are an AI App development company that develops interactive chatbots for your business app or website. We integrate blockchain solutions with AI to improve the scalability and security of AI operations.
How Blockchain Supports AI
A blockchain decentralized ledger system adds value to AI implementations. It augments the AI system in the following ways let’s know-how:
Defines AI decisions: AI solutions sometimes fail to explain the reason behind a decision or taking a course of action whereas the blockchain database holds the data to explain the build-up of the rationale.
Increases AI Efficiency: Blockchain solutions secure the shared data streaming, shapes efficient data models,data-driven insights and data-centric actions.
Data Marketplace for All: Blockchain’s decentralized database system holds diverse data from various sources in a secure, easily accessible, and transparent manner. It provides bulk data that can be accessed by small and large enterprises easily. Democratizing the large volume of data of an AI-powered database provides more strength to individuals and organizations.
Reduced Catastrophic Risks: Organizations rely on blockchain technologies to securely access the mission-critical data. AI with blockchain secures mission-critical data and provide alerts about the upcoming disaster.
Internet of Things (IoT) is the interconnection of physical devices using the internet. Some of the common IoT devices organizations use today are RFIDs, sensor technologies, wireless technologies, and QR codes.
Key features of IoT Technologies:
- Automation and Control(Home and Offices)
- Asset Tracking
Some of the challenges IoT is facing includes:
- Insufficient IoT knowledge
- Cloud Attacks
To overcome IoT challenges amalgamation of the Blockchain, IoT, and AI is needed to resolve the prohibiting issues.
The convergence of Blockchain, IoT and AI:
According to the co-founders of Singularity University Ray Kurzweil and Dr. Peter Diamandis, there will be complete digital integration between humans and computers by 2030.
Also, By 2023
- IoT will showcase 83% of the AI chipsets market.
- The Global General AI market will be $50.8 billion USD.
- AI-driven IoT solutions market can reach $5.8 billion
- Up to 50% of enterprise organizations will use AI for networking
We are an IoT app development company that provides various office and home automation solutions to clients across the globe.
Artificial Intelligence, when combined with IoT, provides a gradient system which is powerful and interesting. AI can analyze the data captured on the IoT devices to identify decisive patterns that were difficult for humans to discover and alter.
AI, when combined with IoT and Blockchain, provides a new view of the future. IoT systems will gather data that will be analyzed by AI. AI Analyzed data is further recorded and time-stamped on the blockchain platform as a persistent record of choices made and communicated on our behalf.
Are you planning to use the three disruptive technologies to bring changes to your organization? Click to get in touch with our experts today!