Building Our Future on Blockchain, IoT and AI
The world has never been as well connected as today, it is important that our technologies are as closely linked too. Having experienced the shift from physical to digital over the last decade, we can say that no aspect of our lives has been untouched by technology. Among the new rising technologies, three of them were said to be transformational — Artificial Intelligence, Internet of Things and Blockchain.
It is worth noting that AI and IoT have been around for quite a while. The first AI concept was introduced as early as 1956 by John McCarthy where he coined the term Artificial Intelligence at the first AI conference. 30 years later, the very first application of an IoT appliance — a modified Coke vending machine, was developed.
By adding blockchain technology into the equation, these three innovations will create a new wave of digital transformation within the next 10 years by replacing the three driving factors in innovating enterprises today- social media, mobile, and cloud.
While each of these delivers standalone functionality, alone, any one of these three has the potential to interact with one another to maximize their functions with either or both of the other two.
IoT and AI
There’s a clear overlap between IoT and AI. IoT is about the connectivity of machines and AI is the ability of a machine to think like humans, or even better. Most IoT devices we have today are data self-generating, self-governed and self-operated by AI. There are many examples of what the convergence of these two technologies will look like — ranging from watches, thermometer, refrigerator, and even coffee machines.
One of the most salient examples of AI-incorporated IoT devices is autonomous cars. Cars have evolved from simple means of transportation into voice-activated, self-navigate and self-parking entertainment transportation systems. Although fully-autonomous cars have not been fully developed yet, there are, however, partially-autonomous cars. As one of the biggest manufacturers for autonomous cars in the world, Tesla, has successfully outsold major car manufacturers such as Mercedes Benz in Q4 of 2018 within the United States.
Tesla has been a pioneer in making autonomous vehicles since 2014 when AI hardwares started to be installed in cars.
“There are two obvious massive revolutions in the automobile industry — transition to electrification and autonomy,” says the founder of Tesla, Elon Musk in an interview.
He said that it has become obvious to him that in the future, cars without autonomy is only as useful as a horse.
The Internet is currently the safety net of AI and IoT devices. It collects, sorts, analyzes and manages the data that are mostly originated from the consumers or participants of products and services. However, traditional database storage is typically managed by a single entity, this questions the integrity, security, and accuracy of the data. This is where blockchain technology comes into light. It is designed as a foundation of applications that involve in data transactions and interactions. Understanding its impact and what will be required to support the Fourth Industrial Revolution is necessary.
The trifecta of innovation: Blockchain, AI and IoT
The emergence and abundance of data have fuelled the advancement of blockchain as a viable alternative data storage solution. Unlike cloud-based system, blockchain defines the procedure for decentralized, immutable databases that provides a foundation of high-trust computing. This new disruptive technology allows the encrypted data to be permanently stored in a block within a peer-to-peer network. It removes the concern with data tampering, fraudulent act, and single-point failure.
The convergence of blockchain and IoT can be most prevalently seen in industries like supply chain, construction, manufacturing or any businesses that required to analytics, data science and machine intelligence of logistics and the quantities of goods. This synergy can help to enhance the interaction between IoT devices and facilitating IoT devices to accomplish the tasks listed on smart contracts while at the same time anticipate of what’s coming, allowing us to trace and understand the decision made under machine learning.
The blockchain protocol not only drives data science, security and privacy but also accuracy. The connectivity of devices can also be enhanced by leveraging smart contracts. These consensus protocols can allow actions to be automatically carried out when specific conditions are met. For instance the conditions of goods, surrounding temperature, interior conditions, and external barriers.
It’s the combination of blockchain in applications and adoption of advanced analytics using AI and IoT devices that are helping the move from a mobile-based, cloud-based world to a new world that is going to be made up of an intelligent
As should be clear from above, the digital transformation is right here, right now and it is not waiting for anyone. This is why it is fundamental to be more equipped and ready than ever to re-think and re-shape current business models by leveraging these enabling technologies. Too often, most of the leaders of today’s successful enterprises seem to understand the impact and already shifting focus to a more technology-driven business strategy.
Companies that recognize the potential of these new technologies, such as Worldquest International, are currently working closely with their clients and partners to exploit the power of Blockchain technology to empower digital transformations within traditional enterprises. For example, they have helped one of the biggest shoe manufacturers in China to streamline its supply chain system. This Malaysia-based blockchain development and consulting company is currently in the pipeline of combining these three technologies as rocket fuel to bring the future forward.
