Blockchain will be the backbone of AI and IoT – here’s why

In the past year, AI has shot to the top of the cultural agenda, thanks in no small part to Microsoft (NASDAQ: MSFT ) investing billions in its artificial intelligence (AI) chatbot ChatGPT. On day three of the London Blockchain Conference (LBC), a panel of technical experts and entrepreneurs discussed the exciting possibilities of combining AI and the Internet of Things (IoT) with blockchain technology.

With advances in AI and IPv6 at the forefront of the 2023 discussions, the possible implications of combining this technology, and other advances from the Internet of Things (IoT), with blockchain was a fitting topic to help envision a forward-looking LBC 2023 .

“IoT has changed so much, now anything that spits out data can be called IoT, but we don’t have any infrastructure for everything that spits out data to build on – this is the missing piece that blockchain can fill,” said Michael Elliott. CEO of Over-C. He went on to give an example of how the combination of IoT and blockchain could be put into practice.

“The changes are going to be seismic, especially in insurance. When you look at insurance … they know static risk, but they have no view of dynamic risk (eg the price risk of using contractors),” he added.

This more complex risk model is something that can be achieved from improved data, Elliott suggested: “This is where IoT is going to be a game changer, but only when insurers and operators can trust the data.”

Making the most of the data IoT can provide is a problem the insurance industry shares with AI technology, and this is where blockchain can come into play.

“AI is about data…if the data is wrong, fake, or late, your AI result is “garbage in, garbage out.” With blockchain, if you’re going to get data from one point to another, establish your authoritative data source , AI will have more authentic, reliable data,” explained Ralph Wallace, Program Director and IPv6 Lead at Aptive Resources.

“Data integrity is hugely important for IoT and for AI, if the data is bad, AI will mean artificial stupidity…Blockchain enables AI so you know the data is authentic.”

Blockchain’s ability to solve the problems of data integrity and authenticity is also related to the important issue of trust, especially when it comes to business and consumer adoption. Dr. Satya N. Gupta, Chairman of the Blockchain for Productivity Forum, emphasized this point, saying, “Blockchain is tailor-made to solve the problems of privacy and trust.”

He suggested that blockchain technology is ready to solve these kinds of problems on IPv6, AI and IoT. It just needs a chance to prove it: “Blockchain technology searches for the problem use cases.”

This may make the integration and large-scale use of blockchain seem like a somewhat distant dream, but Latif Ladid, founder and president of the IPv6 Forum, suggested that we are closer than it seems, and we need to start finding a consensus on how best to proceed.

“Blockchain is on the way to greater deployment, so we need to standardize it and get best practices, then we can combine these three monsters: IPv6, AI and blockchain,” Ladid said.

If and when the technologies are combined, Dr. Daniel Diemers, partner and co-founder of SNGLR Group, was excited about the possibilities of IPv6 and blockchain.

“With Peer-to-peer IPv6, each device will have its own unique address; they will talk to each other ‘thing to thing’, nothing in between … We will also have peer-to-peer absolutely secure networks,” he said.

But to get there and get there safely, Diemers believes a deeper understanding among non-tech industry leaders is essential: “I think education is key, this is something all CEOs should do … or I see great risk when it comes to implementing this technology.”

Fellow panelist Wallace strongly agreed with this point, suggesting that the best way to get people to buy into the technology is a change in management knowledge and understanding, as Elliott said: “Companies are interested in cost optimization as soon as we point out and shows where the money is, the technology will flow.”

Whether it requires education about the technology, a use case or two to follow, or just points to the money, the panel agreed on the exciting possibilities of combining IPv6, AI and blockchain – something the LBC attendees seemed to share.

See: CoinGeek Roundtable on IoT and Blockchain

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