How will the convergence of Blockchain, AI and IoT affect global businesses?
Contrary to Blockchain, AI and IoT being the technologies of the future, they have now become the present. As a result, more and more industries are integrating these technologies into their work today. Although each of these has its advantages for “enabling” inventions in different fields, together they are most potent.
For example, AI opens up the possibility of predicting the likelihood of companies defaulting on a loan or facial recognition payments such as “pay with a smile”. Similarly, IoT makes it possible to connect vehicles and people on the road. On the other hand, Blockchain’s immutability and traceability make information secure and transparent.
Devices can be much more useful with some intelligence. Take your chair for example. The design affects your posture and health. Research has revealed everything about good sitting posture and companies have developed highly adjustable chairs. But what about a program that makes the chairs adapt to the well-being of the people sitting in them?
“AI alone can work here, but it will require a lot of data collected from millions of chairs to feel how people sit in them. However, chairs equipped with converging technologies could go into the field without programming and learn to adjust over time, through usage patterns, and also from the “experience” of other chairs. The learning can be done by AI and data exchange can be facilitated by IoT and blockchain.
Imagine buying a latte from a coffee machine by giving a voice command to Siri. No card required. No PINs must be entered. No worries about data security!
The transaction data will be fully secured by creating each IoT device with a unique, Blockchain-based, self-overriding identity linked to the customer’s identity. Wouldn’t that be something?
In 2021, JP Morgan Chase & Co. tested Blockchain payments between satellites in Earth orbit. The results showed that IoT devices could use Blockchain technology to perform transactions. Like, for example, that your car buys more petrol, or that the fridge orders milk.
JCB, a Japanese card provider, and Keychain, a Blockchain startup, developed an infrastructure to enable secure credit-based payments between IoT devices using Blockchain.
Speaking of the financial industry, Blockchain and AI in banks help identify financial fraud based on confidential data, or for blockchain currency payments using AI-enabled facial recognition. KPMG and IntellectEU, a digital financial technology company, have joined forces to introduce a Blockchain app to combat insurance fraud.
Manual document review processes can take 4-6 weeks to complete and have very little protection against double entry fraud and human error. AI can help automate the document review process. TradeSun’s patent-pending deep learning algorithm powers the automation, capturing trade documents digitally and intelligently examining them from a compliance and Letter of Credit perspective. This takes productivity and accuracy to another level.
Many office buildings install sensors to save energy and therefore money. For example, the sensors can adjust the temperature and light level when someone enters the room. In addition, sensors and smart cameras can also assist with office security. Smart cameras can identify employees based on real-time data and images, so only authorized people can enter the building.
“All these technologies approach data from different angles. And so it is certain that we want to use these technologies together. So that a system collects data autonomously, analyzes it intelligently and stores it securely” added Syal
The convergence of these enabling technologies is inevitable. It is already here, changing how businesses operate, making them more efficient, transparent and knowledgeable.
The article is written by Deepak Syal, Director and Co-Founder, GreyB
