05 Feb Applied Blockchain, AI, and IoT will Revolutionise Business
Applied Blockchain, AI, and IoT will revolutionise business globally. Artificial intelligence (AI) and the Internet of Things (IoT) now represent an unprecedented jump in technology that presents a great opportunity for businesses and the public sector. Applied blockchain is now recognised by the public as another chance to radically change and streamline existing processes to improve products and services for all sectors in industry and business.
As a primary transformational technology, the internet changed the lives of literally billions of global lives and rendered numerous technologies and lifestyles almost obsolescent. It changed the face of business and industry as well. Three other technologies have sprung up as transformational technologies: Artificial Intelligence can be internet-based or robotic in nature. In contrast, the Internet of Things and blockchain technology are spin-offs from the internet.
Alone, by themselves, AI, IoT, and blockchain have the power and ability to change many things in the field of business, industry, leisure, and society as a whole. But together, all three have a transformative impact that is unprecedented in human history.
This is the first time in human history that four transformational technologies have emerged over the span of less than two generations. Some say this may only be a taste of things to come, especially if the true worth of applied blockchain can be harnessed. This digital revolution within a single lifespan means that technological disruption has shifted from a once-in-a-lifetime event to a continuing process. Today, any business not using even a single one of the transformational technologies will quickly find themselves falling so far behind the competition.
IoT in action
Many people familiar with IoT know how it is used in smart homes that interconnect everything from locks, alarms, appliances, heating, and lights. But, IoT is more than this; it is transforming a world of things into a world of data. Practically anything electrical and electronic can be equipped to be smart IoT connected. The smallest sensor can monitor blood sugar levels to a large sensor that interconnects the different stages of a production process.
Aside from consumer applications, IoT is making its mark in the public sector, manufacturing, transportation, automotive, and healthcare. IoT has proven to have great potential benefits when businesses:
- Build ecosystems of IoT-enabled devices.
- Source, store, and manage large amounts of data.
- Use sophisticated capabilities for machine learning.
- Create new IoT applications for exploiting data insights.
- Integrate IoT into existing applications and workflows.
- Deploy IoT for security purposes.
AI is all about data
If IoT is the sensing or nerve system of technology, then AI is the thinking part or the brain. The broad field of artificial intelligence allows machine learning in a scope that’s unheard of in the history of computing systems. While most AI machines in the past needed to be programmed, AI today can make fast, intelligent decision-making and learning – either in support of or in place of human intelligence. AI now has the ability for problem-solving when faced with complicated tasks that required human intervention in the past.
Thus, businesses can exploit AI when they:
- Recognise opportunities to use AI within the business or supply chain.
- Accumulate and store large amounts of data – structured and unstructured, internal and external.
- Attract and retain the right workers with the skills to put machine learning to work.
- Integrate machine learning into new and old applications.
- Use AI across multiple functions rather than single-use cases.
- Apply AI to existing capabilities instead of starting from scratch.
Applied blockchain technology
As IoT is the nerve, AI the brain, blockchain is the memory that remembers everything. Blockchain is more than just bitcoin and cryptocurrency. It is a vast, worldwide distributed ledger or database system running on millions of devices and open to anyone. Blockchain not only memorises and stores information but also anything of value such as money, financial transactions, legal contracts, titles, deeds, identities, and even votes. All these can be moved, stored, securely and privately managed, but can never be faked, altered, and removed.
Blockchain will prove to be a game-changer in numerous sectors and industries because it is the foundation of high-trust and honest computing that cannot be hacked or penetrated. It brings reliability, transparency, and security to all manner of data exchanges, from financial transactions, contractual and legal agreements, and proof of or changes of ownership. Distributed ledger technology can keep unalterable data and information for financial services, insurance, commerce (physical and online), healthcare, human resources, and more.
The biggest barrier in adopting blockchain technology? The lack of professionals who are certified or degree holders in applied blockchain to serve as certified blockchain miners, blockchain networkers, and blockchain regulators.
Imagine integrating IoT, AI, and blockchain into a single system
At best, today’s technology is reactive rather than proactive. Imagine if IoT, AI, and blockchain were all used together in manufacturing, healthcare, and other sectors and industries, including the home.
For factories and manufacturing, imagine using a production monitoring cloud solution. Management gets a remote and digital view of all machines in the factory, or even factories abroad. They can see performance data for each equipment. When a fault is detected, machine learning-powered proactive maintenance kicks into gear automatically. The correct technician can be assigned to do the right job at the right time. A work order can be raised, and replacement parts can be purchased securely. All this is recorded and stored in the blockchain.
Another example is in its full use in smart homes. While you can only give commands to virtual assistants that respond to the orders, but when powered proactively by IoT, AI, and blockchain, VA’s can remind you that some of your gadgets are low on power and need recharging. AI’s monitoring your pantry will observe some products running low and suggest placing an order for them. The AI can even tell you to adjust your purchasing habits to get the best value. IoT data from your refrigerator will detect which products are near their expiry date. And any online purchase and transaction you do will be properly processed and data secured.
Education bodies are creating blockchain education courses for professionals to earn qualifications in applied blockchain. Many people realise that blockchain, alongside AI and IoT, presents a tech-enabled future for advanced capabilities that is not available tomorrow or the near future, but, is here now, in the present.
Blockchain Collective is an educational body working with Registered Training Organisations (RTOs) and Universities to deliver a benchmark standard of education that empowers professionals and students with the necessary skills for a future in blockchain technology and application in different fields and sectors or business and industry.
The Advanced Diploma of Applied Blockchain 10747NAT is the very first ever created and introduced in Australia. This course, and the Diploma of Applied Blockchain 10849NAT, also created by Blockchain Collective, are designed to equip people willing to gain knowledge and experience in applying applied blockchain frameworks to any kind of business framework.