Blockchain, Artificial Intelligence (A.I), and the Internet of Things (IoT) are slowly but surely making themselves household names. The three emerging technologies have taken the world by storm, and on their own, can help businesses increase efficiency and lower operating costs. But when combined, A.I., IoT, and blockchain are capable of so much more. Read on to learn more.
A.I. is becoming a part of almost all businesses and homes and is only increasing in popularity and prevalence. Your Alexa and Google Home are just a few examples of the technology that almost everyone is turning to leverage. For both of those, A.I. relies upon IoT to connect different devices through your voice commands, but we’ll get to that later.
One of the biggest appeals of A.I. is that fewer humans are needed, which means that it removes the possibility of human error. Additionally, the work is typically completed faster. Fewer errors and shorter working times means increased profitability and efficiency when applied to business operations.
Internet of Things (IoT)
IoT may sound confusing, but it is probably the one having the greatest impact on you and just about everything you do. IoT refers to the complex system of devices and people that are interconnected and sharing data at all times. Any “smart” device you may have (yes, your phone counts) relies on IoT to speak to one another and give you whatever information or service you’re looking for. In many ways, A.I. and IoT go hand in hand, as IoT is the basis by which your A.I. can be as “smart” as it is.
And lastly, if you’ve been following our blog, you’re probably pretty familiar with blockchain. The decentralized ledger technology has been making waves in supply chain management by increasing visibility, efficiency, accountability, and allowing for secure data management. Honestly, we could go on and on about how instrumental blockchain adoption will be for the world, but we’ll save that for another post.
Nowadays, we are seeing more and more businesses turn to blockchain to increase trust with the consumer. Trust is one of the most important factors in turning a one time customer into a loyal repeat-buyer. As companies increase their budgets for new technology and innovation, expect to see blockchain become an accepted norm.
On the surface, it may not seem as though A.I., IoT, and blockchain are unrelated, but when they come together, they are capable of accomplishing so much more than they could on their own.
So What Happens When A.I., IoT, and Blockchain Work Together?
When combined, A.I., IoT, and blockchain can complement one another and significantly boost efficiency.
For example, think about data management. IoT has exponentially increased the amount of worldwide data. The more devices that are interconnected, the more data there is. And as we’ve previously discussed, data is incredibly valuable. So now that there is all of this data, who actually wants to sift through it to extract what’s relevant? One the one hand, you shouldn’t let it go to waste, but on the other, the amount that is created every day, approximately 2.5 quintillion bytes of data as per Bernard Marr at Forbes, is far beyond what any human could sort through. Enter A.I.
A.I. steps in to do what humans can’t. It can sift through all that data quickly, efficiently, and without wanting to rip its hair out.
Once you have the data and have extracted all the parts that are useful to you and your business operations, how do you ensure that it’s secure? Well, that’s where blockchain comes in. Blockchain allows for tamper-proof data storage as nothing on the digital ledger can be tampered with or altered once inputted. Blockchain ensures that your hard work doesn’t go to waste and keeps everything verified and secure.
Ultimately, this is just one example of how A.I., IoT, and blockchain can work together to streamline and enhance business operations. It’s clear that if you want to give your corporation an edge, you should be looking into investing in one or all of these technologies. If you want to learn more about how blockchain can complement your business, drop us a line or request a demo.