With the current transition of blockchain technology in industries, it is evident that the impact of AI and IoT are also driving change agents to how blockchain technology is reshaping the business world.
Companies are making use of blockchain technology to grow their business and make more informed decisions and automate processes.
AI Impact on Blockchain Technology
The importance of AI cannot be exhausted, of a fact, artificial intelligence is the pivotal force behind the success of these technologies.
We see in the case of blockchain, without AI, the process of ensuring transparency, speed in transactions, and efficiency would be slower.
Further stated, autonomous vehicles without AI would not be possible.
With a decentralised network in blockchain, AI will help to secure and manage transactions in an efficient and quick manner.
The use of AI in analytics with the emerging blockchain technology opens ways for more informed decision making and data driven insight, leading to more revenue generation and improved productivity.
AIs ability to process vast amounts of information accurately and swiftly is beneficial in this area, where security and performance are of great need.
Using AI and Blockchain together is a great advantage. Why? Because, it increases transparency.
By using smart contracts, transactions executed on the blockchain can be verifiable without an intermediary.
With Artificial Intelligence (AI), smart contracts can be automatedly run, self-verifiable and self-executing to reduce transaction time significantly.
AI can be used to flag malicious activities if identified on the blockchain. E.g., an attempt to hack into the system or any fraudulent transaction.
AI-powered smart contracts can reduce the risk of errors and improve efficiency by automatically executing contracts terms and conditions of use.
AI can analyse the huge amounts of data generated by transactions in blockchain to create predictive models, detect malicious activities and the system overall performance.
IoT in Blockchain Technology
The inter-connections of devices to communicate, and share information from, and to one another over a network is referred to as Internet of Things (IoT).
IoT devices can monitor, analyse, and use data in real-time, making them awake to changing trends, and more efficient ways of doing things.
IoT devices such as sensors, appliances, vehicles, wearable devices among others, with the goal to improve efficiency.
IoT devices can help organisations and individuals to carry out their operations, save resources and improve sustainability.
In businesses and organisations, IoT is an important part of the emerging technological landscape in organisations such as Agriculture, Healthcare, Transportation, Energy and Manufacturing among others.
IoT are key tools for smart homes, cities and buildings.
IoT devices are useful in tracking location assets and to optimise production processes.
With a whole lot of available devices, businesses can still find it challenging to integrate IoT solutions to their existing systems. Addressing this will amount to organisations and businesses partnering with these IoT providers for comprehensive solutions and support.
Conclusion
The impact of emerging technology in blockchain technology like AI and Internet of Things (IoT) is evidently driving innovation.
AI enhances Blockchain by speeding up transactions, automating smart contracts and ensuring transparency.
IoT enhances optimization and data monitoring in real-time in various industries.
The binding energy between AI, IoT and Blockchain promises a transformative impact on the business landscape.
