Combining Blockchain with AI and IoT

  • Crypto Guru
    August 16, 2022, 14:44

The combination of AI, IoT, and blockchain could change the world as we know it. Through blockchain technology, IoT sensors can communicate with each other in real-time, creating a web of information that is decentralised and more secure than centralised databases.

By combining AI and machine learning with blockchain technology, you can take advantage of advanced analytics to determine how well your product or service performs in the real world and how consumers react to it.

What Is Blockchain?

A blockchain is a distributed database that allows a secure ledger of transactions to be continuously added to and verified without the need for the centralised record-keeping our current financial system requires.

In today’s world, artificial intelligence (AI) and the Internet of Things (IoT) is disrupting industries and revolutionising our daily lives—but not without problems.

Blockchain tech could be the solution we need to take these technologies to the next level. It can enhance them with security, trust, and value exchange using cryptocurrencies that aren’t tied to any single company or central authority.

For example, the platform Grapherex is built using blockchain technology. It offers financial crypto services including crypto wallets, NFTs and a crypto marketplace, among others.

Combining AI and blockchain allows us to create a system that is more secure and efficient. Blockchain integration with AI can help us to streamline processes and reduce costs.

IoT & Blockchain IOT Use Cases

The Internet of Things, or IoT, is a system of interconnected devices and sensors that collect and share data. Blockchain is a distributed database that allows for secure, transparent and tamper-proof transactions.

By combining these two technologies, we can create a more secure and efficient system for managing data.

 

The properties of blockchain technology expressed as a data format are essential for blockchain IoT applications. The following are the main characteristics of blockchain technology that could help IoT use cases:

Immutability

The use cases for blockchain in the Internet of Things are also apparent in situations where a burglar can claim that security camera footage is fraudulent. In this context, the immutability of the blockchain comes to mind.

It implies that any changes to the data that have been stored will be discovered. In order to corroborate the burglar’s claim, the court could thus look for attempts to change the data.

Decentralisation

Decentralisation may be a significant drawback, even while immutability and distribution protect the integrity of IoT device data on blockchain networks. It might expose private user information to outside parties.

However, it is feasible to circumvent such obstacles. The recommended solution for the IoT blockchain use cases might be the storage of access records and permissions.

Big data storage can be incredibly expensive due to the spread and decentralisation features of blockchain. Therefore, storing data in a central repository would be the preferable solution in this scenario.

The logs of data access would be posted on a blockchain network concurrently. Users can thus obtain a data structure that is immutable and flexible enough to allow them to determine the identity of the persons accessing information.

Distribution

With blockchain, the information is dispersed across various networked computers rather than remaining in one location. Since there are many different target devices in the monitoring system, it is very challenging to attack it.

Additionally, the blockchain’s redundant storage system enhances security and data access.

AI

It’s no secret that the AI blockchain is one of the hottest topics in the tech world right now. And while there are a lot of different opinions on how these two cutting-edge technologies will shape the future, one thing is for sure: they’re both here to stay.

Companies like IBM and NVIDIA have already begun experimenting with the idea of blockchain integration with AI. With this integration, a system may be able to understand its own workings in order to optimise and repair itself continually.

Blockchain has the potential to reduce time delays by making everything instantaneous—AI in blockchain could help automate tedious tasks such as data entry so they can be completed faster than ever before.

Can We Apply Blockchain in Other Industries?

Blockchain networks serve as safe storage spaces for transactions without a single point of failure. The temperature of a shipment package being tracked by an IoT device is an example of a transaction that blockchains could store.

Additionally, patient health information acquired through body signals can be stored and tracked on private blockchain networks.

 

Removing time-consuming activities like retrieving medical history and eliminating data loss improves the transparency and reliability of patient information across healthcare organisations.

Additionally, the incorporation of AI processes could cause actions to be triggered, such as alerting a patient and their doctor of any potential medical considerations. All this data can be transparently recorded on the blockchain.

The blockchain will improve a second sector in addition to a shared, transparent ledger since smart contract technology can enable self-executing operations.

In the previous scenario involving the shipment package, smart contracts may impose a fine on the defaulting party, such as the truck driver, if the package’s temperature drops below a predetermined limit.

Blockchain tokens can be used by the parties to pay the fine (or to deliver rewards for successfully completing the transaction). Recent pilot projects by IBM and Maersk’s TradeLens Shipping Solution used a related supply chain approach.

While each of the three technologies makes a contribution in its own right, integration is required for maximum effectiveness and security.

Security is in doubt even when intelligent data are obtained by AI algorithms and paired with trustworthy data sent by IoT devices. Blockchain enters the picture here as a decentralised, open-source transaction ledger.

The ability for users to decide what information they give and who has access to it allows for the identification of parties. For ecosystems that require digital identities and the security of sensitive data, such as the health sector, this capability is crucial.

Thus, in conclusion, blockchain can be applied to many other industries and change the flow of processes to make them more efficient. If you’re looking for a financial ecosystem with a secure crypto infrastructure, try Grapherex.