If there was a period which would have to be considered as the most revolutionary phase for the technology of the world then it should be the 21st century as it has seen advancements in technologies that could have never even been imagined just a decade ago. The technologies have just not emerged out of the blue but are also upgrading at a rapid pace. Starting from the time when the internet became a sensation, till today with technologies like Blockchain, IoT and Artificial Intelligence, the world has seen a huge change in the daily lives of the humans.
As the use of technology has increased, there has been an ever increasing demand for the storage of data. This is when Cloud technology blossomed and today has become an integral part of our life. Also the technology used in driverless cars, smart watches, etc is something around which research is happening at a very rapid pace. This is where IoT and Artificial Intelligence step in to action. The interactions and the operations employed by these technologies need to be really fast and unquestionably secure. This brings us to the need of blockchain.
What and why do we need Blockchain:
Blockchain is redefining how trusted transactions should take place. All of us know that internet by itself is a very vulnerable technology. Blockchain however, seems to be a promising solution to this problem. Blockchain also ensures that there aren’t any fault lines while using it with Artificial Intelligence and Internet of Things. IoT networks are most of the time public networks and it is needless to mention how susceptible the public networks are. Blockchain can step in here and help secure the networks by creating linear and permanent indexed records. The design of blockchains is such that it is impossible to hack or tamper data and take control of systems.Thus going further, blockchains will be the answer to provide the most secure network to any database that needs to maintain confidential data.
How Blockchain can enhance AI and IoT:
A server model is a centralised communication model which is typically employed by the IoT systems. This is an expensive structure as a lot of resources are required for the centralised cloud systems and large server farms. The magnitude of communication that will happen will be in billions and will shoot up the costs required to maintain them.
A peer to peer paradigm can be an effective solution for this centralised model of effecting communication which will significantly reduce costs. But when the infrastructure is broken down into smaller pieces there always exists a threat of security. This threat can be eliminated when we use the blockchain technology which lays out a distributed ledger of transactions shared by the nodes in the network instead of the standalone central server.
Scope for Blockchain,IoT and AI culminated technology:
The current scope of AI and IoT being used together as one system can be actively seen in televisions and refrigerators. But, a lot of research is going on in the fields of smart medical devices, insurance claims, cryptocurrencies, hotel and flight booking and a lot more. Governments have also realised the importance of blockchain and have started building their own platforms using the blockchain technology. For example, the e-Residency portal of the Government of Estonia is entirely built on a blockchain.
Both AI and IoT are groundbreaking technologies of the 21st century without any doubt, but their success rate larger depends how secure the data is on these networks. Thus, with Blockchain coming into play, the prowess of AI and IoT increase linearly.