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IOT, AI, and Block Chain: Catalyst for Digital Transformation

Digital transformation is the process of using digital technologies to create new or modify existing business processes, products, services, culture, and customer experiences [1]. Digital transformation is a complicated challenge, but the integration of IOT, Block chain and AI makes it much easier. Considering the number of partners (internal, external, or both) involved in any given business process, a system in which a multitude of electronic parties can securely communicate, collaborate, and transact without human intervention is very desirable because of its agility and efficiency.

Block chain, IOT, and AI are key technologies driving the next wave of the digital transformation. These technologies will converge and will allow for new business models: Autonomous agents (i.e., sensors, cars, machines, trucks, cameras, and other IOT devices) will in the future act as own profit centers that [2] have a digital twin leveraging IOT, [3,4] send and receive money leveraging block chain technology on their own, and [3,4] autonomously make decisions as independent economic agents leveraging AI and data analytics.

A Block chain, or generally a distributed ledger, can store all kinds of assets similar to a register [5]. Primarily, these data can be related to money and identities. IOT drives the automatization of industries and user-friendliness of business processes that is essential for growth of industries all over the world. Finally, AI improves processes by detecting patterns and optimizing outcomes of these business processes [6].

The potential combination of block chain technology, IOT and AI is illustrated by a concrete use case in [4].

 

References:

2.      Barontini, C., and Holden, H. (2019). Proceeding with Caution-A Survey on Central Bank Digital Currency. Manek Bhawan: BIS.

3.      CashOnLedger (2020). CashOnLedger Website - The Payment Engine for the Machine Economy. Available online at: https://cash-on-ledger.com/ (accessed August 5, 2020).

4.      https://www.frontiersin.org/articles/10.3389/fbloc.2020.522600/full: Convergence of Blockchain, IoT, and AI

5.      Diedrich, H. (2016). Ethereum - Blockchains, Digital Assets, Smart Contracts, Decentralized Autonomous Organizations. Washington, DC: Wildfire Publishing.

6.      Salah, K., Rehman, M. H., Nizamuddin, N., and Al-Fuqaha, A. (2019). Blockchain for AI: review and open research challenges. IEEE Access 7, 10127–10149. doi: 10.1109/ACCESS.2018.2890507

 

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