Hey Yen, thanks for the comment and welcome to SCRF! That’s another great convergence idea that you bring up: using AI to recommend different blockchains for different IoT devices.
In terms of theoretical vs. applied research, this paper is much more on the applied research end of the spectrum. It is true that this paper is highly concept-based and takes on more the form of an idea generator than of a finalized implementation. Nonetheless, even the most sophisticated of technologies start off as just an idea.
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Great and easy to read summary!
The convergence of Blockchain, AI and IoT technologies to create systems and applications may be inevitable and will, if/when it happens, turn out to be quite beneficial to most people. When combined, these technologies can boost new business models and disrupt the markets as we have them now.
Artificial Intelligence is able to analyse massive data to extract insightful trends and information from those data. Blockchain will also solve most of the security issues that arise from IoT and AI. Blockchain could also provide better privacy protection and promote ease of payment.
However, to be realistic, managing these technologies singly involves high costs and risks, nonetheless when they are combined. Also, there isn’t enough energy to power systems that will arise from the combination of these technologies. Currently, gas prices are rising exponentially and may continue to rise if there is no deterrent, which in turn, means Blockchain may prove to be far more expensive and difficult to afford. There is also the issue of Bandwidth, with the combination of these technologies, we will need faster and more efficient internet. 5G, I believe, is only the beginning of the sort of Telecoms tech that will be needed. Perhaps, as stated in the key takeaway, by the time these combined technologies are ready for use, these challenges would have been largely surmounted.
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I found one of the comments in this paper very insightful: AI is an automation tool for decision making and it can optimize the way we store data as well as decide on which data we want to store. This characteristic of AI can benefit IoT in controlling facilities in a system. The data that is produced by IoT needs a large and secure medium for storage. This is where blockchain comes in.
Recently I read an article on risks of applying blockchain in IoT (I linked it down below). I extracted and summarized some of the most interesting and important aspects of this source.
Challenges and risks of using blockchain in IoT:
- Scalability
Blockchain makes use of decentralized networks in its operation. However, as the size of the ledger increases, the network might become centralized instead. A record management system is required to keep the centralized network in check.
- Processing power and time
An IoT system consists of many devices with different levels of processing power. Not all devices can run the same encryption algorithms. In addition, some parts of the IoT system might experience lag.
- Storage
Due to the decentralized network in blockchain, the ledger record should be stored on the nodes. The amount of storage needed increases over time, and might even surpass the capabilities of the facilities in an IoT system.
- Vendor
As blockchain is a novel technology in this era, human resources with strong technical background and skills are still scarce. To overcome this issue, many organizations and enterprises should hire specialized vendors to set up blockchain solutions. However, it is often hard to find vendors with high credibility.
- Security
Despite blockchain’s high security, it is still prone to malicious activity from other parties. This can happen especially on a public blockchain, where many users have a private key to “sign” on transactions as most systems lack multi-factor authentication. In addition, losing the account’s private key means losing the account’s data as well.
- Legal issues
The laws governing blockchain and its usage differ among countries. Many businesses prefer to avoid blockchain altogether due to the risks of legal issues.
All in all, there are many elements to consider when applying blockchain in IoT, and I think that among the four convergence cases you give (AIoT, IoT Blockchain, Blockchain AI, and AIoT Blockchain), IoT Blockchain and AIoT are much more studied, yet there are still many unknowns ahead even for these convergence cases.
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The Pay as You Go Business Model
This is article is a great exploration of what’s possible, and I absolutely welcome such explorations. At the same time, I’m reminded of a movie line in which a character lamented the move from science to business without differentiating strongly between coulds and shoulds.
The practical consequences of some of the scenarios proposed are interesting. For example, the pay-per use model has been long discussed among practitioners in the IoT space. However, the day-to-day consequences of living in a world in which your devices may cease to function due to not putting enough quarters in the machine have prevented that model from taking shape, at least in the B2C space.
If a consumer has a smart lock that only functions when the lock bill has been paid, the consumer could find herself locked outside or inside of her home. The authors also provide a B2G case of a privatized street lamp, a common public good. Hooking a safety device up to only function when it’s been paid presents a special kind of public danger. Even in a B2B case, tokenization of multiple collaborating devices could lead to stalled work not because of anything wrong with the device itself but perhaps some particular issue with the blockchain of that specific device, adding an additional layer of complexity–one the owner or some technician may be incapable of addressing.
The case for AI assisting the management of IoT is easy. The case for blockchain is also exciting, but in order for the vision laid out in this article to come to fruition, it may take a clearly communicated value proposition that convinces users that individual bills for every device they have are a benefit rather than a complex tapestry of bills to stress over. If an edge device has the potential to quit on a user (camper, explorer, hunter, etc.) in a far off area because of triggered condition in a smart contract, even though the device is otherwise well-formed and functioning, this could be viewed as a tremendous reduction in value. So, while the data utility and business value is clear, I’m curious if anyone has come across studies on how these implied and proposed blockchain enabled pay-per use business models are structured, perhaps with some hints as to their practicality or viability.
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… and almost one year later, Seth returns
…
You bring up a great point about energy consumption for AIoT devices that power blockchain, and there is some (albeit limited) discussion of this in two of my AIoT Blockchain papers: MLAV and Parameter Space Exploration. In a nutshell, consensus algorithms and verification methods both have huge implications on power consumption for blockchain systems. In MLAV, we replace traditional signature verification with a novel aggregate verification method, and in Parameter Space Exploration, we find that Crash Fault Tolerance (CFT) is an inherently energy-efficient consensus method - a good choice if there is no risk of malicious nodes in the blockchain system.
Needless to say, lots has happened ever since your comment was posted: further increased gas prices, major dips in the price of cryptocurrencies across the board (their prices were getting ready to peak when you made that comment), and huge breakthroughs in AI such as we see with DALL-E 2, quantum AI platforms developed by NVIDIA and Google, and even talks of GPT-4 development.
I’ve also been hearing talks about 6G development recently, but I haven’t done any research on that yet… do you happen to be familiar in that area?
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Thank you for this information @Gearlad , I’ll like to bring out my claim point of see on this that IoT-blockchain frameworks fulfills the requirement for straightforwardness, responsibility, secure exchanges, lower costs;This is when blockchain comes into play, not as it were since of the adaptability it gives, but moreover most critically its unchanging nature feature.
Looking into this, utilizing the information, manufactured insights (AI) can progress the developing and offering forms with the parameters put in their model.
Furthermore, each gadget ought to be prepared with the capacity to communicate with each other and make the suitable choice in time, which is the substance of AIOT. Therefore, choices made by AIoT gadgets do have to be reasonable.
Reference
I read about IoT and AI from this source and I feel I should refer anyone interested to it.
Blockchain, IoT and AI — A Perfect Fit | by Philipp Sandner | Medium:
https://www.google.com/url?sa=t&source=web&rct=j&url=https://philippsandner.medium.com/blockchain-iot-and-ai-a-perfect-fit-c863c0761b6%23:~:text%3DA%2520possible%2520connection%2520between%2520these,full%2520potential%2520if%2520applied%2520combined.&ved=2ahUKEwiUn9TIv7X5AhUQt6QKHQvVA_IQFnoECAsQBQ&usg=AOvVaw0rC9yvF5C3FYpD9H3bJx1w
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Welcome back Seth.
Haha, yes, a lot has changed since my comment. I am not very familiar with 6G, however, I have heard of exciting developments in that area. NEC Corporation is collaborating with some other companies to develop a distributed Multi Input Multi Output (MIMO) technology which will expectedly increase the stability of communication in high-frequency bands among others. Another interesting intersection is that some researchers believe that collaborative artificial intelligence will be a major driving force in the success of 6G.
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@Gearlad
Nice summary with lots of information and contributions to digest. Blockchain, AI and IOT have been incorporated in every technical innovations and these threes have come to make our lives better and technology have gotten better with them. Right now, technological evolution can not do without them. Every aspect of technology is incorporating them.
AI has been incorporated into smart cities to analyze data in real-time and monitor activities.
Due to its adoption of blockchain-based innovations, Dubai is one of the most technologically advanced cities and will soon be recognized as the first blockchain-based metropolis.
Additionally, by utilizing IoT devices and maximizing the usage of electricity, water, and other resources, smart cities can lower resource consumption and traffic congestion.
IoT and blockchain work together flawlessly to provide safe data and advance commercial transactions.
The integration of blockchain, AI, and IoT will increase each technology’s advantages while reducing its hazards.
IoT is linked to devices where data can be stolen, fraudulently obtained, or hacked.
Blockchain can assist to maintain transparency and security while AI can help protect it from malware and hackers.
Combining all three technologies will increase their potency and fortify the technology’s weaker points in order to make the future better for everyone.
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@Gearlad
This is an excellent summary because it speaks directly to the convergence of Blockchain, IoT, and AI. As the author had brilliantly remarked, this convergence would begin a new age of digitization in that Artificial intelligence (AI), the Internet of Things (IoT), and blockchain have moved from sci - fi to daily life. AI has multiple uses ranging from content generation to autonomous cars to shopper preference prediction. IoT makes our homes smarter by integrating the many gadgets we use into cohesive ecosystems that provide an exceptional user experience. Blockchain has also changed the way we send money, think about cybersecurity, and manage digital assets.
Furthermore, these three inventions have the potential to integrate to serve us even better! I have listed below what each of them adds to the digital innovation equation.
- IoT contributes to process automation and makes business processes user-friendlier.
- AI makes use of big data collected via IoT devices, detecting patterns and optimizing data-based business decisions.
- Blockchain adds trust, transparency, and security to the existing digital systems via a decentralized, shared ledger.
As a result, the converged digital systems benefit from the data derived from IoT sensors via the better computational capacity of AI and secure infrastructure of blockchain.
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I’m sure you already know @Gearlad, so many people have told you, but here are my flowers. Great post/summary to spart a conversation that needs to be had! I think through the interactions one sees how profound one post can be to inspire so many ideas.
Also, appreciate everyone’s perspectives since it looks like we are all coming together to give a decent overview of the technologies that will change our civilization for the better if implemented correctly. It seems that everyone is coming to the problem from their point of view. It is interesting to see all the different perspectives ranging from energy consumption to real-world business applications. With all that being said, I am going to try to take a swing at providing more depth to the conversation as well.
My perspectives were inspired primarily by @Gearlad ‘s point on July 21. It is the 13th comment in which they were talking about AIoT and the words “publicly owned, rented out for daily use” inspired some ideas. Another thought leader that helped aid in my perspective forming was @GanouTeikun on November 21st. It is the 22nd comment in which they talked about how AI could be used to optimize its own data. Through these perspectives, I have come up with some potentialities of what we could and maybe should do with regards to these technologies.
First, let us not limit data collection to being tied to one specific person or company. What if the AI was a “humanity AI”, in which made profits from the data it collects by giving permission to use specific datasets to others. It then uses that money to power its own IoT and IT devices to gather more data and distribute it to more people. Depending on your willingness and access to pay for specific data will determine what kind of interaction you will have with this AI system.
Using this system, we also make data publicly accessible to all by using publicly available profound data sets on-chain. Markups will be depending on the data in which one is willing to pay for, but mainly the AI systems or system will only make a profit in order to make specialized data more available to the masses. With this system only those willing to pay will have specialized knowledge making this system profitable, but those who use the public data sets for information can still have a profound impact on whatever task they are trying to solve. I would say we let the AI optimize for profitability, so it is doing exactly what it needs to do to run efficiently. With this AI and its network of IoT technologies, there will be maintenance and updates that need to be done in which the AI could outsource talent itself providing a truly decentralized interconnected web of services in order to benefit society.
All of this data will be held and managed publicly on blockchain ledgers. The AI could even do its own encryption and upkeep to make the data secure and accessible. I think it would be interesting to see advanced AI provide a level of security with hash functions on data that it only can truly understand. Perhaps this might provide a level of security that is needed with extremely sensitive datasets while still maintaining a high level of interoperability or access to the data.
There can be incentive structures built into the AI system. Say for instance it gains data from its IoT systems that can cure disease overnight. It would be important to have that data easily available to the whole world, so it is important that we have ways to push the AI system to release all the data with regards to those systems. Full open access to those lifechanging datasets within the parameters that will still have the AI system continue to be profitable. This would be interesting to see.
The article talks about blockchain identity and its implications. It would be interesting to see the AI system assign blockchain identification to specific IoT systems and use this identification to fulfill its needs. Say it needed access to a GPU, the AI system can then ask a respected device on its network for services in order to accomplish said task. One issue this could lead to are big GPU barns trying to make profit from the AI system and things along that nature, but processes can be implemented into the system, so it seeks more decentralized behaviors giving opportunities to the average joe to make a buck. Having that be a part of the system will lead to better outcomes.
These are some use cases with regards to AI, IoT, and blockchain technology. If implemented correctly the world would look drastically different. Rather than a scarcity mindset we can live in abundance and cooperation. Building more systems that are aligned with bringing people together as well as giving opportunity to all. Imagine once these bottlenecks of scarcity are eliminated how we will be as a civilization. In order to achieve this, we must see where our current system lacks and strive to create better more efficient systems. It’s just the beginning but we are definitely on the right track!
Thank you for making it this far in the post! Would love to hear any comments on the future of these technologies, or perhaps your own vision of what the future entails. Enjoy the day, and much love!
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Thank you for a great summary, @Gearlad. This theme fascinates me for a variety of reasons, most likely because it correlates to my career field.
‘Synergy’ is a word that refers to a collaboration of entities that creates an impact much greater than that possible by the individual entities on their own, and Blockchain, IoT, and AI are key technologies driving the next wave of 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 their own profit centers that have a digital twin leveraging IoT, send and receive money leveraging blockchain technology on their own, and autonomously make decisions as independent economic agents leveraging AI and data.
It is important to note that blockchain, IoT, and AI are converging to shape up new technological innovations for the future. The convergence of these technologies will not only create greater automation in tracking and tracing products but also help in automating self-service transactions.
The convergence of these three technologies will help us to automate self-service transactions by providing smart contracts. Blockchain provides the groundwork, while IoT provides a way to track and trace each unit of product. With AI, it helps in executing the smart contract to automate a transaction with reduced human intervention.
Up to this point, the interconnection between these three innovations is often neglected, and blockchain, IoT, and AI are typically used separately. However, these innovations can and should be applied jointly and will converge in the future. One possible connection between these technologies could be that IoT collects and provides data, blockchain provides the infrastructure and sets up the rules of engagement, while AI optimizes processes and rules. By design, these three innovations are complementary and can exploit their full potential if combined.
Automatization via Smart Contracts
Aside from data and identity management purposes, the convergence of the three innovations by applying blockchain, IoT, and AI jointly can be very promising for the automatization of business processes. One crucial component of connecting these three innovations is the use of smart contracts. Smart contracts specify a set of promises, digitally, in a protocol that automatically executes the terms of the contract. In programming terms, smart contracts are comparable to “if-then” functions that define specific actions if a particular event takes place. For example, one can think of a situation if in the case the delivery of a good has been successful (“if”), and a payment is made automatically (“then”). In other words, smart contracts are the main connector of the three building blocks IoT, AI, and blockchain technology. Despite its enormous potential, smart contracts are currently not used in the context of industrial companies. The main issue behind classical smart contracts is that they require crypto assets such as Ether or EOS and, therefore, transfer amounts of these crypto assets. However, companies are hesitant to use crypto assets, mainly due to regulatory and economic reasons. One main limitation is the high price volatility of crypto assets.
Authentication via a Blockchain-Based Identity
Moreover, blockchain technology can be applied to authenticate IoT network participants and can increase trust by managing the identity of IoT devices. Note that identity management can refer to individuals and companies but – in the context of IoT –also to IoT devices and machines. Blockchain-based identities ensure that transaction parties receive a digital identity on the blockchain based on their physical identity (e.g., identity card for individuals, commercial register entry for companies). Based on such an identity, transactions between an individual and a company (example: car sharing) but also between an individual and a machine (example: passenger transport of an autonomous car) or between two machines (example: autonomous car pays for parking) can be processed efficiently – i.e., with fast transaction speed and low transaction costs. In the future, money will be transferred between individuals, companies, devices, and machines. [According to estimates by IoT Analytics, more than 20 billion devices will be connected to the internet by 2025 (Number of connected IoT devices growing 18% to 14.4 billion globally). These devices will partly also participate in payment processes. Therefore, a completely new, possibly decentralized, payment infrastructure will be required. Individuals, companies, and machines must be registered with their digital identities on blockchain systems. Consequently, identity management on a blockchain will play a key role.
Of course, these identities must be issued and managed in compliance with data protection laws. However, the critique that blockchains cannot sufficiently account for data protection by design is not appropriate. This is due to the fact that blockchain technology, with its integrated access systems and encryption processes, is even better than non-blockchain-based systems at being able to first protect data by design, secondly, organize the ownership of data, and thirdly, enable the monetization of data.
Use Case: The Joint Potential of Blockchain, IoT, and AI
Based on the previous discussion it is evident that the combination of blockchain technology with IoT devices and AI can unlock new business models for the monetization of IoT devices. One such use case is outlined below. One can think of a lamp (e.g., a street light), that has its own blockchain-based identity and operates with a blockchain-based Euro. Therefore, the lamp gets the status of an autonomous entity operating “on its own.” By using smart contracts, micropayments can be made directly to the lamp, triggering the lamp to turn on. The lamp will shine once somebody pays for it, e.g., an individual, a company, or even the public administration. In this context, pay-per-use payment schemes could be implemented. Since the lamp owns a digital wallet, it can act as its own profit center. Since all lamps are connected to a blockchain, they will store data, e.g., about their usage, performance, and downtime. Artificial intelligence could leverage this data and optimize the network’s maintenance. For example, it could suggest a more regular maintenance of lamps that are used frequently as well as immediately dispatch the maintenance crew in case of a fault. Additionally, AI can smooth the maintenance process by improving the ordering process of replacement parts for then network or by helping to anticipate the number of replacement parts required more precisely. This support would ultimately result in less down-time of the network. Since lamps can be tokenized as assets, they can be made available to investors. Consequently, investors could be willing to build and maintain these lamps on a full scale. In return, investors would receive their share on the lamps’ profits. This application is a potential game changer. The tokenization of such assets could drive a new wave of investments since investors would directly be rewarded with a share of the return of the tokenized asset, in this case, of the lamp. The benefits of tokenization do not only hold for lamps but all IoT devices and, therefore, a wide range of industrial applications. For example, this could be sensors, cars, machines, cameras, trucks once these devices are connected to the internet and are connected to a blockchain network
Conclusion
Blockchain, IoT, and AI are technologies that can be combined in multiple dimensions. We argue that a convergence of these innovations will take place since business models, products, and services will benefit from the combination of these technologies. Such business models could be widely applied to any autonomous agents such as sensors, cars, machines, trucks, cameras, and other IoT devices. These agents could send and receive money autonomously and leverage AI and data analytics to make decisions as independent economic agents.
Convergence will drive the development of such business models and the digital transformation of industrial corporations. Executives should deal with these technologies in order to realize tremendous efficiency gains. Blockchain technology, combined with IoT and AI, will pave the way to a new age of digitization.
Over the last decade, blockchain technology has improved considerably. Historically, for example, the main critiques about blockchain technology were its limited scalability and inefficiencies. These issues have now been addressed with initiatives such as EOS that can compete with a modern-day transaction system with respect to the conducted transactions per second. However, other challenges remain to be overcome. General Data Protection Regulation’s (GDPR) right for data to be forgotten or the integration with legacy systems are examples of such issues. I think that blockchain technology will again adapt, improve, and address these shortcomings, similar to efficiency and scalability issues.
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@Gearlad I was really impressed by this write up how Blockchain,IoT,and Al are key technology driving the next wave of the digital transformation.imagin if these technologies are being implemented into our world today many life’s will be transformed,these technologies will converge and will allow new business models:but my Question is how can these Blockchain,IOT and AI be of benefit to those unskilled individual and to those without the knowledge of Blockchain,IOT and AI if it being implemented in our world today thank you.
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It’s fascinating to see all the wonderful information and contributions made by authors; however, I’d want to add a little sauce to this fascinating topic.
Blockchain convergence, IOT and AI are important to consider in the crypto world. Innovative technologies like blockchain, IoT, and AI will help bring about the digital transformation and upend many businesses. As these three technologies converge, new business models will emerge. Incorporating blockchain ensures that forecasts, recommendations, and corrections are based on reliable data by validating the IoT device itself as well as enabling data traceability and verifying AI model outputs.
AI that is supported by machine learning can proactively protect against malware and hacker attacks. The IoT network can perform more effectively by becoming smarter and more autonomous thanks to AI.
The fact that IoT gathers and distributes data, blockchain provides the infrastructure and establishes the rules of interaction, and AI optimizes processes and rules may indicate a relationship between these technologies. By design, blockchain, IoT, and AI are complementary, and when used together, they can fully realize their promise.
THE CONVERGENCE OF BLOCKCHAIN, IoT, AND AI
Organizations may be able to harness the advantages of each of these technologies while avoiding the dangers and limits attached to them thanks to the convergence of blockchain, IoT, and AI. IoT networks have several vulnerabilities because there are so many linked devices on them, making the network vulnerable to hacker assaults, fraud, and data theft. AI that is supported by machine learning can proactively protect against malware and hacker attacks to avert security vulnerabilities. Blockchain can further improve network and data security by preventing unauthorized access to and change of network data. The IoT network can perform more effectively by becoming smarter and more autonomous thanks to AI.
Can IoT and AI coexist harmoniously?
By giving the environment at hand human-like awareness and decision-making, AI can enhance the advantages of IoT, ultimately boosting efficiency and streamlining processes. IoT and AI are two of the most popular tech issues, thus enterprise technologists need to be familiar with them.
How does AI benefit from blockchain?
A blockchain is effective for storing private information, such as personal recommendations or medical notes. And data is what AI systems frequently and in large amounts need. Currently, experts are working diligently on algorithms and strategies that would allow AI to interact with encrypted data without ever disclosing it.
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After reading the post and the comments, I plan to try to answer the research question and ask more questions about the topic to make the study more interesting.
What does the integration of blockchain technology, artificial intelligence, and the internet of things mean?
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When devices are connected, which is sometimes called the “Internet of Things” (IoT), a lot of data is created.
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Artificial intelligence, in this context, means the capacity to gain insight from massive amounts of data through the discovery of meaningful patterns that can lead to better overall decision-making and, potentially, process optimization.
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Blockchain provides the framework for IoT and AI to work together in a safe and effective way, ensuring the security of the system. It simplifies the payment process as well.
Putting these three together could make technology that is more efficient, smart, autonomous, safe, and clear. Potentially altering the current state of the market, these technologies could inspire new forms of enterprise.
IoT devices produce huge amounts of data that could be analyzed by AI to help the system make better decisions. Because blockchain can’t be changed, it can help solve the IoT system’s problems with data breaches and security. Because IoT devices provide more data, the AI may be trained better, which in turn improves the algorithm that drives the AI. This also allows the AI to foresee potential threats and prepare accordingly.
Blockchain, the Internet of Things, and artificial intelligence are often used separately, and until recently, people didn’t pay much attention to how they could all work together. The fact is that these technological advances can and should be used at the same time, and they will be in the future.
Specific Application
The following is an illustration of a scenario in which this convergence might occur: It could be used in the process of choosing a new leader.
- The Internet of Things (IoT) gathers data from the devices and the internet of potential candidates;
- artificial intelligence (AI) analyzes the data, creates an ideal persona of a leader, and predicts the likelihood of an individual being the leader and his likely policies, as well as the effect of such policies on the organization;
- Blockchain secures the data and mitigates data tampering thanks to its immutability feature.
As another example, consider the agricultural industry.
- Producing companies can employ IoT sensors to monitor and report on a variety of KPIs for internal decision-making.
- Artificial intelligence (AI) can use this data to optimize the growing and selling operations based on the criteria they’ve established in their model. This can help farmers decide which crops to grow for the greatest financial return, or it can help them anticipate potential threats by cross-fitting past data. The farmer can then employ robots to cull weaker plants to make way for healthier ones, and drones to disperse capsules containing the eggs of natural enemies to specific pests before they can do any damage.
- Meanwhile, the information will be uploaded to the blockchain, creating verifiable and trustworthy records. The agricultural sector can benefit from these documents and may use them to create smart contracts to track the journey of food from farm to table.
Observed Issue
- Convergence in AIIoT is complicated by the need for standardization of blockchain to meet the requirements of AIIoT.
Conclusion
If the convergence of these technologies happens, the world would look very different. Rather than operating from a position of scarcity, we have the option of shifting our focus to one of plenty and collaboration. More mechanisms are being designed to facilitate social interaction and ensure that everyone has the same chances. It’s hard to fathom how much more sophisticated our civilization will be once these causes of scarcity have been eliminated. To achieve this goal, we must first determine the specific ways in which the current system falls short, and then seek to replace it with one that is both superior and more efficient. There is no doubt that we are making progress, even if this is just the start.
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@Gearlad Thank you for this summary, Blockchain, IoT, and AI are technologies that can be combined in multiple dimensions since business models, products, and services will gain from its applications such as sensors, cars, machines, trucks, cameras.
Amazing article @Austin_jul I truly loved reading, however could you elaborate on the role of scarcity in this situation?
How does IOT meet the need for lower costs? because I am aware of how pricey technology and technology management are. What angle are you approaching this from, and can you provide some instances to support it? @WaterLily
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Good read
Blockchain is the concept of creating a distinct list of addressable goods. Once an entry is generated, it exists indefinitely. A list like this would be provided to a group as a permanent, irrefutable record. It has nothing to do with artificial intelligence. As a result, all economic transactions might be recorded and uniquely recognized. It is difficult to verify that the system will meet this requirement (particularly being quickly accessible).
IoT is the belief that connecting many devices to the internet (through IP addresses) is a good idea. It is very likely to become a key draw for hackers (ie as entertainment). Blockchain might serve as a unique reference for each device, which could work if hackers are not allowed to access the block chain. Which is most likely a futile hope. IOT is a naive and somewhat meaningless notion, and attaching it to blockchain would make it pricey, so who would invest in such a product? IOT owes nothing to AI, and as is customary, AI is used as a marketing hype component.
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@Gearlad very insightful article, I also have few questions;
What are some of the disadvantages of “conventional IoT”?
What do you mean by “convergence of blockchain and AI”?
AI can undoubtedly assist IoT and is widely employed.
Blockchain has no place in IoT and, more crucially, AI. One of the most important characteristics of AI is its ability to consume data and transform it into insights. Data on blockchain cannot be altered. It is not possible to change what has been written.
It is also slow, costly, and difficult to work with. All of these factors combine to make it a bad match for either AI or IoT.
As a result, your inquiry is invalid. More significantly, people should stop asking “how can blockchain cure X>?” because there is no solid use case with a reasonable ROI outside of bitcoin. Blockchain is a limited solution with no real-world application.
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Nice research, but I find this helpful to your question 1.
Disadvantages of IoT
Due to the growth of IoT every day there are discomforts along with comforts. You cannot deny from these disadvantages of IoT that its rapid growth is leaving. So, these issues must be addressed to perfectly use the IoT devices. The companies are working on it but these are still a concern. So, getting deep into them, read the below details. Click here to learn Data Science Course in Hyderabad
security and Privacy
This can be the biggest disadvantage of IoT as people are losing their privacy by adopting and using these smart devices in their lives.
As technology has advanced, the data of any user can be found using the Internet. This has left a space for the hackers to find their prey quickly and easily. They can easily hack the network and can get access to the important data of the users. Someone may not want that their data and their family fall prey to hackers as it is their private property. But the excessive use of technology has opened the door for intruders. They might misuse your data.
No doubt the cybersecurity companies are working on it and they have implemented several protocols to make the network out of the reach of the hackers. But there are still some flaws that these criminals found and can use to easily attack the network. The hacker can be in the shape of the known person so they can easily break into the network.
The greatest security measures of the administration have failed to cope with this issue. So, it is more likely that hackers can easily know all facts about our lives. Even the companies are also using the information of the users to exploit them. There are a lot of examples that are present currently where companies have to use the data of the consumers for the sake and interest of the company like Google did recently.
Due to all the above reasons the consumers are worried about their personal life and information. There are many protocols under processing to overcome this issue.
Increased unemployment
As the number of IoT devices is increasing day by day, companies have started utilizing the devices more than the employees. This has left a great number of jobless people as a result. The companies are introducing fewer jobs as their business is running without more employees. Now, most of the work of the offices and industries is done by chatbots. Things are getting more automotive so the people who do not know using the technology are also losing their jobs. Low-skilled people are greatly suffered from the advancement of IoT.
Now some devices can automatically do the inventory tasks at regular intervals. So, the jobs of the people performing inventory tasks are also getting fewer in number and the ones who are currently working have also fear of losing the job as the technology is taking control. The ATMs have reduced the jobs of the people.
It is predicted that in the future IoT will have more grip on the field and the devices will come with more automotive features. As the people do not have the skills of fulfilling the growing needs. So, there is a question mark on their jobs. Most of the top jobs will be performed automatically by the smart sensors so the chefs, telemarketers, dental assistants may also lose their jobs.
The above-mentioned conditions have stressed the people. The companies must introduce things that will also allow people to work so that they can earn their livelihood.
Too Much Dependency on Technology
Nowadays the people are having anything in their hands if they have a smart device with internet connectivity. The youngsters are spending more time using this technology. They prefer to read an online article rather than reading a magazine. They do not buy books and get all the information from the Internet. The story in one sentence is that people are relying too much on IoT. People are losing their health as they even do not want to turn on/off the lights by themselves. They are using technology for this purpose. All in all, the people are losing their spirit and energy to work. They think about the technology and use it in their daily activities. The devices are telling the daily schedule means that the memories are getting weak, and the people are using the devices to remember important dates or meetings, etc.
Lose life control
Due to the overuse of technology, people are not leading it but actually, it is leading the people. They are working according to the planning of these devices and have made themselves a slave of the technology. If the device fails one day, they may not be able to move for a single mile as they have told each and everything to the devices that are working on behalf of them. They even sleep, awake, and function according to these devices. This is the big alarm for a society that the people are losing control of their lives and IoT is getting control of their lives. It must be overcome if society needs energetic and active people.
Conclusion
By the end of the article, it can be said that IoT is providing numerous comforts but some discomforts that are mentioned are still making IoT unreliable. If these issues will not be removed then society and people will suffer a lot. The administration should take steps to engage people with the growing technology. The privacy issues need great attention so that people will feel secure when using these devices.
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Thank you @ Gearlad for summarizing this research paper succinctly and truly a very commendable and valuable contribution from every analyst in the discussion. You all brought more insight into the concept the authors tried to communicate in the paper.
The authors put much thought into this topic and truly there’s a lot of benefit as regards the convergence of blockchain, artificial intelligence (AI) and internet of things (IOT). I’d liked to still bring these terms to our mind again although it’s been explained in previous comments
- Blockchain- is a type of distributed ledger,designed to record transactions or digital interactions and bring much needed transparency, efficiency and added security to businesses. This distributed ledger exists across several locations or among multiple participants and they eliminate the need for central authority or intermediary to process, validate or authenticate transaction or data storage. Data stored in the block is immutable,transparent and efficient, can’t be easily hacked and information is stored in cryptographic signature just like DNA of humans which can’t easily be altered. It means data will not be maliciously used for selfish gains by central corporations.
- Artificial intelligence is the ability of a computer or a robot controlled by a computer to do tasks that are usually done by humans because they require human intelligence and discernment. Although there are no AIs that can perform the wide variety of tasks an ordinary human can do, some AIs can match humans in specific tasks.
Another definition of AI or Artificial intelligence (AI) is intelligence—perceiving, synthesizing, and inferring information (DATA)—demonstrated by machines, as opposed to intelligence displayed by animals and humans. Example tasks in which this is done include speech recognition, computer vision, translation between (natural) languages, as well as other mappings of inputs.
Information here is definitely Data which is sufficiently provided by the IOT device and also stored and processed from the blockchain itself. If i could i might as well liken the AI to the soul of the convergence of blockchain and IOT devices.
- 4 Types of Artificial Intelligence
Reactive Machines.
Limited Memory.
Theory of Mind.
Self Aware.
- IOT is a system of interrelated computing devices or machines that are provided with unique identifiers ( UIDS) equipped with the ability to transfer data over a network without the requirements of human to human or human to computer interaction.
What are the unique identifiers of an IOT device?A unique identifier (UID) is an identifier that marks that particular record as unique from every other record. It allows the record to be referenced in the Summon Index without confusion or unintentional overwriting from other.The identifiers in an IoT standard can be typically divided into the following categories: object identifier, communication identifier, and application identifier eg.Object identifiers represent physical or virtual objects.The data must be communicated from the device to the rest of the IoT system, be it to a computer or to another device. And for this communication to have any meaning, a device must have a unique identifiable presence on the internet, accomplished through its own IP address.
In the sense data can be gotten from the IoT device into the blockchain and also the AI can process the information from the blockchain and also the IoT device to analyse,learn and decide which data to pay attention to.
The convergence of this three technologies will surely improve the 2 main problems of blockchain technology which are THROUGHPUT and SCALABILITY.
Throughput is a measure of how many actions are completed within a given time frame. In the blockchain space, transaction throughput refers to a rate of how fast a blockchain processes transactions, which is commonly expressed in transactions per second (TPS), but may also be expressed in minutes (TPM) or hours (TPH).Scalability of blockchain networks is the ability of that platform to support increasing load of transactions, as well as increasing the number of nodes in the network.
When these 3 technologies are synchronized the 2 main problems of blockchain will be fixed permanently.
The convergence of these 3 technologies will become a symbiotic organism just as human beings. The blockchain can be referred to as the storage of DNA as explained above, AI (artificial intelligence) can be the soul of the machine but it lacks creativity but it can be trained based on the data available to it ; I see it as the bridge between the blockchain and IoT. Then the IoT can be referred to as the human body (flesh,muscles and bones) informations (data) can be collected,correlated via these devices.
Many use cases has been penned down by contributors on this discussion where the convergence of blockchain , artificial intelligence can play a key role in different sectors, in medicine for instance if a patient suffering from cardiomyopathy gets connected to an IoT device which monitors the heartbeat pattern and rhythm of the patient to check for irregular signs of a heartbeat based on the data being collected by the IoT into the blockchain the AI can spot any of such irregular palpitations of the heart and save the patient from going into a heart attack either giving the patient drugs to avoid death or admitting the patient to a nearby hospital on time. And I am sure there are many innovations that will come up with this concept of convergence of blockchain, AI and IoT.
These could mean that facilities that’ll support this technology would be really cheap and very accessible to everyone. Investors who’ll key into this idea should consider the market. Based on its availability, sustainability,economic value and needs, tokenization has to be affordable so it could meet the need of the everyday average man unless we still prove a point that technology is for the ultra rich. Thank you.