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The world has seen around three industrial revolutions as of yet. In the first industrial revolution, steam was used to enhance the power of production. In the second industrial revolution, electricity made its way in. In the third industrial revolution, an automated process with the use of it and electronics become popular.
Now, the world is about to witness the fourth industrial revolution which is more or less, digital in nature. This digital revolution will change the technology as we see it and will blur all lines between the biological, physical, and digital spheres.
Consider blockchain solutions for instance. Blockchain has totally changed the way in which trusted transactions are carried out. Since the internet is highly vulnerable to a lot of cyber threats, blockchain is the solution since it offers an incredibly high amount of security. At the same time, blockchain solves the problems of security in the IoT and the AI spheres also.
Most of the Internet of Things devices connect to public networks. We all know how vulnerable these public networks may be due to hacking threats. In case of a breach, a lot of sensitive information could be lost or leaked out. This problem is solved by the blockchain through permanent and linear records that are created. These records cannot be changed or manipulated in any way, hence making blockchain incredibly secure.
The way in which the blocks are guarded and stored in the blockchain network, tampering or hacking is nearly impossible. This is highly essential because artificial intelligence further tends to weaken the security of IoT devices even though it has great applications. However, from a security standpoint, both Artificial Intelligence and the Internet of Things require the assistance of blockchain technology.
There are many ways in which the Internet of Things may also assist the blockchain technology. For instance, the data from the Internet of Things devices may be used to trigger some specific tasks. One good example would be auto insurance. IoT sensors installed in the vehicle will make use of artificial intelligence to detect any possible defects. Upon detecting any defects, the insurance money may get credited into the account of the claimant directly. This would happen even before a claimant could find the defect. This is something that has not happened as of yet. However, it is certainly a very probable solution for auto insurance in the near future.
The application presented above is, however, not the only one. There are, in fact, hundreds or possibly thousands of applications that could result from the convergence of machine learning, blockchain, and cloud.
However, the convergence of these three technologies on its full scale is still underway and is something that is yet being worked upon. It is expected that a number of breakthroughs will be seen in all three of these technologies by the end of the year 2020. After that, the use of all of these three technologies as one would become very widespread. In fact, many companies in the world have already begun making use of these technologies together.