Artificial intelligence (AI), the Internet of Things (IoT), and blockchain are the most promising and rapidly evolving technologies of our time.
Combined, these three technologies solve many problems across many different industries, including supply chain management, finance, healthcare, and manufacturing. We will explore how this combination can change many aspects of our lives.
Supply Chain Management
One potential use case for combining AI, IoT, and blockchain is tracking and managing goods moving through a supply chain. By using IoT sensors to gather data on the location and condition of goods and blockchain to create a transparent and immutable record of that data, it is possible to create a real-time, end-to-end view of the supply chain.
This system can help to improve efficiency, reduce the risk of fraud, and increase transparency for all parties involved.
Another potential use case for combining these technologies is optimising logistics and transportation. By using AI to analyse data from IoT sensors and make predictions about demand, shipping routes, and other factors, logistics companies can make more informed decisions about how to move goods more efficiently. Being immutable, blockchain can also create a tamper-proof record of shipping data, which can help improve transparency and reduce the risk of fraud.
Additionally, these technologies can be combined in smart contracts, which can automate and streamline supply chain transactions by using AI to identify and execute contract terms and blockchain to ensure that the contract terms are executed transparently and securely.
In financial services, the first potential use case for the combination of AI, IoT, and blockchain is in the field of fraud detection and prevention.
By using IoT sensors to gather data on financial transactions, and blockchain to create an immutable and transparent record of that data, it is then possible to use AI algorithms to identify patterns and anomalies that indicate fraudulent activity. This combination helps financial institutions detect and prevent fraud more quickly and effectively, reducing costs for the company and the client.
Another potential use case for the combination of these technologies is risk management. By using AI to analyse data from IoT sensors and other sources, financial institutions can gain a more comprehensive view of the risks they are exposed to and make more informed decisions about managing those risks.
Finally, like with the supply chain, these technologies can be combined in intelligent contracts. Financial institutions can automate and simplify the contract execution process, reducing the need for manual intervention and increasing efficiency. The cost-benefit of such a solution could be significant by preventing human error, creating a trustless environment, and providing nearly minute-by-minute updates.
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