Wednesday, July 17, 2019

How IoT, Big Data, AI and Blockchain all Tie in Together

IoT, or the Internet of Things, is one of the most rapidly growing elements of internet usage. As everyone knows by now, IoT involves "smart" devices, like home appliances, heating systems, alarm systems. cars, indeed almost any device imaginable. The devices are connected to the internet and generate loads of data.

But it goes beyond mere collection of data - big data. "Intelligent devices will continuously acquire, configure, restock, refresh, optimize, repair, and otherwise manage every material and virtual facet of our lives." So your refrigerator orders milk and butter when they run out. Or calls the repairman if your security system encounters a bug. This is increasingly accomplished through the use of Artificial Intelligence.

"Essentially, the IoT is becoming the world’s most pervasive transactional platform."

In order to be relied upon for business transactions, the IOT needs an infrastructure that can be trusted. That's where blockchain comes in. By ensuring that all data is cryptographically verified and tamper proofed in a distributed hyperledger that is shared by all commerce participants."

Most of our day-to-day activities will be automated in this fashion. That applies to business as well as homes.

And the big data can be analyzed using advanced analytics augmented by AI for financial management and reporting purposes. But that's another story.

For more on this, check out this link.