Enterprises are just beginning to scratch the surface of how today’s three disruptor heavyweights – AI, Internet of Things and blockchain – will transform their organizations. Current conversations and pilot projects largely center on these technologies individually. But the real disruption is in the intersections between them, and the ways in which they can be used together to bring forth completely new approaches to managing supply chains, data, transactions and more.
The potential benefits of solutions that integrate AI, IoT and blockchain are endless. Projects that launch from intersections between these technologies will overcome many of the last mile blockchain problems that have barred adoption to date.
Beyond how AI can bolster blockchain, there are benefits blockchain can offer to AI tools as well. Leveraging blockchain data to improve trust and accuracy in AI algorithms and predictions can result in better data models and smarter financial systems. A greater depth of context and information that can be fed into machine learning systems from blockchain stores can ultimately make the tech smarter.
The scenarios outlined above point to some of the last mile problems that are hampering wider and faster adoption of blockchain solutions. The more we connect AI, IoT and blockchain, the more seamless enterprise applications using this technology will become. By automatically connecting edge devices and systems with blockchain and layering AI on top of those deployments, corporations will truly be able to transform every business process from their supply chains, accounting, sales tracking, distribution, compliance, security strategic planning and more.
Steve McNew is a senior managing director within the Technology practice of FTI Consulting and is based in Houston. He helps clients evaluate and implement blockchain solutions and builds cost-effective and defensible strategies to manage data for complex legal and regulatory matters. Steve is an expert in blockchain, Bitcoin and information and data security. He completed studies in blockchain and cryptocurrency at MIT and is a member of The Wall Street Blockchain Alliance. He has led engagements involving blockchain assessments, pilot projects, and software selection and implementation and is frequently engaged as a cryptocurrency expert in disputes, investigations, and litigation.
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