Integration of IoT, Blockchain and AI to Enhance Business Models

By CIOReview | Thursday, November 22, 2018

IoT, Blockchain and AI have created much hype with their offerings in the trending technology industry. With every step forward these innovations have become more embedded in our daily lives.  As these technologies are a promising move towards the future, the mobile industry is offered challenges to design the apps in a way that AI, Blockchain and IoT can be put to use.

IoT, Blockchain and AI’s offerings are accompanied by an array of possibilities which include chatbots, context-aware sensors along with sensors communicating with other nearby devices in mobile apps. These innovations will disrupt the mobile app industry in the most effective ways and ensure customer retention and also increase customer engagement.

The significance of using AI, Blockchain, and IoT in Business

• Security: It is one of the major concerns when it comes to the usage of AI and Blockchain. IoT is interconnected, therefore if a cyber threat happens, these malicious actors can have access to all the applications such as smart city, smart agriculture and many more; one such havoc can be disastrous for an organization. It is designed to store information in a manner that it becomes virtually impossible to add, remove, and detect data without being detected by other users.

• Trust Protocol: Trust is an essential factor in any business. Blockchain offers this reliability where transactions are potentially secure as there is no interference of any third-party. As the autonomous sensors and devices with each other, it gets its time stamp which helps in avoiding duplicate entries.

• Traceability: Blockchain can assist in tracking the transactions. As the organizations can refer to the time stamp attached to the transactions, they also receive the custodianship to follow from one point to another thereby enhancing traceability.

• Opportunities and Benefits: Implementation of AI, Blockchain, and IoT opens opportunities and offers benefits for mobile app development.  Advanced features such as Chatbots, sensor-based communication devices, predictive analysis, AR and VR can be successfully adapted to create a new venture and a new trend in the mobile industry.

Organizations must explore these world-changing technologies. With Blockchain, AI and IoT in mobile app development, advanced future awaits that understands the needs of humans in a better and efficient way, and also by using predictive analysis successfully to comprehend the buying behavior of customers and offer personalized notifications.