The Future of Blockchain: Technology Partnerships with AI, Bots, and IoT

#News(IoTStack) [ via IoTForIndiaGroup ]

Each technology we use offers some type of benefit. However, advantages rapidly increase by integrating numerous technologies.  While Superman can save the day, there is no chance for evil to win when he joins the Justice League.

In this case, the blockchain, which is the decentralized ledger behind cryptocurrency and smart contracts, is the superhero. It can seemingly accomplish impossible by providing solutions to long-standing security and efficiency issues. Yet, its powers can be strengthened by combining it with other technologies and tools, such as artificial intelligence and bots.

Here’s what integrating these technologies can mean for industries, companies, and cities.

A Retail Powerhouse Platform

Even when a technology offers solutions that previous tools did not, it still may not be able to address every issue. However, when combined with other technologies, the synergies tend to cover more of these problem areas. For example, OSA DC is an AI-driven blockchain that helps by collecting real-time data from multiple channels, including retail, manufacturing, and consumer, to provide insights for better decision-making. The machine learning-enabled system takes all this data to quickly uncover patterns. However, it goes beyond this benefit with other services.

Consumers can receive more transparent product information so they know exactly what they are buying and more about its origins. Smart contracts keep retailers honest about what they are doing, which builds trust and holds everyone to a higher standard. Additionally, the AI mechanism collects consumer feedback that retailers can immediately incorporate into their strategy.

Service, Marketing, and Customer Engagement

Then, certain combinations of technology provide a more universal benefit like when you combine AI, chatbots, and blockchain. And, more businesses and consumers are becoming accustomed to the idea of interacting with a chatbot. According to Chatbots Magazine, “Chatbots that operate in various immediate message exchange systems is a growing tendency, which doesn’t seem to show any signs of slowing down in the nearest future. A Facebook IQ research presents the following data: 67% of pollees expect to communicate with vendors and service providers via chat more often in the future. The clients and the business on the Facebook Messenger platform reportedly exchange over a billion messages a month.”

As these chatbots become increasingly more knowledgeable through being put through the paces of assisting with customer service requests and marketing interactions, they will be able to do more and become more seamless in their communication capabilities. For example, the current natural language processing is still rudimentary, but the future shows the promise of more sophisticated conversations. Chatbots will be able to handle complex requests from prospects and customers. That means more satisfied customers. They get answers to their questions or concerns on their terms rather than between set hours.

Smart Cities: IoT, Blockchain, and AI

With more companies looking to undertake digital transformations, cities have also started considering what this same process might mean for key issues related to infrastructure, crime and security, energy consumption, and social issues. As The Hill explained, “Smart cities can reduce resource consumption, using IoT devices to optimize the use of electricity and water; reduce traffic congestion and air pollution through smart coordination of traffic lights, parking availability, and public transportation; and harness the power of big data and ubiquitous IoT devices to enhance the efficiency and livability of the urban environment.” Adding artificial intelligence to smart city development has allowed for the implementation of distributed computing for real-time data analysis and immediate actions.

Read More..