The EU Blockchain Observatory and Forum recently published a whitepaper studying the use of blockchain alongside two other emerging technologies —the Internet of Things (IoT) and artificial intelligence (AI). The paper titled ‘Convergence of Blockchain, AI, and IoT’ explores benefits, current trends and challenges of combining the technologies for building new services and platforms.
Blockchain or decentralized ledger technology (DLT) enables the immutability of data, which is the need of the hour for IoT and AI. IoT devices generate data that needs to be securely shared among stakeholders. Meanwhile, AI systems require immutable data to function correctly. Blockchain can provide much-needed support for advancing these technologies and bringing them into the mainstream.
Internet of Things or IoT refers to connected devices that gather and share data autonomously. Current estimates indicate that there will be over 20 billion IoT devices in operation by the end of 2020 and that this should grow to over 60 billion by 2025.
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