Blockchain Technology and Applications II PDF

The movement towards each other of different technologies such as Blockchain, Artificial Intelligence and Internet of Things, among others, will be an impactful combination of security, interconnection and autonomy on which current processes will run completely differently (Joshi 2018).

A combination of not only Blockchain, AI and IoT technologies, but also other technologies, will shape a different economy in both the digital and physical world.

New business models will emerge for companies as we see with Amazon, Cool Blue and bol.com as examples.

There are already many overlaps between different technologies as for example with the Beijing Daxing International Airport in China (Veuger 2020: 51) using facial recognition with AI and data on a Blockchain.

Joshi (2018) argues that the convergence of Blockchain, Ai, and IoT can enable organizations to maximize the benefits of each of these technologies while minimizing the risks and limitations associated with them.

IoT networks often include many smart devices that collect data from their environment and can take actions based on it, among other things.

However, data can also normally be hacked as we regularly hear in the media, but with data on a Blockchain this is virtually impossible.

For example, a proven convergence of Blockchain, AI and IoT is the algorithm of Fujitsu, a Japanese electronics manufacturer, to measure the heat stress level of employees (Joshi 2018).

This algorithm monitors all data and can determine correlations to track the health of people in healthcare on a Blockchain database.

Healthcare as for is a high-tech and an intensive information environment. Because of this complexity, there can be a lot of ambiguity in insights and Blockchain with structured data can properly secure personal data in relation to privacy.

With smart contracts built on Blockchain, premiums can be paid and financial settlements with health insurers can be arranged automatically.

The eventual convergence of various technologies with Blockchain as the cement between them is not yet in the fifth phase of the Garner Hype Cycle.

Since 2015 Blockchain has been much in the spotlight as a hype, in 2020 it is starting to develop more and more.

The transformation in the fifth phase of the Gartner Hype Cycle is likely to take place in the coming years.

In it, practical examples will become the ambassadors for further future developments and bring about convergence between different technologies.