Blockchain technology is created for Bitcoin (BTC) at first. Other cryptocurrencies like Ethereum (ETH), Litecoin (LTC) started using the blockchain later on. The blockchain has the potential to store anything of value along with cryptocurrency. Most tech enthusiasts and developers around the world consider the blockchain to be integrated either with Big data, Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), or Asset Management in order to revolutionize the world.
Big data is defined as an extremely large data set growing more and more rapidly. It includes structured data, unstructured data, and semi-structured data. If data resides in a fixed field within a record, then it will be called as structured data. If data doesn’t reside in a traditional row-column database, then it will be called as unstructured data. If data doesn’t reside in a relational database, then it will be called as semi-structured data. While Data Science is defined as the field of study. Scientific methods, processes, algorithms, and systems are used by Data Science for the extraction of not only knowledge but also insights from structured data and unstructured data. Big data can be stored on the blockchain. The blockchain can’t just be used to store big data, but can also be used to ensure data quality, secure data, and analyze data.
Artificial Intelligence (AI)
Artificial Intelligence (AI) is defined as the area of computer science. The main focus of AI is on the creation of intelligent machines that can work or react like human beings. Amazon AI services, IBM Watson Assistant, Microsoft Cognitive Services, and Google AI services are some of the popular AI cloud offerings. The classification of Artificial Intelligence is done into three systems viz., Analytical AI, Human-inspired, and Humanized artificial intelligence. In Analytical AI, the cognitive representation of the world will be generated. The learning which is based on past experience will be used with the objective to inform future decisions. In Human-inspired, human emotions and cognitive elements will be understood. They will be considered for decision making. In Humanized artificial intelligence, the characteristics of different types of competencies are shown by Humanized AI. Cognitive, emotional, and social intelligence are different types of competencies.
Machine Learning (ML)
Machine Learning (ML) is defined as the field of study. Computers are provided with the capability to learn, but these computers are not programmed explicitly. Self-driving Cars, Practical Speech Recognition, Effective Web Search, etc were provided by ML. ML is also recognized as the application of Artificial Intelligence (AI). Supervised and unsupervised are the two types of Machine Learning Algorithms. Supervised Learning is defined as a method. In the method, machines are fed with data (characteristics, patterns, dimensions, color, height, objects, people, situations, etc). Machines will classify such data. While Unsupervised Learning is defined as a method. In the method, machines are not fed with any data. Instead, the machines are designed in such a way that they can classify data on their own.
Internet of Things (IoT)
The Internet of Things (IoT) is defined as an online network of things like computing devices, mechanical & digital machines, animals, people, etc. Sensors and APIs are used by these things with the purpose of connecting and exchanging data. IoT devices are increasing exponentially and associated problems are also increasing. The blockchain can help IoT. It is an immutable ledger integrated with cryptography. The identification and authentication of the IoT devices can be provided by the blockchain. The data of the IoT devices can be exchanged seamlessly and securely. The blockchain can keep a history of the IoT devices which can be used for troubleshooting.
Asset management is defined as the process of developing, operating, maintaining, and selling assets. There are two types of assets viz., tangible asset and intangible asset. An intangible asset is defined as a non-physical asset including Goodwill, Brand Recognition and Intellectual Property (patents, trademarks, and copyrights). While a tangible asset is defined as a physical asset including land, vehicles, equipment, and inventory. Open collaboration can be enabled, asset & transaction transparency can be created, and consistency can be enforced in asset management using the blockchain technology. The blockchain ensures the simplification of asset management.