Blockchain 4.0: Technology Development
2008 was the year of the creation of the Bitcoin blockchain. This allowed the very first peer-to-peer transaction to be executed. In 2015, with the birth of Ethereum, the blockchain developed with the help of smart contracts. Later, in 2017, thanks to projects such as Polkadot and Cosmos, an Internet of blockchains was created, with a third-level solution, information about which you can learn on Coinmarketrate.com. This solution allowed different blockchains to connect and interact with each other using full compatibility.
Surely you know what artificial intelligence (AI) is. What is Big Data? What is the Internet of Things (IoT)? Blockchain 4.0 represents the convergence of these technologies.
It is important that all these technologies come together to get a new high-performance tool that is more suitable for our needs.
- What is Artificial Intelligence (AI)?
Artificial intelligence is presented as a set of methods used to create machines capable of simulating human intelligence. These machines could perform tasks that are performed by humans today.
- What is Big Data?
Big data refers to a large amount of information. The characteristics of this data require the use of technologies and analytical methods to be able to analyze and process them. This processing is done in parallel on multiple machines at the same time and creates added value.
What is the Internet of Connected Things (IoT)
The Internet of Things (IoT) refers to the relationship between everyday objects, for example, a watch, a toy or a bracelet. These objects can be connected to each other, or directly to the Internet. The name refers to the growing number of connected objects that create a connection between our so-called physical goods and their digital existence.
Blockchain 4.0, the goal of technological convergence
All these new technologies, be it artificial intelligence, connected objects or big data management, have appeared quite recently. A huge amount of information has become available especially as a result of the rapid growth of Internet use. Today it is not so easy to analyze it (storage complexity, reading complexity, a large amount in management, etc.). These technologies are still under development.
The relevant tools are constantly being developed in order to improve productivity. Blockchain, for its part, can provide a solution for the development of all these technologies. For example, to transfer, exchange, store or manage data. He offers a solution to develop all these technologies. And here it becomes interesting: here you can combine all these technologies. Convergence of technologies becomes possible.
As we pointed out above, the goal of technology convergence is to improve modern tools. Either to improve performance or to meet needs that are currently awaiting improvement or solution.
Let’s take a closer look at the various use cases. We will present some examples to demonstrate how blockchain can provide a development solution, but above all to be able to combine these new technologies.
Blockchain and Big Data
We often talk about the pharmaceutical industry when it comes to the connection of blockchain with big data management. Today, pharmaceutical data is gradually beginning to be listed, for example, in large hospitals. But still, most of this massive data is not processed and is not even used. Blockchain will be able to revolutionize this sector by improving the management of big data.
The pharmaceutical sector could be more efficient and effective, thanks to better management of available data, whether for research or to facilitate patient management. Data about this patient will be available between the hospital, pharmacy and the attending physician. The doctor who is supposed to take care of the patient, in case of emergency, may have access to all information about the patient (medical history, follow-up, allergies, etc.). This doctor would dramatically increase his efficiency. All this information will be available through the blockchain.
But how can blockchain store all this information? Here are some examples.
Storj and Data storage
The Storj crypto project offers a data storage solution. The principle is simple: many users have storage space. They can, if they want, make this space available for rewards. The Storj cryptocurrency connects applicants for data storage with rental companies. This helps protect the data as it is all encrypted and then fragmented. Then this data will be distributed worldwide to all rental companies and Storj network users.
Bluzelle and Big Data
Another interesting example in the field of information storage is Bluzelle. It offers applications the ability to store their information quickly and inexpensively. Bluzelle provides information storage services around the world in a completely secure mode.
This is a solution for big data applications, thanks to the collection of information through connected objects. Bluzelle offers a turnkey solution that meets the expectations of these companies that have to deal with a growing volume of information.
How can blockchain protect all this information?
Today we are aware of the risks and vulnerabilities associated, for example, with banking data. The security of this data is entrusted to the company, which takes care of the management of all this information. Hundreds of thousands of people depend on this business every day, and if it is attacked, then millions of people are attacked. Centralization is not the best way to protect data. That’s where the Storj solution comes into play, for example, with the ability to store large amounts of data, and provide their decentralized protection.
Blockchain and the Internet of Things (IoT)
We will continue to consider the development of the pharmaceutical sector as an example, but taking into account the connected IoT objects. You can imagine managing a patient remotely, thanks to the recovery of massive data through connected objects. The doctor will be able to access data from the device connected to the patient remotely and in real time.
This is indeed a connection-compatible object, since digital data is being recorded. This data can be analyzed later to make a decision about the patient’s health status. But they can also be used in real time, for example, if a patient has a cardiac arrest.
Nevertheless, it is important to understand that the volume of information is increasing dramatically, and today enterprises face a new task – its storage. New applications are emerging to store or help businesses manage this new data.
Iota wants to improve communication between all connected objects. This solution can help improve and create intelligent cars. For example, the car can be paid via Iota. In addition, the car will become a real connected object and will be able to communicate either with other vehicles or with its surroundings. Imagine that your car will be able to pay for parking or even open your gate.
Iota will be the gateway for creating a connection between all connected objects. In addition, all the data collected by Iota and these new connected objects can be used in urban planning or by car manufacturers. We could even imagine tracking the life cycle of a car using the collected data, a connected object would be able to do what people are doing today. But then, wouldn’t it be a form of artificial intelligence to see how our car pays for us to park?
Let’s try to figure out how the blockchain can develop thanks to artificial intelligence.
Blockchain and Artificial Intelligence (AI)
Today, blockchain can provide security, as well as a place to store artificial intelligence data. For example, companies such as IBM or LG use a blockchain solution to increase the return on AI.
LG has developed a facial recognition system for making payments. IBM, for its part, worked on the origin of diamonds and the deposit of certificates for diamonds. This helps prevent counterfeiting and protects the entire supply chain.
The difficulty of using artificial intelligence today lies in trusting the central actor performing the operation. But if we want to combine blockchain with artificial intelligence, we can create a new environment. This environment will be more secure, easier to manage and will have storage space. Thus, thanks to the blockchain, it will be easier for companies to develop around this innovation.
Let’s continue our example with the medical sector. Here, artificial intelligence allows you to perform auxiliary operations, remote monitoring of the patient, individual treatment and even smart prostheses. As mentioned earlier, blockchain will be able to provide storage, management and communication solutions.
Blockchain 4.0 and the Fourth Industrial Revolution go hand in hand. Technologies have been developing since the advent of the Internet, and now we have entered the era of digitization, which will last for several years.
Digital age, IoT, huge amounts of data, connection management, artificial intelligence… All these new technologies need to be better understood to meet our expectations and allow us to make more informed decisions.
Blockchain can revolutionize not only the pharmaceutical sector. It can provide a place to store big data, protects and facilitates connections between all connected objects, and is a gateway for the application of artificial intelligence.
The industry needs to be updated to keep up with new technologies. It also needs to evolve in order to continue to work smoothly, and create added value. This phenomenon is called convergence of technologies. This convergence will create Industry 4.0.
But it is also worth understanding how far the development of these technologies can go if bad people adopt it.