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The Blockchain-Enabled Intelligent IoT Economy

The Blockchain-Enabled Intelligent IoT Economy

AI and blockchain Depositphotos enhanced by CogWorld The 21st century would be the “ century of complexity ” (Hawking, 2000)

I. Setting the stage

The IoT and consumer hardware industry have seen multiple failures and a few exits over the last 12–18 months (while the B2B side has been doing a bit better overall) and some criticism has been recently made to the industry to slow down .

In spite though of the current push back, the sector is still increasing and attracting capital and talents. Clearly, there are multiple reasons as to why this is the case, but I firmly believe that one of those reasons is the convergence of IoT and Artificial Intelligence with Blockchain as the infrastructural backbone, which is unlocking the next step not only on the tech side but also on the business side.

The industry has indeed evolved from merely creating products , to create networks of products (namely, Internet of Things ), to eventually creating Intelligent networks of products ( I-IOT ). The transition between the first and the second class was straightforward: it was enough to create more and different products and link them together. This generated many new possibilities, but it was clear from day one that it came with a series of issues hard to tackle, such as security/privacy, validation/authentication, and connectivity bottlenecks.

This is where AI and Blockchain come in. The second transition indeed is made possible through a combination of improvements in computing powers, device miniaturization, ubiquitous wireless connectivity and efficient algorithms (Porter and Heppelmann, 2014). The new class of smart products will be (and already are, to some extent) able to monitor , control , optimize , and automatize processes and products with an accuracy previously not imaginable.

Of course, as often happens, the bonus of integrating those fundamental […]

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