Three ways Blockchain and IoT will change 2019

Venkat R on January 25, 2019

There are several different trends in the world of blockchain technology, Internet of Things, and Artificial Intelligence. Every casual observer may feel like every other organization and startup is aiming to gain the top position in these technologies nowadays. However, use cases that bring a real change are rather difficult to spot.

There is no doubt that independently, these technologies carry great potential. However, their true power for a real-world change could only be harnessed if they are used together. For instance, the high processing power of artificial intelligence systems could be combined with the data capturing capabilities of IoT (Internet of Things) sensors. Similarly, the development of blockchain technology exclusive of cryptocurrencies in combination with artificial intelligence systems could bring great revolutions.

It is expected that in the year 2019, the usefulness of the blockchain technology, IoT, and Artificial intelligence may cause the supply chain to go beyond its hype. As a result of this, a surge in use cases across both large and small scale applications and a wide number of business sectors is expected.

Evolution of blockchain standards

In order to increase the use of blockchain across a number of different business sectors, the blockchain standards will undergo an evolution. For instance, new standards will be set regarding the archiving of supply chain information in a blockchain. It is expected that standards bodies that include the GS1 may introduce a number of blockchain standards that will allow the deployment of this technology to get accelerated.

Once the standards are set into place, there will be a surge of companies who will implement the blockchain technology into the supply chain and takes part in a number of blockchains for logistics and global shipping.

Autonomous blockchains may be introduced

Autonomous supply chains are expected to get enabled following the adoption and standardization of the blockchain technology. This is because a big number of companies are already making use of IoT environments and Artificial Intelligence systems throughout their operations, along with an exploration of blockchain use cases.

At the same time, the Internet of Things sensors may be used in order to improve the visibility of the supply chain along with the equipment uptime. Similarly, automatic replenishment processes may also get their fair share of assistance from the integration of IoT with other technologies.

Investment in training and expertise will be increased

In order to close the skills gap, organizations are expected to invest more in expertise and training. In order to deploy a digital supply chain from end-to-end that will allow electronic business transactions, companies will have to employ highly skilled labor. After all, this digital approach requires a set of skill along with deep insight into the related technologies.

As companies will race forward in order to secure the best talent that they could in order to drive their agenda of being digital-first, a skills gap can be expected in the market. As a result of this, organizations are expected to invest more in the education sector in order to fill this gap.

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