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Saturday, July 24, 2021

Blockchain And Machine Learning: How These Technologies Are Transforming Industries

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We’re living in the times, when reality is looks imaginary. For instance, we only thought of robot cleaners in our young days. Thanks to disruptive technologies like machine learning, this is a reality now. Similarly, we only imagined of programmable contracts that would execute themselves, while we wait for our tasks to complete. Blockchain technology is making it possible now.

Blockchain and machine learning are two disruptive technologies. Both are disrupting industries in ways we could have only imagined. While blockchain is being used to build transparent, flexible, and efficient business processes, machine learning (ML) is helping to identify patterns and gain insights using descriptive and predictive algorithms.

Combining both technologies will make them even more disruptive. Both technologies have the potential to pace up data exploration and analysis and intensify transactions security. Distributed blockchains can be a great verified input for ML, which requires big data sets to make quality predictions.

Here’s how blockchain and machine learning are transforming industries.

Manufacturing

Smart contracts, an innovative application of blockchain technology, is transforming manufacturing processes by making them more transparent, secure, and compliant. For instance, manufacturing companies are moving away from fixed maintenance schedules and instead are making more flexible schedule. Thanks to predictive algorithms, machine learning applications can now plan flexible schedules for maintenance as and when they are needed. Similarly, computer vision algorithms are making product testing and quality control increasingly automated. Adaptive and computer vision technologies can successfully detect defects in products. This is especially helpful in highly sensitive areas where human interaction can be avoided at best.

Porsche, one of the world’s top sports car manufacturers, uses blockchain and machine learning to improve capabilities of cars and their security. It uses blockchain technology to allow secure and fast transaction of data, giving customers peace of mind while engaging with third –party services like parking, contact with delivery agents, allowing access to third-party applications, etc.

Food and logistics

Delayed food recalls in case of food contamination is a big challenging for companies that keeps business executives up at night. Blockchain and machine learning have found way to tackle the problem and made food supply chain more transparent and accurate. Thanks to blockchain technology, it is now easier and faster than ever to trace food items back to their source of origin. The use of blockchain also helps to manage related financial transactions.

IBM and Twiga Foods, launched a blockain-based and ML-enabled microfinancing strategy for food vendors. Lenders get the assurance needed to facilitate lending from creditscore and creditworthiness predicted using machine learning.

Energy and utilities

Wastage of energy is a big challenge for energy and utilities companies. Blockchain technology now provides way for companies to exchange energy and reduce wastage. Microgrids, peer-to-peer energy transfers, and tracking use of renewable energy are a few ways blockchain technology is transforming energy sector and helping the industry.

GE Digital, for instance, along with Evolution Energie has built a blockchain-based app that tracks energy consumption in electrical grids and provides certificate assurances. This allows organizations and individuals to trade renewable energy sources without intermediaries.

Similarly, L03 Energy, a New York-based energy company, uses blockchain to enable energy generation, conservation, and trading for local communities. The technology uses microgrid smart meters along with smart contracts to track and manage energy transactions.

Conclusion

Blockchain technology and machine learning now offer ways to cut out middle men, which earlier increased the cost and reduced efficiency of business processes. As these technologies mature and the industry gains deeper knowledge of the technologies, it will transform more businesses processes, making them more transparent, efficient, and sustainable. Not to mention, paving way for revolutionary ways to conduct business.

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