The emergency of blockchain technology has presented a plethora of opportunities to the organizations in revolutionalizing their external and internal engagements. Blockchain has been able to address issues related to the trust in the network, by upholding and integrating the parameters of trust, organizations are facilitated to solving the problems instantaneously. Many governments and organizations have yielded to that realization and they are committed to bringing about blockchain technology in their operations (Mohamed & Al-Jaroodi, 2019). Blockchain has enabled the safe exchange of assets without the medium of exchange. When compared to the network technology which enables the digital transfer of units of value, blockchain technology has facilitated the safe transfer of items such as currencies, land titles as well as storing in its network. It appears in different forms i.e. some are designed to satisfy needs of a specific group of participants and have their access to network limited to a certain level e.g. the permission or private blockchains regardless of the protocol utilized, blockchain technology presents the potential to transform the business models that have in existence for ages and pave way for improved legitimacy in organizations and providing opportune areas for prosperity to the users.
Security of data
The connection and the establishment of the linked records are secured using the strongest security features of encryption algorithms. The developers of the technology such as IBM are embarking on deliberate efforts to enhance the applicability of blockchain technology and improve the viability in its various capacities. From the basics of the formation of the blockchains, is the security concern of the data. The developers have had to incorporate the function of acquiring consensus from the participants who are added to the block and the links are established from one block to the other, and therefore making it hard for non-authorized participants or even the existing participants to change the blocks after they are added and included in the list (Mohamed & Al-Jaroodi, 2019). The Blockchain system has the ability to protect data and transactions recorded in the shared ledger by means of compartmentalized and allotment method. The protection is done using by making use of encryptions that are able to conceal and protect every transaction as well as involving high-level duplications and several digital signatures. That makes it impossible to tamper with any record that has been written to the string. When a new transaction is established, it has to be validated by the participating parties. When that is done, it is connected to the with the string of the existing link of the previous transactions and once more making it difficult to alter the record in any way. Furthermore, before any transaction is done, the identities of the participants have to be verified digitally and each transaction must be established with the full agreement of the parties involved. So, the entities have to bear full responsibility for the transactions in the future since there is no room for them to deny their involvement or denial of being party to the agreement (Carter, 2020).To those effects, it has made effective protection of the transactions, reduces the chances of the exposure in the case of security malpractices, and instills more confidence in the authenticity of the propagated transactions.
Blockchain transparency in the supply chain
Blockchain technology makes use of effective recording, authentication, and improved security features. That has enabled the expansion of the use of technology by the companies in their supply chain management that are conducted without the third party in what could possibly be referred to as the smart contracts. These contracts are characterized by the features of the tractableness, good security, and airtight alter lessness. Many companies use those perspectives to advance many of their aspects related to supply chain management. They have automated their agreement process with their business partners such as the suppliers, distributors, transporters, and warehousing processes (Abeyratne & Monfared, 2016). The companies system is integrated with the blockchain mechanisms to marshal data in all their business transactions. It automates the various tasks using adaptable and customizable machines and devices. That is related to responding to the market demands and product models the customers are in need of. Again, it facilitates automated decisions, digital sensing, and controls which reduce human interaction with machines. That facilitates generations and sharing of indisputable information across the different divisions involved in supply chain management e.g. the raw materials suppliers are able to monitor the quality and size of supply the production department is interested in. additionally, there is an improvement in monitoring and measuring devices. These devices are able to fetch crucial information related to supply chain management e.g. profiling of the customers and base that would inform the drawing of the shipment and transportation patterns of the products to the different market locations and storage facilities
The technology has the two-step producers to the retailer process and introduced increasingly complex track management of international chain murky sourcing. Blockchain technology turned around everything and it is able to transparently identify who has touched a resource from the beginning to the end. Consumers are also able to form buying decisions through responsible sourcing.
Integration of blockchain with artificial intelligence to create a decentralized AI model.
Both the blockchain and AI technologies can perfectly benefit from one another and help each other. Having the two technologies being able to act on data in different manners, can see their collaboration being workable and with the ability to have a huge impact on the exploration of data (Lope & Alexandre, 2018). On the same note, integration of machine learning and AI into the blockchain and the vice versa, can potentially modify the underlying framework and strengthen the AI’s capability. More so, blockchain can make AI more coherent and understandable, and thus, it is making it possible to trace and identify why decisions are made under machine learning.
For the actualization of the industry 4.0, machine components e.g. IoT, CPS, cognitive computing, and the cloud have to be integrated to collaborate in order to realize a common goal. That marks the pinnacle of the industrial revolution based on automation and, mechanization in industrial production. To that effect, evolutionary changes have affected the development of a decentralized AI model. There have been the uses of human advanced hardware and complex software that cooperate efficiently to optimize functions and make the manufacturing process as an automatic process. That has made it possible for the integration of the blockchain with artificial intelligence to form its own decentralized AI model (Lope & Alexandre, 2018).
More tasks are automated in using customized and adaptive devices and machines. These devices and machines are capable of initiating and completing actions on their own or either when remotely controlled by making use of machine intelligence. Secondly, there is a significant reduction in human interaction with the machines by making use of the functions of digital sensing, automated decisions, and controls. These are machines that are programmed and conditioned to process smart contracts that make use of the information gained on the wild by various robots derived from different manufactures and have action-initiated in the view of the contracts that are stored and verified by the blockchain (Carter, 2020).That significantly boosts productivity in a processing plant and cuts down the amount of time to do tasks such as refilling the screws for a robot that uses the blockchain to point out that it requires additional screws to continue working.
The use of the TEZOS technology has enabled the establishment of the blockchain for robotic event registration that accrues the advantage of the upgraded security derived from the formal verification intertwined with the TEZOS. The whole integration process has offered support to smart contracts to run AI code over the blockchain. The smart contracts are proved correct by their ability to do exactly what is dictated in their specifications. Furthermore, blockchain could also be adapted to support many more events in a matter of a short period of time permitting the system to handle numerous robots working concurrently.
The above scenario precedented with the TEZOS is geared towards the development of the decentralized platforms that enable anyone to create, share, and monetize AI services at scale. There is the intention to democratize AI by developing a marketplace, with the support of the blockchain technology that is rooted in the ERC20 standard. That in essence would allow developers to establish and make use of specific tokens for their platforms referred to as artificial general intelligence (AGI) that could be brought with either the Erc20 or Ethereum tokens. (Success stories in 2019 for blockchain in financial sector, 2020). The major drive behind the singularity NET is to integrate high-level API that can anyone, in a simple manner, utilize systems with a large number of algorithms that are allocated to the blockchain.
With the development of industry 4.0, there was high anticipation that many manufacturing applications would be manipulated to see to its effects. But, the complexity involved with the applications has challenged the realization of its goals. The integration process id rendered impossible as well as coordinating to establish harmonious application becomes difficult to achieve. Notably, smart manufacturing applications require the integration of several components and systems that are probably not owned by one entity. Therefore, there is a need to secure interactions when sharing data and protect all the parties involved. Furthermore, the issue of cost-effectiveness cannot be looked down upon. The interaction among the entities and the organizations across the manufacturing has to be supported fully through cost-effective means.