Data Management and Industries Automatization Using Blockchain, AI, and IoT

The key technologies of future digital transformation are blockchain, artificial intelligence (AI), and internet of things (IoT). The importance of the value of data makes it inevitable to combine blockchain, AI, and IoT. The convergence of these technologies will create a unique path for new business design models. The IoT devices like sensors, machines, cars, trucks, cameras which are termed as autonomous agents will act as the future profit-making centers that (i) have the digital twin controlling IoT, (ii) use the blockchain technology to transfer money automatically, (iii) autonomously derive a conclusion like self-governing economic agents using data analytics and AI. It is further argued that the triple convergence will enable the creation of such independent decision-making business models, which will be the beginning of a revolution in industrial corporations. The transformation of the business models by using these emerging technologies is necessary to improve the quality of life of the people. In this chapter, we study the importance of the amalgamation of these key technologies that improve the privacy, scalability, security, authentication, and automatization of business data models. We also present various use cases of convergence of these three technologies for better understanding.