In the current developing world industries and businesses are becoming more complex. The businesses need better tools and Technology applications to cope up with increasing competition and to scale up faster as per the increasing demand of the market. So technology has a wider role to play in bringing more efficiency and robustness in the system.
Going forward, with the new emerging Technologies like Blockchain, Artificial Intelligence(AI), Machine Learning (ML) industries and businesses can improvise significantly. They can achieve the higher success attributed to digital transformations impacting process, system and human efficiency.
Blockchain Smart contracts can be embedded in application logics and the contracts are executed automatically based on the predefined attributes.
Blockchain as an emerging future technology enables a transparent and secure ecosystem between the participating stakeholders. The transactions are immutable and based on consensus mechanism. Once a contract or a Ledger is recorded on blockchain the same can’t be tampered. It is append only. The Blockchain technology offers highly secure ecosystems and security is almost impossible to get compromised. The systems and processes are managed on blockchain ensures higher trust, collaboration and auditability.
In a Similar manner artificial intelligence and machine learning are most promising Frontier Technologies which businesses and industries are adopting to transition towards next generation of industrial/business practices.
AI and ML are significantly important in the processes where large amount of data is generated and real time interaction between machines sensors and human is required. AI and ML helps in converting these data into meaningful Insight and actionables. AI and ML simplifies the processes by making the processes autonomous and gradually evolving using the data analysis and outputs best upon the defined algorithm and logics.
Most complex processes and now a days simplified due to data processing capabilities enabled through AI and ML.
Many organisations are adopting blockchain, AI and ML which are best suited to their business processes and transactional requirements. There has been significant increase in blockchain use cases in various industries like banking and financial sector, e-governess, Health Care, services industries, Telecom and many more.
Similarly AI and ML has found wide applications in manufacturing, FMCG, entertainment industry, mobile applications, financial sector, services industry and more.
These Frontline Technologies and industries need to develop hand in hand for better and prosperous future which is more transparent, efficient and productive.