AI, IoT, and blockchain have become the cynosure for businesses today. These technologies offer unprecedented opportunities for companies, allowing them to radically streamline and enhance their existing processes and develop innovative products and services for the new generation of consumers that demand personalized experiences from brands. Organizations are under insurmountable pressure to join the digital bandwagon, or they stand the chances of falling behind in this cut-throat market.
The IoT technology has been able to sweep businesses off their feet since its inception. The technology is helping various industries like manufacturing, transportation, automotive, supply chain, logistics, and healthcare to extract insightful data that allows them to transform their business processes and bring innovative products and applications into the market.
While IoT technology helps companies to extract data from various channels, AI technology allows companies to use the data to good effects. AI tools analyze the data to make inferences and help companies to automate repetitive tasks. The tools also leverage data to understand customer expectations and market trends better, enabling companies to automate and personalize engagements with their consumers.
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Blockchain technology gained momentum after the successful implementation of bitcoins and other cryptocurrencies. The technology helps to bring reliability and transparency to all the data exchanges with impeccable security. The blockchain technology offers a decentralized and distributed digital ledger that allows authorized users to view and update data without meddling with the existing data.
Okta, an identity management and cloud software provider, conducted a survey on many IT, security, and engineering decision makers at various organizations, and concluded that digital firms are investing more in AI and IoT than blockchain. Ninety percent of the decision makers asserted that they were investing in at least one of the technologies as part of their digital transformation strategies. Among the 90 percent responders, 61 percent claimed that their company is focusing on blockchain technology. However, 72 percent of the decision makers responded that their business is investing in IoT and 67 percent seemed to be inclined towards AI. Okta concluded that blockchain technology has still a long way to go before it become a mainstream technology.