ABSTRACT

Technologies like Internet of Things (IoT), artificial intelligence (AI), and blockchain have revolutionized the world. These technologies have shown extraordinary opportunities in various sectors. Multiple industries and organizations are using these technologies that not only enhance the progress of the organization but also help in streamlining the processes of the organization. The organizations and industries are creating new business models using technologies that also help them develop innovative products and new services for customers of the industry. The Internet of Things uses devices integrated with sensors that can collect real-time data and make the analysis of the product better. Artificial intelligence is another technology that made production and manufacturing efficient and cost effective with less human effort thus decreasing in the cost of the product for customers and increasing profits for industries. Blockchain technology started with the concept of cryptocurrency but has now emerged into various organizations and industries and is becoming popular due to the security and privacy provided by the technology. Thus, we can say that convergence of these three technologies will benefits industries in a more powerful manner while reducing risks. The IoT devices will help gather real-time data, and artificial intelligence will protect the data from hackers and malwares whereas the blockchain technology will provide the transparency and security with all the stake holders. IoT, AI, and blockchain, when combined together, will show that the transformation is going to be unique and this will be the first time in modern history that three transformational technologies have appeared within the same generation, and the complete conclusion is yet to arrive.