Most people are familiar with at least one Internet of Things (IoT) device, as the term refers to everything from smartphones to smart home hubs like the Amazon Echo. Statista predicts that the global IoT market will increase from $249.2 billion in 2018 to $457.29 billion in 2020, suggesting that the industry is the healthiest it’s ever been and shows no signs of slowing down.
Blockchain has quickly become one of the most prevalent new technologies. The technology offers decentralized, digital ledgers that use cryptography to transmit data. Blockchain is the backbone of cryptocurrency, paving the way for monetary transactions that are difficult to track or intercept.
One of the most exciting technological advances of the last decade is blockchain, which offers a more secure platform for transferring data. Blockchain is essentially a decentralized peer-to-peer platform that effectively reduces the chances of a server being hacked.
Artificial intelligence (AI) and machine learning have emerged as two technologies that could dramatically affect blockchain and all the people, organizations and companies that use this technology. But blockchain is essentially a distributed ledger which is known for its reliability and simplicity, so how does machine learning and AI improve this already-innovative technology? Well, to appreciate the potential role of artificial intelligence and machine learning, it’s essential that you understand exactly how these two technologies are used.
More and more developers are considering blockchain for apps, as this technology—originally developed for Bitcoin cryptocurrency—holds tremendous potential for applications that require data storage or ledger-type functionalities. In fact, blockchain can benefit virtually any app that must stow and access large volumes of data in a secure, reliable manner. But what are the precise advantages of using blockchain technology for mobile apps? Well, the benefits range from security and reliability to decreased development and maintenance costs.