Synergism of AI, Blockchain, IoT & Cybersecurity in Digital Transformation
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The proliferation of online data in the digitalization age has brought with it lapses in security protocols that regularly expose our most sensitive information to malicious actors. Finding a reliable cybersecurity protocol, therefore, is more important than ever before.
According to Norton’s research, the expense for recuperating from a typical data breach is around $3.86 million, and it is usually 196 days (about 6 and a half months) for companies to detect such breaches..
At the same time, we all have several accounts scattered across the internet, frequently secured by weak passwords, that contain personal information such as bank account details, medical records, birthdates, social security numbers, and passport information.
Hence, it is now more critical than ever to discover a dependable cybersecurity protocol. Various industries are adopting innovative technologies to enhance online security. Among them, blockchain cybersecurity is at the forefront.
In addition to this, Artificial Intelligence (AI) can play a significant role in this scenario by delivering valuable insights that enable companies to recognize potential threats. By acting on these insights, companies can mitigate response times and tailor to security best practices.
That said, Digital transformation is the next normal.
Businesses globally seek to leverage the latest technologies to enhance their operations, processes, and services. And the four most impactful technologies driving this renaissance are Artificial Intelligence (AI), Blockchain, the Internet of Things (IoT), and Cybersecurity.
Identifying the role of AI, IoT, cybersecurity, and blockchain in digital transformation and in shaping industries is critical. While each of these technologies has unique benefits, when used in conjunction with one another, they can create a powerful synergism that can revolutionize the way businesses operate.
It prompted us to invite experts from multiple domains to catch up on the synergism of these advanced technologies in digital transformation.
We conducted a virtual panel discussion with industry experts including
– Rajendra Magadum, Chief Business Officer – Asia-Middle East-India, InfoVision (Moderator)
– Fuad Alattar, SVP, Digital Enterprise Services – Middle East at Siemens
– Andrew Schumer, Director | Technology Advisor, Grant Thornton
– Bharat Raigangar, Entrepreneur- Board Advisor, Corporate Services
– Muhammad Iqtadar, Head of Operational & Fraud Risk Management Risk, Ajman Bank
Here is a sneak-peak at our takeaways from the interactive discussion.
Synergism of AI, Blockchain, IoT, and Cybersecurity
When these four technologies are combined, they create a powerful synergism. This synergism can transform the way businesses operate.
Let us understand with a real-time scenario: By using AI to analyze data collected from IoT devices, businesses can gain valuable insights into their operations. This, in turn, can help businesses optimize their processes and improve their services.
Further, Blockchain can be used to create a secure, tamper-proof record of these transactions. It can increase transparency and reduce the risk of fraud.
Finally, cybersecurity can ensure that these transactions are secure and protected from cyber threats.
1. In the supply chain industry
Businesses can use IoT devices to track shipments. AI can then analyze this data to optimize logistics and reduce costs.
Blockchain can be used to create a secure record of these transactions, while cybersecurity can ensure that this data is protected from cyber threats and unauthorized access.
2. Speaking about the healthcare industry
IoT devices such as wearable health trackers can collect real-time data on a patient’s vital signs and activities, which can be analyzed using AI algorithms to provide valuable insights into their health.
Then, Blockchain can be used to securely store this information and enable patients to control who has access to it. Cybersecurity measures can be implemented to protect this sensitive data from breaches and ensure that patient privacy is maintained.
3. In the financial industry
IoT devices can be used to monitor market trends and collect data on consumer behavior. AI can analyze this data to create predictive models and improve investment decisions.
Again, Blockchain can be used to create secure, tamper-proof records of financial transactions, while cybersecurity can ensure that this information is protected from unauthorized access and cyber-attacks.
4. In the telecom industry
IoT technology can be leveraged to monitor network equipment and predict potential failures and AI can then analyze network data to identify congestion, optimize network traffic, and provide 24/7 customer support through chatbots and virtual assistants.
Blockchain technology can enhance the security and transparency of telecom transactions by providing a secure and transparent record of communications, preventing fraud, ensuring accurate billing, and enabling new IoT applications and services. Further, cybersecurity measures can protect sensitive customer data and secure their networks from cyber-attacks.
Overall, the combination of IoT, AI, blockchain, and cybersecurity has the potential to revolutionize many industries and enable businesses to operate more efficiently, securely, and sustainably.
However, it is important to ensure that these technologies are implemented responsibly and ethically, and that appropriate measures are taken to protect individuals’ privacy and security.
To learn more about the conglomeration of these advanced technologies in business enhancement, watch this video.
Hope you have gathered insightful knowledge on this topic. You can keep yourself abreast of the latest technologies with our interesting panel discussions by industry experts. Stay with Aicorespot!