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European+Union+Blockchain+Observatory+releases+AI+and+IOT+report

European Union Blockchain Observatory releases AI and IOT report

 

The European Union Blockchain Observatory and Forum recently released a report named “Tokenization of physical assets and the impact of IoT and AI” on April 10.

The report has been written by  Dr. Tim Weingärtner, a professor at Lucerne University of Applied Sciences & Arts – School for Information Technology. Further, the report highlights the digital twin concept. The mirror world would comprise of the Internet of Things (IoT) devices, big data, tokens representing physical objects, blockchain as a trusted ledger and Artificial Intelligence (AI).

The document cites the prowess of tokens and notes the Ethereum (ETH) blockchain to be the most important platform for the creation of tokens. Per the author platform is preferable due to the potential of its programming language, its large community, working implementations and existing code examples.

The report notes that blockchain is playing a vital  role in this digital transformation by providing trust and allowing the identification and tokenization of physical objects..

Per the report, the combination of IoT with blockchain would allow for better supply chain management, increased trust that enables the sharing economy to grow, data trading and monetization, identity management and automatization. Also, combining AI with decentralized technology would lead to the democratization of data, guarantee authenticity, audit smart contracts and explain AI decisions.

In March, a different report released by the same organization made recommendations on how to better develop blockchain technology, including the introduction of interoperability and scalability standards.

Earlier, in December last year, the same group also made a case for a blockchain-based digital identity system and digital versions of national currencies.

In another news reported by CoinMarketFeed, International Data Corporation (IDC), a United-States-based market research firm, Global blockchain spending will count for almost $2.9 billion in 2019. 

This depicts an 88.7% increase from 2018. The report also provided an in-depth analysis of blockchain developments in various segments. The report also states, when it comes to building use cases, cross border settlements and trade finance are expected to receive over $738 Million. Whereas, distribution services and manufacturing are forecasted to spend $653 Million and $642 Million over blockchain respectively in 2019. 

Per the report, the financial sector will lead the industry when it comes to allocation of funds in blockchain development. Also, investment services, banking and insurance services are predicted to invest more than $1.1 Billion in the global blockchain spending motives.

Image Credit: E.U Blockchain Forum