Decentralized Autonomous Organizations = Blockchain + AI + IoT
Blockchain, AI, and IoT are all technology disruptions: Blockchain promotes decentralized applications in an open-data environment, AI provides intelligence through a centralized data and analytics platform, and IoT enables devices/machines to be connecte
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9 Decentralized Autonomous Organizations = Blockchain + AI + IoT Blockchain, AI, and IoT are all technology disruptions: Blockchain promotes decentralized applications in an open-data environment, AI provides intelligence through a centralized data and analytics platform, and IoT enables devices/ machines to be connected via a centralized cloud storage and processing service. In the previous chapters, we discussed AI and its influence and the potentially explosive value generation if combined with IoT, RPA, and IT operations. In this chapter, we discuss another aspect of AI in a highly decentralized environment
© Soumendra Mohanty, Sachin Vyas 2018 S. Mohanty and S. Vyas, How to Compete in the Age of Artificial Intelligence, https://doi.org/10.1007/978-1-4842-3808-0_9
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Chapter 9 | Decentralized Autonomous Organizations = Blockchain + AI + IoT and how, if combined with blockchain technology and IoT, it can deliver farreaching and amplified outcomes. First, let’s have a quick overview of blockchain.
Blockchain Primer for Managers We have witnessed two waves where initially scarce and expensive resources became cheap and technologies then emerged to exploit these resources. When computation (transistors) became cheap, PCs (personal computers) emerged; when bandwidth became cheap, the Internet emerged. Similarly, blockchain is the third wave where cheap storage allowed us to create a distributed (distributed ledgers to record ownership), open to all (yet secure) way of recording important information, thus introducing a robust, transparent, and trustworthy mechanism to issue and transfer assets in the virtual world. Blockchain (distributed ledger) is a secure, distributed, and immutable database, accessed by all participants in a distributed network where transaction data is recorded (either on-chain for basic information or off-chain in the case of attachments) and audited. The data is stored in structures called blocks. The blocks are connected to each other in a chain through a hash (each block also includes a timestamp and a link to the previous block via its hash). The blocks have a header, which contains metadata information and the content (real transaction data). Since every block is connected to the previous one, as the number of participants and blocks grow, it becomes extremely difficult to modify information in the block chain without obtaining the network consensus. Blockchain has three major characteristics: • Decentralized control: Blockchains operate on a shared control framework wherein it offers a common mechanism for participants for a common cause. No single entity in a blockchain network has exclusive rights granted to it that others do not have. This allows for the smooth formation of decentralized networks for various transactional services. This is highly influential in cases where best practices need to be made aware to everyone so as to improve the process as a whole, make it beneficial to the end user, and make it easy for all to ensure better governance and compliance.
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