Integration of Blockchain Ledgers with AI and IoT Achieves Wonders in Forecasting

A prime reason behind the global buzz regarding blockchain technology is its valuable peer-to-peer approach to data sharing through decentralized ledgers.

HashCash Consultants CEO Raj Chowdhury believes the scope is further and believes that blockchain combined with AI and IoT technology can accelerate futuristic decision-making with a higher degree of accuracy, and be used in weather forecasting.

The weather department accumulates large amounts of data for creating forecasts about the present atmospheric conditions. This knowledge is then utilized by several businesses, especially agriculture and logistics shipping companies. Blockchain can be utilized to accumulate on-surface observations of weather-centric parameters such as atmospheric pressure, temperature, wind direction, humidity, and more.

The HashCash chief, also a noted blockchain pioneer, stated 'Widespread proliferation of IoT sensors has successfully established its uses across the weather departments, while AI/ML is being used for forecasting. The last remaining thing is establishing “trust” in the data’s accuracy- which is something blockchain excels at with consensus protocols, immutability, and transparency.'

The underlying technology behind cryptocurrencies is finding increased uses beyond the realm of finance and supply chains. A decentralized blockchain ledger, which stores immutable records of transactions validated through consensus mechanisms, is distributed among all its network node members, ensuring real-time transaction visibility. The architecture can thus be integrated across any enterprise or area where accurate and secure documentation is prioritized while sharing access to other associated members.

“Reliable information has always been critical to success. The ongoing age of digital transformation may have revolutionized the way we acquire data, but everything is left to chance without validation. This is exactly why all top organizations in the world are already using blockchain,” concluded Chowdhury who had previously highlighted blockchain’s uses in patent claims database management and airlines.            

Gartner predicts blockchain will generate businesses worth $176 billion within 2025, and a further $3.1 trillion by 2030. The technology, still in its nascent stage, has already been a game-changer in the global industrial landscape optimizing work processes streamlining operations, and eliminating intermediaries- upholding trust and transparency across its ecosystem.