Somewhat unsurprisingly, the trends point to one thing: we, as a society, we’ll be able to fully automate our lives in the future. Using artificial intelligence, machine learning, augmented reality, the cloud, and so on, it’s possible to automate everything. Automation will bring new opportunities and challenges, yet in spite of the technological revolution, people will still be necessary for the economy of the future. Blockchain technology can help with this. Actually, it may be the perfect solution for automating processes across various industries owing to its immutable ledger and self-executing contracts. Blockchain technology and automation are a match made in heaven.
How Does Blockchain Technology Actually Work?
When you hear about blockchain technology, you most likely associate it with cryptocurrencies like Bitcoin. Bitcoin is a medium of exchange, created and stored electronically on the decentralised ledger, essentially a list of all addresses that share Bitcoin balances. Cryptographic techniques are used to verify the transfer of funds and control the creation of tokens. You can buy Bitcoin through a cryptocurrency exchange; some allow you to remain anonymous and are decentralised, so you don’t have to enter personal information. Miners solve very complicated math problems to secure the network, for which they receive a predetermined amount of cryptocurrency.
Each block contains a cryptographic hash of the previous block and a timestamp, not to mention transaction data. Satoshi Nakamoto authored the Bitcoin whitepaper and is credited with mining the first block of the blockchain, giving ordinary people a chance to take part in a decentralised financial system. The identity of the creator (or creators) of Bitcoin remains unknown, and speculations are mischievous traps, nothing more. Blockchain technology isn’t exclusive to the world of cryptocurrency, so many of its thrilling applications have nothing to do with Bitcoin. Proponents are developing and testing other uses for blockchain, such as money laundering protection, supply chain management, real estate, NFTs, voting, and government benefits, to name a few.
Blockchain Technology Has the Power to Underpin the Programmable Economy
A programmable economy is a vision for the future that supports the production and consumption of goods and services, validating various scenarios of exchange value (monetary and non-monetary). Simply put, forces that were once centralised become decentralised and the other way around. Blockchain technology is designed to create social, economic, and cultural change, bridging the bag between the digital and the real world. Smart contracts are the link between process management and blockchain technology. They enable payments that support the Internet of Things and the ability of devices to interact independently. Contrary to popular opinion, the Bitcoin network supports various types of smart contracts, albeit its limited functionality.
Using Smart Contracts for Workflow Automation
A smart contract is an automated layer that mediates a transaction between two entities; it’s stored and runs on a decentralised, trustless network. It eliminates the need for supervisory oversight. Attention must be paid to the fact that the rules can’t be amended once the smart contract enters into force, so it’s necessary to understand how things are enforced. Once completed, the transaction is irreversible. The code is executed by all computers in the network. The smart contract follows an “if/when…then…”, which is written into the code of the blockchain; if the needs of one group are met, then the agreement can be honoured.
Blockchain technology remedies many problems by automatically creating a distributed ledger of transactions that aren’t owned by any of the parties in question, meaning there’s no way to alter it. Workflow automation software can work together with smart contracts to leverage all possibilities and, most importantly, integrate them into business processes. Repetitive tasks and back-office procedures can be achieved with greater levels of efficiency (and less hassle). Data syncing across various applications, together with integrated API solutions, can materialise via the adoption of blockchain technology. Information can be extracted owing to smart contracts and used in other processes.
A Combination Of AI, Robotics, And Smart Contracts
The promise of the future may be realised with artificial intelligence, robotics, and smart contracts. They complement each other to revolutionise the coming digital transformation. An ever-increasing number of tasks requiring intelligence can be accomplished, meaning it’s a win-win solution. While artificial intelligence help blockchain obtain valuable data and perform tasks like learning, reasoning, planning, and problem-solving, robotics can reduce downtime and increase production capacities. By combining peer-to-peer networks with cryptographic algorithms, it’s possible to reach agreements without the need for a controlling authority. Simply put, it provides the necessary capabilities to make operations more secure, flexible, and even profitable.
Blockchain technology is growing every day in a fast-paced rhythm; it can be integrated with many systems, including artificial intelligence and robotics, but there isn’t a unique solution for all applications, which encourages the development of new work. Smart contracts that use the information acquired by different robots can be stored and verified on the blockchain network, ultimately improving productivity and reducing the time spent on doing tasks. Blockchain integration enables the system to change behaviour to address specific needs, the improvements leading to higher productivity and easier maintenance.
The programmable economy may possibly disrupt every facet of the global economy, according to Gartner, empowering individuals and smart machines to create value and determine how it’s exchanged. The move towards digital business continues to gain momentum, so we’ll see the next phase soon enough, that is, autonomous business. The economy is present in our daily actions and interactions, so it’s not just about exchanging value. Culture, politics, and technology govern the rules. Individuals who have access to information can create responsive measures to address failure, so it’s possible to counteract job loss due to automation.
All Things Considered
The development of automation is grappling intensively with blockchain technology. To get a hold of growth opportunities, it’s necessary to plan for profound changes that will be needed, which will have consequences beyond business, providing a favourable outcome for all. There’s a need to shift to a digital-based economy where data and programme implementation are undemanding.