Source: Crypto Slate
Converging Blockchain, AI and IOT to Push New Frontiers in Transportation
The past few decades have seen major advancements in the field of technology changing almost every aspect of life as we know it. When we take a look at the sets of technologies that are facilitating the ongoing digital transformation, it is evident that none of them exist in isolation. The intersection of artificial intelligence (AI), the Internet of Things (IoT) and blockchain technology are of particular interest when it comes to revolutionizing the future of transportation.
Blockchain is a distributed ledger technology that had its start in the cryptocurrency economy. The Internet of Things, in the simplest of terms, refers to the connection of devices to each other and to the internet to allow for communication between them and data collection.
Artificial intelligence, on the other hand, refers to the use of machines and computers to carry out tasks that ordinarily require human intelligence.
These technologies have all gone from being buzzwords to remarkable game-changers.
The most outstanding feature that they all possess is that they are suited to diverse markets, and can lead to a major paradigm shift when appropriately exploited.
Practical Application in Transportation
The convergence of these three fields holds enormous potential when it comes to reshaping the transportation sector. As Cisco’s Maciej Kranz noyes:
“Using these technologies together, companies will obtain greater value…and overcome the barriers that previously hindered adoption.”
Consider a few ways in which they can work together within the industry:
Autonomous vehicle technology has been made possible through the application of AI using advanced data analytics and computational capabilities. But the current level of technology used for self-driving cars is greatly limited in its potential for achieving full autonomy.
However, the combination of distributed AI engines based on blockchain technology linked over high-speed IoT networks both inside and out of the vehicle can improve the situation.
They will allow for more efficient decision-making based on huge amounts of reliable data from the immutable distributed ledger.
This will come in handy in the current transport industry whereby the demand for drivers far exceeds supply.
At the moment, there is a shortage of about 50,000 drivers in the trucking industry. This figure is constantly rising and is expected to surpass 175,000 by the year 2026.
Fully autonomous self-driving trucks would address this shortage.
One of the most inefficient aspects when it comes to cargo transportation has got to be tracking and coordination.
The current system relies on documents which outline contractual obligations require complex and costly verification procedures. They are also prone to misinterpretation, tampering and alteration.
But the use of a combination of the above technology makes it easy to create contracts, automatically capture the data needed for verification, carry out analytics processes and allow for easy coordination between the parties involved.
Facilitating Compliance with ELD Requirements
Starting December 18, 2017, truckers in the US have been required to track their driving hours using Electronic Logging Devices (ELD).
These devices are connected to a truck’s engine and record the driving hours.
Combining the use of blockchain technology, IoT and AI, makes it easier for stakeholders in the transport industry to comply with such regulations.
Such a technology would make it possible to log the hours of driving using an IoT device or even a smartphone.
Reinventing Transportation on the Fr8 Network
The Fr8 Network shows great promise in blockchain technology, AI and IOT in transforming the future of transportation. It is building a revolutionary ecosystem making use of an advanced tracking technology that electronically logs driving hours to facilitate compliance with the new ELD regulations.
The platform also has the long-term goal of becoming a pioneer in establishing self-driving fleets.
To this end, it is currently establishing partnerships with automobile manufacturers and IoT service providers to make this a reality. The Next Big Thing AG is one such company that is working on an IoT hub to support the development of transformative IoT solutions.
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