The Industrial Internet of Things (IIoT) is not science fiction. Advanced software and connectivity as well as low-cost sensors already are making it happen. Investment on smart manufacturing technologies is expected to reach $267 billion by 2020.
AI algorithms can do more than automate tasks — they can teach machines to make complex decisions involving custom product configurations, quality control (identifying defects, etc.) and predictive/adaptive equipment maintenance, among others. Unlike deliberate programming, which directs machines to do only what we tell them to do, AI algorithms enable machines to perceive data, discover meaningful patters and learn from experience.
In manufacturing, blockchain can create smarter supply chains capable of tracking every detail of a product’s journey, providing precise audit trails and real-time visibility of every part in the supply chain. Increased transparency would go a long way to protect operations from theft, fraud, counterfeit and cyber attacks and allow manufacturers to take calculated risks. Blockchain also can enhance the IoT by freeing it from having to connect, secure and oversee a large number of devices through a central cloud server.
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