Artificial intelligence, virtual reality, and the Internet of Things are common buzzwords these days, but so often, businesses and individuals alike think of each in its own silo. That’s a disservice to emerging tech because combining each concept’s strengths will lead to solutions previously unimagined.

IoT, for example, doesn’t work on a hub-and-spoke model. Currently, the technology operates mostly on the IFTTT model — i.e., “if this, then that” — but relying on AI instead will create smarter, more granular connectivity. This isn’t a farfetched concept: AI requires data, which IoT generates, so it’s a match made in heaven. And VR brings it all together with an immersive visualization of the data, creating heightened simulations that enhance users’ experiences and understanding of a scenario.

Look at the Tour de France as an example. Today’s cyclists are heading into this summer’s race with significantly more information than previous competitors have been able to afford. Before the race begins, trainers with 360-degree cameras run routes so cyclists can get familiar with them through a VR simulation. Machine learning then uses historical data about the weather, environment and other cyclists to forecast racing conditions. Once the race is underway, heart rate monitors track movement efficiency, while a GPS and other sensors gather data on the bike.

Alone, each feature is helpful — there’s no arguing that. But when brought together, users (the cyclists) find themselves in a heightened, immersive experience with the potential to prepare them for the race like no previous cyclists before them.

How These Technologies Can Work Together in Different Industries

And this is just one example. IDC research shows spending on these next-gen technologies grew an estimated 17 percent in 2017 and will only accelerate over the next five years. In other words, we’re set to see a lot more interplay between the three technologies in the not-so-distant future.

These technologies’ intersection has the potential to disrupt industries such as design, maintenance, logistics and many other fields. On the factory floor, for instance, IoT sensors collecting data on machinery enables predictive maintenance. And the ability to provide a remote visual to technicians in real-time can revolutionize the process. These technologies working in tangent provide the ability to zero in on problems much more effectively.

Consider another example: At my company, we are designing IoT sensors and solutions within the heavy equipment industry, building edge- and cloud-based analytic engines to address geospatial understanding, ring-fencing data and sensor-based performance details, to name a few areas. We are also digitizing this content for training and maintenance within this industry. In the heavy machinery industry, equipment idle time is a huge loss and makes machines prone to theft or misuse. Putting sensors for measuring various parameters such as engine parameters, fuel monitoring, and hydraulic pressures provides real-time analytics on the usage patterns. This demonstrates how a machine can be better utilized or flag any misuse, substantially improving the profitability and user experience for a company.

Consumers Benefit From the Intersection of AI, VR, and IoT, Too

Instances of this three-way intersection are happening across industries — and this trend is already leaking into the consumer market. Smart home sensors are becoming more prolific on the consumer market, and they’re beginning to do more with the data they generate via IoT. Everything from ambient temperature and air quality to lights, electricity, and even human activity can be monitored these days. There’s no shortage of data platforms, and IFTTT is currently serving as a break-fix to help with automation and other smart use cases.

The amount of data a person can collect in the home is astounding. Nest controls your heating and cooling, collecting historical data of usage patterns. CURB connects to your fuse box to gather data on every outlet. Netatmo measures air particles, humidity and even noise. All this data can be overwhelming, and finding insights can feel like searching for a needle in a haystack. However, once AI is trained to work with all this information, it won’t be long before our home lives are improved. VR enters the picture in scenarios like renovations or insurance evaluations — when contractors are able to virtually tour your home from their office, it streamlines processes significantly.

The use cases don’t stop there; these technologies are combining to improve our lives outside the home as well. Guru, for instance, is using VR to bring static museum artwork to life. AI is used to distinguish between buildings, objects and people in exhibits to identify themes. From there, it brings digital life to the figures and environments, immersing visitors in a whole new way to appreciate the art world. And public transportation can be improved by this technology intersection: Eye Create Worlds has a proof of concept in which a network of IoT sensors are placed throughout a city to allow a remote operator to optimize rail transportation networks in VR.

The Final Frontier: The Intersection of VR, AI, and IoT

As AI develops further potential of running on the edge, these three technologies’ relevance will only increase in significance. Their intersection is the key to unlocking the full potential of IoT applications. And VR is capable of so much more than entertainment and gaming; their greatest uses are in training and diagnostics — and AI and IoT sensors will make that more apparent as we move forward.

In the digital journey, AI, IoT, and VR are all significant levers to redefine processes for both businesses and consumers. But it’s the combination of the three that will be the most disruptive. For entities looking to effect change, the key is to identify the right opportunity within this intersection and implement a pragmatic solution to leverage all three technologies together.

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Thanks to all the media attention surrounding Bitcoin and other cryptocurrencies, blockchain technology is commonly associated with finance. But that’s too narrow a vision of this technology’s true capability — the concept of a digitally signed and distributed ledger is universally applicable to business processes.

Blockchain technology serves as an objective, technologically sound way to eliminate the middleman from many different kinds of exchanges. And when a step in a process becomes nonessential, removing it becomes obvious, granting businesses immense potential to streamline operations in many ways; we’re already seeing the technology appear in industries like retail, supply chains, and more.

To put it simply, blockchain technology will proliferate industries far and wide at a speed that will leave consumers and business leaders struggling to keep pace. The change in the air has potential to cannibalize existing revenue streams and create new revenue streams; companies that don’t start implementing it will soon find themselves losing to competition.

Capitalizing on the Blockchain

Executives implementing blockchain into their businesses are starting to see several operational improvements, including:

1. Lower operating costs: The blockchain acts as an intermediary, so there’s no need for a middleman to facilitate direct transactions. Smart contracts streamline processes, making them more cost-effective for businesses.

2. Reduced defects: A shared ledger improves confidence of both buyers and sellers. It can be a boon for legitimate businesses.

3. Decreased cycle times: Smart contracts operate on an IFTTT basis. In other words, if the agreed-upon conditions are met (as verified by every node on the network), an action is triggered automatically and instantly. This greatly reduces verification times, which can bottleneck execution speeds.

These benefits are important, but perhaps they’re not as revolutionary as one of the foremost changes blockchain beyond banking brings: opening up new streams for revenue generation.

Consider, for instance, SWIFT, a financial messaging services provider: In 2017, SWIFT launched a Proof of Concept designed to streamline cross-border payments. This is important because these payments account for nearly half of global payments. The current protocol is slow-moving, especially among the unbanked, and exchange rates can fluctuate greatly in the time between when a payment is sent and received.

Unbanked individuals themselves present another opportunity for blockchain technology to create new revenue streams. For example, it’s easier to get a cell phone than a bank account. Because of this, there are nearly five times as many mobile phones in the world as bank accounts (5 billion versus 1.2 billion). That means telecom service providers can capitalize on this imbalance by accepting cryptocurrencies for remittances. Not only will they generate more revenue, but they’ll also save money on bank transaction fees.

We see this technology spilling over into entertainment, too. Smart contracts — legal agreements based on blockchain technology that pay out artists’ royalties automatically — are poised to revolutionize the music industry.

Two of the biggest pain points in music are digital rights management and royalty payments. An analysis by the Institute for Policy Innovation estimates global piracy costs the music industry $12.5 billion annually. This is due to businesses playing songs and consumers listening without either party paying, but blockchain has potential to become the core aggregator that solves these issues. With a distributed ledger containing set terms for usage of a recorded file, every transfer and play can be tracked. This streamlines the process to ensure both the artist and recording studio can accurately track a song’s reach and collect revenues accordingly.

Going further, several organizations, including major utility companies, are working to develop blockchain energy solutions for a peer-to-peer energy network — a concept never seen (nor possible) before shared digital ledgers came into existence. It seems like a natural evolution as so many homes and commercial buildings are now equipped with energy-generating solar panels. In fact, the electric companies could cut bankers out of the equation much like telecom and simply trade energy with consumers on the blockchain.

This is about as distilled as the model can become, as cryptocurrency tokens’ values are affected by the amount of energy consumed to generate them. The above article from The Guardian notes that several startups, like Power Ledger, are working on a platform for exactly that. Another, LO3 Energy, is launching a green energy microgrid in Brooklyn, New York, based on blockchain technology as well.

And what does this mean for business? From the looks of it, some existing revenue streams may be threatened as blockchain’s prevalence grows. Banks, for example, may find a good chunk of their transaction fees substantially reduced (or even eliminated) because of blockchain technology replacing them as the middleman — forcing banks to look for new revenue opportunities. In the digital world, businesses will likely see cross-disciplines emerge; for example, telecoms and internet service providers have good knowledge of customers, which could be leveraged for financial products.

While cryptocurrency gets all the media attention, the underlying blockchain technology is quickly being adopted into more industries than you can imagine. If this rate of progress and investment is sustained, it’s going to be extremely disruptive in as little as just a few years from now. Business executives need to start paying attention and launching pilot programs as quickly as possible to adopt to this change.

Blockchain technology goes far beyond cryptocurrencies, and it’s set to disrupt so much more than just financial institutions. The use cases abound, and the benefits are clear — and if that’s the case, what’s stopping you from getting started?

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