AI & ML and Smart Contract on Ikarus

Empowering IoT with AI and ML for the future

IoT allows devices to communicate with each other and act on those insights. These devices are only as good as the data they provide. To be useful for decision-making, the data needs to be collected, stored, processed, and analyzed.

This creates a challenge for organizations. As IoT adoption increases, businesses are struggling to process the data efficiently and use it for real-world decision-making and insights.

This is due to two problems: the cloud and data transport. The cloud can’t scale proportionately to handle all the data that comes from IoT devices, and transporting data from the IoT devices to the cloud is bandwidth-limited. No matter the size and sophistication of the communications network, the sheer volume of data collected by IoT devices leads to latency and congestion.

Every day, IoT devices generate around one billion gigabytes of data. By 2025, the projection for IoT-connected devices globally is 42 billion. As the networks grow, the data does too.

As demands and expectations change, IoT is not enough. Data is increasing, creating more challenges than opportunities. The obstacles are limiting the insights and possibilities of all that data, but intelligent devices can change that and allow organizations to unlock the true potential of their organizational data.

With AI, IoT networks and devices can learn from past decisions, predict future activity, and continuously improve performance and decision-making capabilities. AI allows the devices to “think for themselves,” interpreting data and making real-time decisions without the delays and congestion that occur from data transfers.

AIoT in Ikarus has a wide range of benefits for organizations and offers a powerful solution to intelligent automation.  

Avoiding downtime

Some industries are hampered by downtime, such as the offshore oil and gas industry. Unexpected equipment breakdown can cost a fortune in downtime. To prevent that, the AIoT of Ikarus can predict equipment failures in advance and schedule maintenance before the equipment experiences severe issues.

Increasing operational efficiency

IIkarus together with the power of DAG blockchain and AI processes the huge volumes of data coming into IoT devices and detects underlying patterns much more efficiently than humans can. AI with machine learning can enhance this capability by predicting the operational conditions and modifications necessary for improved outcomes.

Enabling new and improved products and services

Natural language processing is constantly improving, allowing devices and humans to communicate more effectively. AIoT and Ikarus can enhance new or existing products and services by allowing for better data processing and analytics.

Improved risk management

Risk management is necessary to adapt to a rapidly changing market landscape. IoT collects all data and with the AI distributed in Ikarus, is possible to use data to predict risks and prioritize the ideal response, improving employee safety, mitigating cyber threats, and minimizing financial losses.

Smart contract in Ikarus

Although the term “smart contract” sounds like a legal instrument, a smart contract is actually a computer program that performs a task when triggered by the occurrence of a predetermined event.  Smart contracts live on the blockchain, which processes the terms of the smart contract, thereby enabling the smart contract to automatically execute the coded task when the triggering event occurs. 

Nick Szabo, a computer scientist and cryptographer who coined the term “smart contract,” likens a smart contract to a vending machine.1  A consumer inserts money into a vending machine (i.e., satisfies the condition of the contract), and the vending machine automatically dispenses the treat (i.e., honours the terms of the “contract”).

In the supply chain, smart contracts are particularly useful for releasing payment, recording ledger entries, and flagging a need for manual intervention and automated orders.

  • Releasing Payment. A party could use a smart contract as a means to automatically release payment upon the satisfaction of a condition. For example, two parties, such as a manufacturer and a supplier, could set up digital wallets and a smart contract in order for the manufacturer to pay the supplier for the purchase of goods. After the manufacturer inspects and accepts the goods, the smart contract would automatically move cryptocurrency from the manufacturer’s digital wallet to the supplier’s digital wallet to effect payment.
  • Recording Ledger Entries. A party could write a smart contract to record to a blockchain ledger if some specified event occurs or does not occur. For example, if an IoT- enabled device detects the opening of a container during transit, a smart contract could automatically record this information. A party may find such monitoring particularly useful for goods that require a tight chain of custody, such as the transport of pharmaceuticals.
  • Flagging a Need for Manual Intervention. Smart contracts are also useful for flagging the occurrence of an event that requires manual intervention. For example, for temperature-sensitive products, a smart contract tied to temperature monitors could alert all concerned parties if an out-of-range temperature occurs. This would allow the parties to promptly take action to correct the temperature, conduct an investigation into the reason for the out-of-range temperature and, when necessary, pull the affected products (and only the affected products) from the stream of commerce.
  • Automated orders In Ikarus is possible to set up all kinds of orders for automation. On blockchains, smart contracts are deterministic programs. They include code that says, “If x event occurs, then activate y action.” Smart contracts, on the other hand, are not self-executing in the classic blockchain, which means that their code will not run and effect state changes on a blockchain until triggered by an on-chain transaction. The external transaction acts as a “poke” to wake up the smart contract and start its logic, in the same way as clicking a mouse might start a computer program. We have resolved the limits explained before with a different approach, the equipment is connected with our slave antenna and our master node after to fulfilled requirements, and our slave and master will send small transactions for activation of the smart contract.