Internet of Things- IoT. A brief introduction
In simple words, IoT is the intersection between the virtual and the physical world. Today almost every aspect of our lives generates data. This data is especially useful for businesses because they can use it to their advantage. IoT has sparked the interest of many businesses and institutions. This can be seen in the growth of the number of businesses that incorporated business internet of things. While 65% of global companies implemented IoT solutions, this percentage had risen to 94% by the end of 2020.
The initial IoT implementations tend to be more product centric; like, using sensors to improve operational efficiency with autonomous machines. But later, along with that IoT is even used to monitor customer satisfaction. This system allows them to enjoy maximum profit.
The key to unlock the internet’s potential
As we move closer to the next digital revolution, IoT will be in huge demand to collect, sort and analyze the tremendous amount of data that is going to be generated. It is even predicted that a massive amount of machine-generated data will be available to be exploited. This data can be used in a wide-range of data-driven business processes to improve numerous aspects of industries.
As more and more organizations are implementing IoT, they need to understand the relationship that IoT has with Big Data. For IoT deployments to actually make an impact, some sort of useful tool or service needs to be provided along with collection of relevant data. Because only the collection of data is not enough, the data needs to be processed and analyzed to gain insights. These insights drive the decisions that are to be made to improve businesses.
An example of this would be smart vehicles. The amount of data these vehicles generate is insane. Now, while IoT helps with vehicle-to-vehicle communication, free parking spaces, and shortest paths, Big Data is what fuels these vehicles. Real-time analysis of data to alert the driver in case of any anomaly or storage of data in clouds and analyzing them to find patterns is the job of Big Data which unlock- block chains the true potential and savings. In fact, with these two technologies working together, Cisco says 80% of the accidents can be avoided.
How blockchain can unlock the power of the Internet of Things
Earlier, building an app or a website was enough to digitize a business. But as we are heading towards the third decade of the century, this simply doesn’t suffice. Now, multiple key technologies are to be used together to provide businesses value at different levels of the supply chain. Whether it’s building a smart fleet system, an automated smart home, or a supply chain transparency infrastructure, IoT technology is not used alone. Instead, Blockchain-based distributed ledgers, Artificial Intelligence and Machine Learning algorithms are used in an interconnected manner along with it.
Now, the question arises, why can’t we simply use IoT to perform these automation tasks for us? Why do we need to use the Blockchain or distributed ledger technology?
Suggested Reading: IoT and Logistics.
The reason is, because IoT lacks the universally shared architecture that is required to interconnect, authenticate and monetize the devices. Currently, centralized platforms are what manage individual IoT networks which does not provide a very seamless relationship between the devices. This is where Blockchain or distributed ledger technology come in and play a transformative role. They provide the shared framework required to completely utilize the power of IoT.
Unlocking the potential of the Business Internet of Things
To understand the true potential of Business Internet of Things across the global economy, more than 150 use cases were studied. It ranged from individuals who use devices to monitor their health to manufacturers that use sensors to increase the efficiency of their machines and for the safety of the workers and it was estimated that IoT had the potential to impact the global economy $3.9 to $11.1 trillion per year by the year 2025. This will account for 11% of the world economy.
But this kind of impact is not easy to achieve. Technical, organizational and regulatory hurdles are to be overcome. Companies that use the IoT technology will play a major role in development of the right systems and in maximizing its value.
IoT involves a technology stack. Therefore, when it comes to develop a IoT product, one should opt for a company having product designing expertise as well complementing the flawless features of the IoT Device.
Also, Read E-COMMERCE and How to do Business with IOT with its full Potential.
The internet is extremely resourceful. There are things that you can achieve with it that were never thought of before. We at PsiBorg Technologies make that happen. Automating your devices by connecting them to each other through the internet can be a game changer for your business. With immensely skilled and experienced professionals we promise flawless end-to-end solutions tailor-made just for you. Visit our website to know more.