Do you know the most important use cases for IOT?
The Internet of Things (IoT) industry is growing rapidly and the number of devices connected to the IoT is expected to exceed 50 billion by 2022. It is an almost unbelievable number. But this figure does not seem possible without the simultaneous growth and availability of WiFi and mobile communications. Normal growth should not even be enough to guarantee a corresponding data throughput and to exploit the full potential of the entire device. That’s why more and more industry leaders don’t believe that the existing WiFi and mobile functions can keep pace with the development of the IoT.
Fortunately, a big innovation called 5G is on its way. The upcoming launch of 5G offers valuable opportunities for the IoT as it provides the necessary technological impetus for this growth. Let’s take a look at where the IoT stands today and what the future holds.
How Smart Cities Come to Life via Blockchain and IoT
To be classified as “intelligent”, a city must have a minimum of wireless connectivity and the ability to integrate the Internet of Things into its infrastructure. To this day, only a few “”showcase cities””, for example, offer comprehensive W-Lan. However, an expensive W-Lan is likely to become less and less of a prerequisite in the future with the progress of 5G.
But how can this networking be applied in our everyday lives? The examples are almost limitless:
- Cars are automatically informed of free parking spaces and there is no need to search for a parking space. This saves engine noise for local residents and reduces exhaust fumes in the city. The parking fees are automatically billed via the blockchain. An external service provider is no longer necessary due to the transparency and security of the blockchain.
- Similarly, route planning for electric cars can be made easier. Similar to AirBnB, private individuals can offer their e-charging point in an app and not waste unused solar energy. This also further increases energy efficiency.
- For electricity meters, the use of IoT is obvious, because there is no need for anyone to read the meters. Making an appointment for reading, being present on site and letting a stranger into the house – this can soon be a thing of the past, not only for electricity meters but also for heating or other devices.
Still not impressed? The developers are the ones who will make the Smart City industry reach a value of 400 billion dollars by next year. Developers are also pooling resources to properly manage the data load. A recent study by the University of Albany states that current smartphones and tablets – devices we already use every day – can be charged with analyzing and organizing two-thirds of the data collected by smart cities.
IoT use cases in industry
Even if not yet so far in our cities, the IoT has already established itself in the domestic market. Intelligent devices like Nest thermostats and Amazon’s echo speakers were some of the first products to use IoT functions – now IoT is found in many devices. But especially in industry.
Intelligent refrigerators can monitor when food is running out and create food lists. Such innovations and amenities of the IoT move many of us to a fully networked overall home experience. What is relevant for business, however, is how companies can optimize their processes via the Internet of Things.
The ability of smart grids and smart meters allows companies to reduce inefficiencies while meeting demand more efficiently. Companies are able to detect outages and know when to plan repairs. IoT solutions have also been different from the oil and gas industry, where large areas of pipes and valves can be monitored to prevent breakage. With new insights from real-time metadata, business leaders can now better identify popular items and automatically adjust inventory distribution. This significantly lowers operating costs, streamlines the supply chain and improves the customer experience.
How to combine IoT and Blockchain
The future of the IoT is therefore well worth seeing. But despite all the possibilities, companies must not forget that entrepreneurs are becoming increasingly anxious to share their data or store it in the cloud. As the connectivity of connected devices increases, the risks must not be forgotten. This is where the blockchain comes in. The data can thus be processed quickly and efficiently, but is always secure and transparent.
It is in the nature of things that intelligent cities rely on renewable energy, but the blockchain can further improve the applications. Energy consumption, pollutant emissions, water consumption, etc. can be stored directly in an interoperable and regularly updated protocol. Due to the characteristics of the blockchain, the data can go directly to the market, so that in the long run there is no need for third parties to process the data. These systems or decentralised trading centres could also be extended to services in the neighbourhood or at individual level.
The further development of the Blockchain in connection with IoT is therefore an important concern for the industry, economy and the state. edeXa helps with the Business Blockchain to connect these systems intelligently and to make them quickly and efficiently applicable for companies.
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