Pushing multi-device control to our palms is what the Internet of Things (IoT) promised but has never been restricted to. Ever since we have praised it to the skies, the technology’s propelling reach to our lifestyles has been a fascinating endeavour, says Yash Mehta, an IoT and Big Data Science specialist.
Not only has it made things simpler but it also stepped up to resolve real-world issues. So, next time if you stumble upon a farmer who operates the sprinkler in his field through a smartphone, thank IoT. And thank every other technology such as Blockchain that is blazing the trail with workable solutions to combat the most distressing world problems. By the time you read this, the number of connected devices will have inched further from 26.6 billion.
More than 26 billion active devices! That’s huge, and no less than a world in itself. Imagine the volume of data being produced and streamed and the powerful insights they could be providing. Blockchain, on the other hand, has been put to test the maximum number of times. Hundreds of case studies have been endorsing for a better world with decentralisation; accounting for fastened and accurate validation.
Until 2019, each of these technologies had been worked upon in isolation, with a few bright sparks here and there discussing the scope of going hybrid. However, 2020 will be different.
IoT will continue to impact more areas such as manufacturing, transportation, healthcare, and consumer goods. While until 2019, fetching the data was the key, the newer decade will see better handshaking with predictive analytics to understand consumer trends and preferences.
Take automotive for example, wherein vehicles in compliance with the CASE (Connected, Autonomous, Safe, and Electric) norms are being manufactured to produce real-time, workable data about driving patterns. So, the next time you exceed speed limits, your insurer will be gathering the evidence so that fair and accurate claims can be processed. And at the manufacturing stage, the factories will be empowered to analyse real-time equipment health, contain downtimes and maximise throughput rates.
Meanwhile, Blockchain, which has struggled its way amidst speculations of jeopardise, is finally ready to prove its worth. As a peer-to-peer network, Blockchain cryptographically seals the records of transactions and eliminates the need for an external intermediary to build trust. Therefore, it fastens the processes that render real-time insights in lessened costs. Amongst the first adapters, financial technology (fintech) has a stronghold over 60% market of share.
Oracle in its recent whitepaper quotes a finding from Gartner that Blockchain could generate US$176 billion (€158.68 billion) of revenue by 2025.
So, a professional networking platform like LinkedIn, if it goes decentralised will disable making modifications to the past work experience history. This will empower the recruiters to surpass manual efforts to validate the information provided.
Whereas fintech has the backing of world banks accounting for 60% of the market share. From decentralising accounting and auditing to accurately checking the credit score before lending loans, Blockchain use cases in these areas will propel to broader implementation in 2020.
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by Anasia D'mello, Khareem Sudlow
