TOTW №3: The most promising IoT verticals

[Alina]

Hello, IoTeX community!

Here comes our next Thread of The Week, in which we will discuss various IoT verticals, their potential growth and impact they can have on the entire industry.

In order to evaluate IoT’s potential benefits and bottlenecks across the global economy, McKinsey analyzed over 150 use cases, ranging from smart health devices to industrial IoT. They estimate that

IoT has a total potential economic impact of $3.9 trillion to $11.1 trillion a year by 2025.

In this thread, please share which IoT market segment are you most excited about, and how can decentralized technologies like IoTeX capture this value?

A new TOTW will start every Monday at midnight PST
Rewards: Best 3 answers will receive 5,000 IOTX EACH

Make sure to include your Telegram ID in your post so we can add you to the weekly Scoreboard combined with IoTrivia & contact you if you are a winner.

You can post more than once but make sure to share different stories/use cases, do not duplicate posts. Feel free to comment & reply to posts from other community members

[cezo484]

I love #IoTeX as “money”, but blockchain technology that provides transparency by mathematical methods. However, the commission and speed of cryptocurrency transactions (compared to traditional banking methods) is the future of money.

Telegram @alttire

[Jokers]

We are talking about high technologies and breakthrough technical solutions, so perhaps my choice for this week’s theme will be unexpected. I want to choose such an ancient branch of economy as agriculture.

Modern technologies in the field of agriculture involve the use of autonomous systems: harvesters that plow themselves, sow themselves, harvest themselves; irrigation systems, which analyze the moisture and mineral composition of the soil themselves and so on.

The Internet of things will be able to cooperate the necessary data for the operation of autonomous systems: when and where to harvest, so that work can go around the clock and only when there are free trucks to deliver the harvest and places in warehouses and elevators for storage, and also free capacities in factories for processing.

And all this complex interconnected system should work as safely as possible. Because any entered into the system false information can lead to major failures and disruptions in the supply of food to people.

I believe that IoTeX technologies will be able to cope with such complex tasks in the future.

Telegram… @bez_nicka

[JoeGoodman]

“Ouside” category is similar to create a wide new world of things that interact each other. It’s something as design and create a new and friendly world where all creatures can live with as few friction as possible. A task that does measure up to of humanity.
@JoeGoodman
Iotex could be part of this endeavor by building the largest ecosystem of stakeholders around the best technology: hardware manufacturers, developers, investors, …

[altcoin_maximalist]

I am most interested in supply chain solutions.

The global economy and its bureaucratic hurdles are slowing down further growth. Autonomy using GPS trackers, sensors and smart contracts could revolutionize the entire industry. Not only that! Everything could be automated and optimized. For example, if perishable goods show elevated temperatures on the delivery route, a smart contract would react immediately. The customer would then not have to experience a nasty surprise when the goods are delivered. It could also be used to determine whether goods reach their destination in time. For example, if there are delays in the delivery route, a smart contract could react and find another way for timely delivery.

There is certainly still a long way to go before such solutions are implemented, but that would be my big vision.

TG Username: altcoin_maximalist

[tadex]

The Internet of Things (IoT) has transformed the way we live, work, and make decisions. It has already had a profound and positive impact on many industries, including health-care. The healthcare industry has begun to undergo a significant transformation with the impact of IoT. The forecasted value of the Internet of Healthcare Things (IoHT) is projected to exceed $163 billion by 2020 according to a recent analysis from Accenture1

IoT solutions offer greater efficiency and accuracy in the operation of healthcare providers—and has shown to add value in critical healthcare operations, such as patient monitoring.
This industry has basic challenges stemming from security and strict regulations. Therefore, the adoption of any IoT-based solution must address these issues. In addition, an IoT solution must address the requirements of the existing devices in operation, specifically, interoperability and connectivity.
The benefits of connected healthcare are measurable. IoT technologies, for example, radio frequency identification (RFID), wireless sensor networks (WSN), in-room monitoring devices and wearables, are intelligently connecting medical applications, devices and people. This connectivity enables doctors and healthcare professionals to monitor how their patients respond to treatments remotely. With more accurate and on-demand insight into a patient’s health status using these smart connected devices, doctors can deliver more personalized treatments and improve their patients’ quality of life. To ensure a continuous and uninterrupted improvement in patients’ quality of life, three main features must be available to the IT staff:

Performance data – to provide the intelligence on medical equipment efficiency level. This data can significantly reduce costs and errors.

Remote access to medical machines and their components – enables IT managers to monitor systems and diagnose problems in real time before impacting machine availability.

Machine analytics – to provide optimal planning of machine downtime for maintenance, reducing overhead costs and spare parts inventories.

The technologies offer by Iotex will be of great importance to health sector, in terms of security of data, speed, accuracy, downtime and effectiveness of health services.

Telegram: @tadex01

[larrypang]

It’s not listed as one of the “nine settings” that McKinsey described, but my personal favorite blockchain & IoT vertical for me is digital asset management in a zero marginal cost society.

Imagine the future of digital 3D files (e.g., CAD) – maybe it’s a 3D model for a piece of jewelry, a plastic part of your IKEA furniture, or even an entire racecar body. In the future, going to the store will only be for very special things and everything else will be a 3D-printable commodity. Some people will have 3D printers in their homes to conveniently print new things, and stores like Home Depot (in the USA) will have massive 3D printers that can print larger items. The most important part is the people that created these 3D files are paid for their work, and the people that use the 3D files trust the file is legit. Blockchain will be the glue to make this peer-to-peer (P2P) use case happen. Even better, using IoTeX as the platform to register 3D printers and ensure security/privacy of everything printed will make sure this whole process is end-to-end trusted.

This is what is called “zero marginal cost” society – it means that the ability to sell one more unit of a certain good is zero (or very low) cost. Any digital thing, such as a song, photo, 3D file, DApp, etc. will be transferrable in a P2P fashion on the blockchain without needing to worry about physical distribution, Amazon fees, and other things that limit small business owners today. As a “digital creator”, the best design will win and we won’t be limited by our ability to fundraise and manage things out of our control. The fact that we pay premiums for clothes and items just because they have a logo/brand on it will no longer be relevant, especially for cost-conscious people – there will be digital products with great quality that we can get directly from others via the blockchain.

That’s my most promising vertical!

Telegram ID: @Larry_IoTeX

[livingseed]

In literal terms, Internet of Things is the interconnection of different types of devices which may be wearable or non-wearable. The impact of technology on business is prominent. With a major shift in the technological world, businesses need to adapt to trending technologies to stay ahead. It has bridged the gap between digital and physical realities. A crucial aspect of IoT is that it facilitates communication between devices and systems, which are miles apart, in real time.

It is predicted that the IoT market value will be approximately $9 trillion by 2020. This reflects the pace at which this technology is booming.

The common notion that users have about the Internet of things is that it is related to the IT (Information Technology) domain precisely. However, IoT is a broader term related to almost everything in one way or the other.

Ideas for IOT application range from a small business to big data analysts. Thus it is good to be well versed with how the internet of things impacts a society & a business.

Here are some ways IoT is affecting our lives:

Access from anywhere

The definition of IoT says that the devices are connected over a network, virtually.

An example of this is August smart lock where the IoT user has access to the smart lock via the technology and this makes it easy for the user. Any person with access to this technology, who wishes to manage this lock sitting miles away can easily do so by connecting the personal electronic device (be it a mobile phone or any electronic device) to the smart lock. This lets us access a device remotely also.

Process monitoring

Another use of IoT, which is highly beneficial for businesses in manufacturing and production of goods, is the monitoring of processes. Manufacturing processes that follow assembly lines are currently also highly monitored. But with the addition of IoT, these processes can be monitored in greater detail.

A lot of data that is recorded can be analyzed to improve processes, make them more efficient and also help cut down costs.

Accurate prediction

As an environmental sensor, IoT helps predict natural disasters. This technology is used in sensors, for a real-time prediction of natural disasters.

Not only in businesses, but also for the world as a whole, predicting natural disaster and analyzing what all can occur in the near future is possible with the help of technological advancement, one of them being the IOT.

A real-time example of this is smart sensors used in Dublin, Ireland. They are already creating a real-time picture of what is happening and can help predict any natural disasters, which will be of great help to their city in the time of crisis.

Transfer of data

In IoT, where devices are connected virtually, transfer of data packets is an easy task. This is beneficial for both businesses and people living in this society.

With the IoT, various devices connected to the internet can collect, receive, communicate with each other via IP. To increase the efficiency and to simplify the processes, IoT can be of great help for the businesses.

The points discussed above let you dig deep into the Internet of things to have a better understanding of it. Like every technology, IoT also has some pros and cons. The data scientists are still in a fix that such level of information sharing over a network is risky and can lead to a leakage of private information.
Businesses be it private or public is the bedrock of any society, therefore while considering most promising Iot verticals, it is first one, anyone should never neglected or under-rated.

Telegram ID- @SangosanyaM

[Artanovskaya]

Today, many countries have been trying for many years to eradicate corruption at the state level.

It is very difficult and long to solve this problem. But today there is a real solution to eliminate this problem - decentralization.

Thanks to decentralization and transactions that do not have a reverse action, it will be absolutely easy to track any actions, decisions, etc. governments of absolutely any country.

This will enable absolutely any citizen to see even the most inconspicuous actions.
It is decentralization that will forever eradicate the temptation and desire to earn more from officials.

IoTeX, as a project that creates the Internet of Trusted Things, can implement its network in any state structure, connect all state systems for distributing the state budget to the network, etc.

I believe that it is blockchain technology and the Internet of Trusted Things that can solve the this global problem.

@Artanovskaya

[c_okenwa]

As a concerned citizen of Nigeria where oil spillage is a regular occurrence, a closer look at IoT-based predictive devices reaffirms my belief on the Internet of Trusted Things.

Major pipelines across the globe transport large quantities of crude oil and natural gas which plays an important role in modern societies, in light of the hazardous properties of the products being transmitted, a ruptured pipeline has the potential to cause serious environmental havoc.

The environmental damage caused by the Royal Dutch Shell oil spills in Nigeria a decade ago seriously impacted the region’s farmland and fisheries, harming the livelihood of the near site community members. The clean-up finally took off last year after $83.4 million out of court settlement to clean up the spill… Wait a minute! … I had to wait for a court ruling to clean up my mess? … Centralized corporations and traditional governance have really taken their tolls on us.

Reports around the world have it that oil companies had their pipeline ruptured due to corrosion, those oil spillages are no doubt creating large-scale ecological damages. Besides the environmental pollution cost that runs into several billions of dollars per year, lives are being lost. The sewer explosion that damaged 1,600 building, injured 1,500 and killed over 200 people in Guadalajara, Mexico was traced to the installation of a water pipe by a Pemex (government-owned oil company) contractor several years before the explosion that leaked water on a gasoline line laying underneath.

IoT-based predictive maintenance allows oil and gas companies to identify potential failures and increase production. For example, the use of sensors, cameras and data analytics can help to identify corrosion and pipeline damages even before it does, use captured data to create maintenance timelines and preemptively service equipment before problems occur.

The key is to capture the right information at the earliest possible. This will allow operators to know which equipment needs urgent maintenance, thereby increase equipment lifetime, plant safety and mitigate accidents with negative environmental impact.

Of course, it all comes down to IoT data gathering for preemptive maintenance which is by convention not efficient unless the IoT data can be trusted, and that’s where IoTeX Technologies - the Internet of Trusted Things. (DID, Pebble Tracker, trusted data oracles, etc) shines again!

TG ID: @c_okenwa

[Klaus]

In my subjective opinion, the most promising area for the development of IoT technologies is medicine!
Today, there are already many companies that create different kinds of technologies that can be used even by people at home, and which integrate IoT tech into their products.
For example, IoTeX already has a number of such partnerships, and I think this is only the beginning.
Medicine is something that will be in demand at all times, and this area is only developing over time. The next stage of development is IoT technology, for better treatment outcomes.
Protected databases of clients of medical centers, safe and confidential storage of all medical records, tracking of necessary health indicators online for each person with a simple bracelet on his hand - this is only the beginning.
TG: @SaleAccSF

[Alvaro]

Having some friends careers in mind, I have no doubt industrial automation with IoT will be huge. That said, my excitement is also shared between healthcare and smart homes/cities.

What will drive IoT technology out there will be improvements in $ and ease of use/new capabilities for products. So, as has happened with Alexa, I’m certain closer to home or medical implementations will help giving visibility and familiarizing average non-techy people with these posibilities. Contributing this way to the whole ecosystem.

Other implementations, of course will help, but none is as direct as something that touches your own home or health. And there IoTeX shines, because, being the most direct, is where you probably desire more intimacy, or the golden word, privacy.

[Jess]

FACTORIES
I most excited about this segment because it deals with the real stuff when it comes to IoT which is Coding and Automation
This market segment is very vital to daily human needs and operations; also other market segment depends on it to run and function effectively; that’s why it has highest estimate.

Now, looking into the future where all factory objects, systems are integrated into networks; traditional control hierarchy will be replaced by a decentralized self organized products; field devices and machines. Therefore, this is to be done using IoT that why lots of factories, groups, companies are diving into it.
But for it to be carried out effectively, there are things to bare in mind:

*How to Assure the interoperability of systemS
*How to guarantee real time control and predictability when thousands of devices connects at the same time
*How to prevent disruptors or competitors taking control of highly networked production system
*How to determine the benefit or return investment in IoT technology

Multi IoT providers are needed to solve this but IoTex is all in one package.
Due to The fact that its architectural design is thorough, it covers and provides solution to these questions.
For instance,
blockchain-in-blockchain enables separation of governance; orchestration and operational task across a multi-layer blockchain architecture like plasma, pull states off the root chain to further boost privacy; scalabilty and interoperability
privacy and trusted computing In a lame man’s language, this provides trusted execution environment which deals with security and privacy based on how information are shared.
Roll DPoS Consensus Mechanism provides high scalabilty and instant finality.

So kudos for IoTex
Furthermore, a decentralized technology like IoTex can capture the moment using strong marketing strategy like organizing workshops, exhibitions to create awareness based on devices and technology that has been developed so far.

@JessiSam

[Alina]

Hi guys! We are extending this discussion topic for another week, until Monday, December 30 midnight PST in order to give everyone more time to participate.

[Jokers]

Well, okey. Let’s talk about another one branch of economy which can get many benefits from IoT. Building Information Model is a very modern technology in construction. And if you use such a complex idea of global cooperation through all the project you need to get the protected data from different ways, which should have different levels of access.

Electrical diagrams, sewer and water supply networks, design features, load schedules, standard service life, and much more is in a single model, which should be available to different specialists at once, often in different places and with different levels of access.

Data from smoke sensors, electrical loads, shrinkage sensors, tension and compression sensors, and more. If you use a blockchain operated IoT decisions you can organize all that complex project easily and securely.

[Alina]

Hi everyone! Thank you to all that have participated in this discussion

Here are the winners of this thread:
@Jokers @tadex @c_okenwa

Thank you for providing valuable IoT segments and use cases in them where IoTeX technology can be used. The rewards will be sent within the next 3 business days.

Feel free to join our next discussion here

[tadex]

Thanks, for giving the opportunity to participate