The Internet of Things (IoT) refers to the use of intelligently networked devices, systems and everyday objects to utilize data. In the future, things will be networked with each other and exchange data over the Internet, and even vehicles and buildings will be included. The future IoT will create a large digital ecosystem with far-reaching possibilities.
Experts expect that technological progress will lead to an exponential growth spurt and that the IoT will spread rapidly in the coming years. According to forecasts, more than 50 billion devices will be networked in just a few years.
The future IoT will unleash a new dimension of services that have the potential to sustainably improve consumers’ quality of life. It will deliver more efficient solutions for many areas of daily life and impact energy supply, banking, transport, administration, security, health, education and many other aspects of daily life.
For companies, the IoT can open up opportunities for completely new business areas, through the future possible “machine to machine” payments (M2M), many business processes will be completely automated and run without human intervention. The most frequently cited example is probably the car that independently bills its parking time in the parking garage or the electricity at the E-pillar, automatically from the wallet integrated in the car. Learn more about machine economy.
The first cryptocurrency or cryptoproject that aims to provide an efficient means of payment within the IoT is IOTA. A detailed explanation of IOTA can be found on the FinTech and DeFi niche platform GoogByeBanks, a generally highly recommended source regarding the aforementioned topics.
With the new technological possibilities arising, a gigantic growth market is emerging and the economic potential of the “Internet of Things” is huge, experts even speak of a market worth trillions.
IoT Applications in Industry
Automotive industry: Large-scale automation solutions, automated robot systems and monitoring of production facilities could be realized.
Machinery and plant engineering: A “pay per use” offer for production plants would be possible, with users acting as users and providers at the same time. Remote maintenance and remote monitoring systems in production can benefit from the IoT. Remote maintenance and remote monitoring here means having a compact overview of what is currently happening where, where there are problems or where problems are developing. To some extent, this can also be responded to automatically.
Electrical and electronics industry: The large variety of models and the ever smaller batch sizes (also in prototype production) require more flexible production systems in electronics manufacturing. This can be achieved, for example, by IoT-controlled and fully automated retooling of the plants. Here, too, a “pay per use” offer would be conceivable.
Metal industry: In the metal processing industry, it is often a matter of nanometers. Industrial IoT could help to make production more sustainable and more precise in order to avoid errors or, if necessary, to document them. This includes, for example, the use of visual inspection systems with the possibility of storing the data.
Other manufacturing: Logistics is generally a major cost factor in manufacturing. By digitally tracking production factors, efficiency can be significantly increased.
Utilities (electricity, water, gas): For utilities, remote maintenance and monitoring of wind turbines or similar energy-producing facilities is important. IoT deployment leads to great efficiency gains in the supply from production to the end user.
Agriculture, forestry, construction: the agricultural sector uses a lot of sensor technology to obtain real-time data on soil procurement and livestock. The construction industry is working with digital monitoring of processes on large construction sites.