At the time of a crashing economy due to the imposed factors of the coronavirus pandemic, IoT comes to the rescue and aid in building disruptive business models
Fremont, CA:Internet of Things (IoT) is now a transformative agent as digital life accelerates. Several industries, such as agriculture, aeronautics, transportation, and logistics, are adopting IoT. Its rapid involvement in healthcare, energy and other manufacturing segments will force its presence in our future.
Application of IoT is gaining steam in platform-based approaches that integrate different machines with humans and their activities, similar to how the steam engine powered the Great Industrial Revolution.
Revolution of IoT
Taking transportation and the environment industries as examples, we see how they employ discrete arrays of IoT devices/sensors, mainly used for data acquisition, and also, remote sensing abilities, such as temperature and pressure sensors, especially during the coronavirus pandemic
However, there are broader opportunities relating to building an integrated and flexible framework of IoT that is scalable, cost-effective, and multi-functional.
IoT networks have begun its evolution into multi-functional “mini nodes,” fully satisfying users in different roles such as robotic vision, be it the invisible infrared or UV, and sensory assets like haptics.
Satellites like CubeSats can give the required data connectivity and networking for IoT directly without the need for intermediary technology. These mini nodes can self-determine and self-organize connectivity using Artificial Intelligence (AI) directives even from the mobile edge network, creating multi capabilities.
The main advantage of this approach is that IoT becomes affordable, because of its versatility, promoting more utility leading to a speedy IoT adoption. Management, maintenance, and provisioning of IoT services are fulfilled by the ‘meshed’ structure providing survivability which is absent in today’s mini-networks.
Disruptive business models can be made using the above-mentioned transformative approach to IoT.
In healthcare, a single smart fabric providing holistic wellness indicators could replace many discrete wearables, and health 24/7 and location would not matter. In the case of energy, integrating machines and human activities can flex accordingly. Commercial real estate can be re-purposed based on activities done during specific periods.
With relevance to transportation, an autonomous logistics framework can fulfill multi capabilities. Modern autonomous fleet management services that deliver human resources and goods can expand to an overlay network of autonomous drone services, through a sophisticated choreographed hub and spoke topology. This makes drones dispatched from local spokes (multiple devices connected to the hub) act as a ‘last mile’ for end-point distribution of goods.
What Would Be the Result?
IoT interconnected with mobile edge computing and pervasive data networking systems, along with cloud data management services, promotes new opportunities that serve human and machine activities in accordance with their environment.
This would solve the challenges across numerous segments in the crashing economy. Newer market leaders would emerge in each of those segments to create newer business synergies.