Meta-Trends 2021 & Beyond: Part 2: Internet of Everything

IoT or the Internet of Things encompasses a high level of connectedness worldwide with the power to help humanity in almost endless ways. According to IHS Markit, consisting of 5,000 analysts, data scientists, financial experts, and specialists, the number of installed IoT devices will grow to 125 billion by 2030.

Some seem clever but almost subtle and straightforward: a smart home that turns your stereo down when your phone rings, a security system that shows the face of your visitor on your phone, or a thermostat that brings the temperature of your home to your ideal just before you walk in the door -- but not before, conserving energy. Your smart appliances communicate with each other to keep your coffee stocked, and your dishes washed. Your smart connected vehicle knows your schedule, where you’re going, and the fastest way to get there. 

Others are potentially life-saving, not just life conveniences: data from wearable devices that let your car, the hospital, and your doctor know when you are about to have a heart attack to coordinate all three to transport you to the hospital, get you checked in, and begin preparation of treatment before you even feel ill. A smart highway system senses a potential auto accident and reroutes vehicles to avoid a catastrophe saving several lives. Wireless agriculture sensors enable farmers to monitor soil quality levels for insight into irrigation system efficiency and crop health. Necessary adjustments in irrigation or fertilization may be made automatically, ensuring an optimum harvest for millions worldwide.  

Precisely what is required to make this magic our reality? An integral part of this vast connectedness is the myriad sensors necessary to gather specific data. From a pulse measuring device on a wearable to a smart moisture gauge in farm soil, these many sensors all communicate to the cloud. There, software or AI processes it and may activate an action, such as sending an alert or automatically adjusting the sensors/devices without the need for user involvement. Since the amount of data (much of it time-stamped), the number of sensors, and the extent of analysis necessary for these actions increases exponentially in the Internet of Things, the speed of transmission, as well as the storage capacity for such a system, must also increase exponentially. This is where cloud storage, edge computing, and 5G come in. Without these next-generation innovations, the IoT would remain a high concept for sci-fi novels and films. 

In addition to these new technologies, blockchain and other distributed ledger systems will play an integral role in the IoT. Issues of security, transparency, and identity come to the fore, especially concerning sensitive, time-stamped information like medical records. A decentralized ledger’s security advantage is its multi-node structure, providing no single point of vulnerability, the most common cause of a security breach. Combining this decentralized security system with a transparent, immutable ledger gives blockchain advantages for use in the IoT. With Blockchain-based smart contracts in a peer-to-peer network, payments and contracts are also faster, eliminating a third-party need. 

The first protocol specifically designed for the Internet of Things was IOTA, based on a unique distributed ledger technology. It was not a blockchain, but a new configuration of storage of immutable data called the Tangle. Tangle had a directed acyclic graph (DAG) structure, enabling fast, secure data exchange without fees. When an IOTA transaction is sent, it validates two other transactions on the Tangle. This allows IOTA to overcome the cost and scalability limitations of blockchain. The benefits of its unique structure include its speed and scalability. IOTA’s fee-less system is especially beneficial for micropayments, such as an automated incremental parking fee by a car driver to a parking space operator. The IOTA foundation now holds agreements with Bosch and Volkswagen, among others, to expand the platform’s utility with connected devices.

The number of IoT based companies using blockchain or other distributed ledger systems has expanded in the last five years to include companies in every major industry. One example is Helium, the first decentralized machine network, connecting low-power IoT machines (such as routers and microchips) to the Internet. 

Another is Chronicled using blockchain to deliver end-to-end supply chain solutions, focused on the pharmaceutical and food supply industries and IoT-enabled shipping containers with sensors for real-time updates on shipping processes.

ArcTouch develops blockchain-based software for smart, connected items from voice assistants to smart TV’s. Their decentralized apps (DApps) connect to IoT devices like Amazon Alexa and Facebook Messenger. 

NetObjex has a decentralized mechanism for IoT devices to communicate with one another. The company provides a secure platform for smart devices in the same ecosystem to interact and communicate. Patrons could use NetObjex’s IoToken in their crypto wallet at a drive-thru restaurant to buy a meal. In drone delivery, the IoToken can be used to mark delivery locations and verify payments.

These are just a few examples of companies currently building the Internet of Things to be potentially the Internet of Everything. Our imagination may be the only limit for its use cases. We at Beyond Enterprizes will continue to watch its expansion and bring you up to date as the present meets the future.