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IOT

IoT Product Development: 6 Essential Considerations

Category : Blog

As per Gartner, there will be at least 20.8 billion connected devices by 2020; other research anticipates as many as 100 billion. And the largest beneficiaries of IoT devices will be consumers – people who want to control everything from their refrigerators and home security systems to their utility costs, cars, and beyond more than that. As per the data published by SYK Cleaning:

a. 61% of older generations want smart technology for its cost savings

b. 52% of Generations Y have priorities for home security

c. 39% of millennial just think smart devices are trendy and cool. And 72% of them would pay up to $3000 more for a home that has smart technology.

d. Generation Z, just entering the consumer marketplace will consider IoT a given part of their lifestyles.

But this entire boom in manufacturing and supply of IoT technology does not come without its challenges. And manufacturers have much work to do in some key areas in order to truly ensure that IoT will and can become fully accustomed. Here are the six of them.

1. Compatibility

The IoT ecosystem at its current state comes with a lack of cohesive standards in the fields of data exchange and connectivity. What that means for manufacturers is that they must take off their competitive “gloves” and collaborate on standards for the good of everyone. In doing so, they will all harvest the benefits of greater consumer adoption and market demand.

2. Security

This is an ongoing issue for both businesses and individual consumers. When an entire ecosystem can be threatened through hacking into just one individual device, the concern is real.
Just recently, we learned that a couple of our power grids were compromised, and researchers at the University of Oklahoma demonstrated how easy it was by hacking into a wind farm through a single unit.

Security testing of all devices must include identifying any potential vulnerability, processes for validating user access, and data encryption, etc. Fortunately, there are some pilot programs investigating the use of blockchain technology, and this may indeed hold some effective solutions.

3. User Experience

For IoT devices to go thoroughly standard, users have to be comfortable with them, and they have to see them as more valuable than traditional devices. This means ease of understanding and use.

Manufacturers must conduct a lot of testing of devices before putting them on the market, including the following:

a. Compatibility of device hardware, operating systems, software versions, and communication protocols

b. Reliability of all components in a variety of environments and conditions.

c. User friendliness of application as well as usability in a variety of network connections, so that everything operates seamlessly regardless of platform.

4. Platforms:

This will be the key to success of any manufacturer of IoT devices. Devices and connectivity will certainly become less expensive, making them more attractive, but applications that allow devices to connect and share information with other devices, aka platforms, are numerous and growing That manufacturer who will be able to bundle multiple platforms into a single product will meet a challenge that will give him a huge competitive edge.

5. Ecosystems

These will grow in the coming years, and there will definitely be “battles” among them. Ultimately, however, a few will emerge victoriously and will dominate entire sectors – smart homes, smart cities, healthcare, etc. This is just another reason why manufacturers need to find ways to collaborate to achieve standardization.

6. The Need for Real-Time Data Streams and Scaling

While a refrigerator will not necessarily need to provide real-time data to its owner (other than alerts if there is a malfunction), the need for real-time data will become critical in some IoT device use and management, for instance – smart cities. For manufacturers of devices that require real-time data streams, there will be a need for continual updating as newer technologies and apps are developed.

Blockchain, again, has been named among the possible solutions to more efficient, near-real-time data exchanges. Yet, this technology currently lacks proper scaling mechanism, making it a questionable choice for larger ecosystems i.e. those created for smart cities.

Image Courtesy- IBM


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blockchain

Recent trends in Blockchain

Blockchain has penetrated the market business models. It has the potential to transform industry operation models. In a study made by IBM, 15% banks said that they have plans to put blockchain into commercial production by 2017. The world economic forum estimated that 80% of banks are actively working on blockchain projects. The Blockchain is not only indulging in finance fields but in numerous other sectors as well.

$1.4 billion has been invested globally in blockchain start-ups across various sectors and the technology is growing rapidly.


Room for Growth in Asia

Blockchain technology has grabbed the focus of most virtual currency investor’s in North America, where public financial institutions have invested in projects or start-ups related to the blockchain. There is a significant scope of growth in Asia. Virtual currency investors are putting a lot of money into blockchain technology companies and start-ups in Asia. Some new small start-up companies are already into their second or third round of funding. Small companies already starting to lead to larger investments.

More use cases arise outside Finance

Companies like Uber and Airbnb are using blockchain in their business model. These companies are disrupted industries across the board by connecting consumers with things they wanted, they are still a middleman and cut their benefits. Blockchain is capable of removing such middle men entirely. It means whoever has what someone needs to take their full dues. E.g. a new ride-sharing app that links driver with customers peer to peer using the Ethereum Blockchain. “The Achilles” heel of Uber and Lyft is their centralized management of pricing.

By decentralising the decision into the hands of driver and rider, Arcade let the driver to feel like an entrepreneur and gave power to the rider with control over the entire experience.

Arcade City ranked top in the blockchain start-up category in Berlin Awards.

Governments get on the party

In the phase of low trust amongst government and department, information must be held in a transparent place where anyone can verify the ledger and any copies of the data stored even on non-govt. computers. Countries in the world are looking at how they could mint their own digital currencies and put money on the blockchain and they are expanding exploration into other areas of government. The Government wants to save money at every turn, it is really ready to get behind the technology. Estonia has used blockchain to develop a residency programme with the help of which any person in the world can apply to become e-resident of Estonia.

Education and collaboration will get a hike

The Blockchain is a new invention, a new technology, advancement of technical science but education to the students is still the biggest challenge. There are issues around security, as we saw this year Ether was hacked. Companies cannot get to an end just by a little bump in the road. Instead, they need to learn from other companies how do they protect their data and secure them with the watch of hackers.Early adopters are going to be the one who gets the most benefit out of the technology. Organizations need to understand how they can use blockchain if they are to realize its massive potential.

 


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Blockchain

What is Blockchain in Simple Terms?

Blockchain is a technology, a way for an internet user to repatriate an ultimate piece of digital property to another internet user. But, the repatriation is purely safe and secure; everyone is known about the fact that transfer has taken place, still, nobody can challenge the validity of transfer took place.

Well, with the help of Blockchain, many people can write the entries into a record of information, and the group of users can access and control how the record of information is changed as well as updated.

Blockchain technology is launched in 1991, but it was not used properly and then in 2009 SATOSHI NAKAMOTO made cryptocurrency by using Blockchain technology. The Blockchain is a Distributed Database which comprises data of thousand and lacs of computers interlinked. The Whole database of blockchain is encrypted which means each data present in blockchain is fully confidential.

Blockchain posses a technology known as fault tolerant which means when some computers fail to function then too blockchain keeps their data confidential and secure. The Blockchain is a public ledger and it is not used for the sole purpose of currency transaction but it can be used anywhere where there is a need of mediator for trust, faith and guarantee.

Miners which helps in validating new transactions, connecting in existing Blockchain, broadcasting of updates.

Bitcoin block consists of three elements which are Data, HOPB, HASH

Data consists of the amount sent by a person to another person, the HASH value is a unique identity. By using HASHES we can detect changes in blocks and HOPB is previous block’s HASH value, which is why Blockchain is considered to be the safest means of transactions record.

Proof of working in BLOCKCHAIN, how it works. Suppose there is new transaction took place like Ram has to pay 50 INR to Shyam. Now both the parties wanted to record this transaction into Blockchain then it can be recorded by miners using private keys and public keys. These keys are string of numbers which are of 256 bytes. Miners also have their financial motives behind updating of this transaction into Blockchain.

To make fake block valid hacker needs to calculate every block’s poof of work which is impossible.

Blockchain is Decentralised network, block chain is used under peer to peer network

In nutshell suppose if someone made a new block, then the new block will be broadcasted in blockchain then each node verify whether block updated is valid or fake. If a new block is valid then it will be added to blockchain and if fake then it will be removed from the blockchain.

Suppose you want to register your new plot with the registrar. Now registrar is providing you with a certificate that you are the exclusive owner of this property. In future blockchain will reduce this paperwork. The concept which is launched is that you can directly update your transaction with the help of miner on blockchain and if every node accepts and approve it then it will be updated on blockchain and become a public document. But it will always be safe in blockchain, no one can hack it. So this way transaction took place and recorded in blockchain and a chain is created of new transactions or blocks.

 


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Blockchain_retail

Blockchain in Grocery Retail

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Category : Blog

With the dawn of online market, grocery retail stores have almost lost their existence. They have seen a tremendous downfall in the last 5 years. In America alone, more than 2000 stores have been closed down due to the rise of online market.


Major portion of our population is covered by Millennial. This is the generation who finds it hard to walk down to a grocery store for a monthly shopping. They want everything fresh and instant. This generation is the major user of online shopping and doesn’t believe in stocking up the grocery. This has given rise to the ‘retail apocalypse’.


We have witnessed a tectonic shift in the consumer buying habits and expectations and grocery stores are working hard to fulfil them. They have moved towards the use of blockchain technology to grow with the technological world.

Application of Blockchain in Grocery Retail



Transaction

Retail grocers’ wants to stay in the competition for which they are leaving no stone unturned. They are adopting everything from keeping high-end stock to implementing every payment method from cards to digital wallet.

transaction_blockchain

However, the current situation with intermediaries charging fees for transaction processing, whether it is a bank or card companies, the complete process is complex. Blockchain comes up as a boon to streamline this.


Blockchain based payment systems eliminate the intermediaries (banks and card companies), reduces the paperwork, guarantee payment information integrity and thus develops the trust among the users and the merchants.

Supply Chain

The supply chain in the present scenario is not proper. The local producers struggle to get on to the shelves and the bigger players dominate the whole market. In fact, logistic supply chain management has also become the next most promising area.

supply_chain

Blockchain technology comes with transparency. Integrity in supply chain management is a must. A block chain based supply management offers control over how, when, and where the product has been produced, transported, delivered, stored and presented to the customer. Thus, provides complete integrity and transparency to the whole chain.

Shopping Experience

Millennial today, are curious to know the story behind each and everything. Blockchain will let you know the complete chain of any product and its parts from where it grown to how they have received it. This will enhance their shopping experience and will be better than any other sort of advertisement.

shopping_experience

Further it will increase the loyalty program as once the product has been purchased by the customer, his ownership will be recorded in the blockchain. It will leverage both the user experience and the brand equity. Also, consumer will get the option to transfer their loyalty points across different brands. Isn’t it just wow!!