Understanding the value of IoT data
Updated: Apr 29, 2021
In today’s world we know how to transact, how to buy something from a shop or buy online and it’s safe and secure. So when it comes to data why should we have to settle with only our in-house data. Why not have all the information to help make informed strategic decisions, help us to better understand the landscape to drive new revenue streams or be able to position ourselves stronger to succeed.
Buying and selling IoT data in a secure manner is essential to this, with an estimated 35 Billion IoT devices collecting data today, which will more than double in the next 3 or 4 years. With a global spend in 2020 which reached over $1.2T, utilising this data is essential. Why should companies not be able to purchase external data that may normally be dis-guarded, as today we only want the data useful to us. Buying and selling data is the next logical step in the IoT story and Blockchain is the answer to make this trusted and secure. Blockchain networks create tamper-resistant records of shared transactions enabling you to share and access IoT data without the need for central control and management. Blockchains are secured through a variety of mechanisms that include advanced cryptographic techniques and mathematical models and behaviours and decision-making.
The rise of the IoT data marketplace
From smart cities, oil and gas and telcos, organisations in many industries are realising to be truly competitive they need to look beyond internal data and explore external data, which offers an important source of useful data and insight. The IoT sector produces vast amounts of data that can feed into AI algorithms and applications that simplify everyday life.
Retailers can combine their data with anonymised smart city data or fleet data to help them determine the best locations for new stores and even the advertising style they should implement. IoT data gives a richer understanding of consumer behaviour which can feed directly into strategic decisions.
The farming industry could benefit from the additional data generated by drones or sensors, for example data generated by water companies scanning pipes over agricultural land. This data could prove to be vital for farmers looking for additional soil, wind and temperature indicators which will allow them to become improve efficiencies.
Why is an IoT marketplace needed?
The concept of an IoT data marketplace is the bringing together of data providers with data consumers. A marketplace is needed to provide security and confidence in transacting with this data. The IoT marketplace is all about creating value and new revenue streams, accelerating the maturity of IoT data exchanges and reducing the barriers to accessing it with the trust of blockchain.
What's your perspective of the market place?
The role of blockchain
Blockchain has experienced a lot of interest in recent years, with the link to cryptocurrencies, however the benefits of blockchain are relevant for many applications, especially for IoT. One of the main inhibitors of IoT data adoption is the security aspect, with a lack of trust around the security if IoT data. IoT data is often a popular target for hackers, given the nature of the data streams, coming from sensitive sensor data, critical processes and infrastructure.
Blockchain overcomes the security issue, bringing trust into all transactions through cryptography, recording data in a series of blocks with timestamps that mean the data cannot be altered or tampered with. Transactions using blockchain allow the whole transaction history to be viewed, securely recording details of who sold the data, who bought it and for what purpose, in the blockchain.
Does this mirror your perception of blockchain?
NEJAVI is a sales advisory and delivery service focusing on digital transformation and business process. By reducing the barriers to get access to data we can help accelerate the maturity of your IoT data making it more valuable, allowing more informed and strategic decisions broadening the data source.
Blockchain – a type of database that stores information in a particular way that differs from a standard database. Data is stored in blocks that are chained together in chronological order.
IoT data marketplace - The bringing together of data providers with data consumers. A marketplace is needed to provide security and confidence in transacting with this data.
DaaS – ‘Data as a service’ is a data management strategy using the cloud based storage, integration, processing, and analytics services via a network connection.
Cryptography – a method or protecting information and communications through the use of codes.