Significant revenue opportunities exists among businesses with access to critical connected device data. The data captured and more importantly, the new insights gained from processing that data through business intelligence and AI, will create entirely new revenue models. I made a similar statement before in this article. However, I believe we are getting a step closer to this reality at scale through the introduction of blockchain with the IoT.
Some industry experts are referring to the blend of blockchain and the IoT as “the next generation of the internet.” Through Blockchain’s key characteristics of encryption, security and consensus, it creates entirely new opportunities. As the article below stated,
The result of these elements working in unison is collective network updates and an accurate data set at all times. So, by providing an untenable network security, blockchain can provide a solid ground for IoT to interconnect reliably, greatly reducing the threats that compromise central server models. Since the incorporation of cryptographic processes provides security to the decentralized control of blockchain, it makes the IoT ecosystem more scalable and productive.
One company pursuing this blend is Streamr who is promoting a term, “data-stream economy.” I find this term very powerful. From a business perspective, data is the new digital gold. In its raw form, data has some level of value. But once molded and refined through business intelligence, AI and machine learning, the resulting insights create entirely new opportunities to create value. The video below provides a brief introduction to the opportunity that will exist for real-time data streaming. Imagine the possibilities! I’m super excited to watch this space.