The realization of the necessity of an interconnected system that leverages the Internet to make things easier revolutionizes the way we live. It led to the creation of IoT, and although the term is 16 years old – the concept dates back to the 70s. Previously known as “Embedded Internet,” the term IoT was coined in 1999 by Kevin Ashton.
A Comprehensive Overview of IoT, Big Data, Cloud Computing
Today, IoT is the primary source of big data collection. The analysis and processing of this gathered data have given numerous modern analytic solutions. IoT is also the main reason for innovation in the modern world, with more robust information. It has given rise to new business opportunities.
Today, IoT technology has given a new meaning to the world “Smart.” By forming a relationship with other technologies like cloud computing and contributing to them in terms of information, the IoT technology helps new businesses and old ones in terms of growth.
Cloud computing advances processes and data analytics
For example, cloud computing has been advancing processes and data analytics in an economical and scalable manner. Such empowering capabilities are being provided to brands by the generation of Big Data through IoT.
Moreover, IoT is also responsible for generating analytics solutions that, without Cloud, were costly and complicated due to a complex infrastructure or architecture and storage and processing requirements.
Since the IoT was a data-driven technology, it contributed significantly to Big Data, influencing various velocity, accuracy, and reliability domains.
In a nutshell, the IoT is the future of businesses and lifestyles. With the integration of Big Data and Cloud, more innovative digital solutions that consist of better, more advanced analytics and data-oriented decision-making characteristics are becoming increasingly possible. Since IoT is a vast and continuously evolving field, it is getting difficult to understand the technology and its benefits.
So, in this article, we’re going to explore a comprehensive overview of What is IoT? We will explain the relationship holistically between IoT and Big Data and IoT and Cloud. We will also cover some of the advantages of using IoT integrated Big Data and Cloud computing.
What Is IoT?
IoT or the Internet of Things is generally a network that is interconnected with physical objects. The physical objects in the term “Internet of things” are defined by “things.” These things or physical objects are integrated with IoT sensors, software, and various other technologies, which enable them to exchange data quickly and efficiently by utilizing the Internet.
Additionally, interconnected systems such as digital machines, computing devices, physical objects operate automatically and exchange data quickly over the Internet without a human to human or human-to-machine interactions. This constant change of information also fosters machine learning and information collection.
For example, consider the Internet of things as a person with a sugar monitoring implant or a plan with a malfunction alerting system. In both cases, the system can inform the person or the driver of the potential damage before it occurs.
Every man-made or natural object can be assigned an IP address within the system to enable constant information exchange. This constant interchanging of information or data falls under the framework of IoT.
Moreover, the constant research, implementation, and up-gradation of IoT technology has led us to develop more advanced mechanisms through which data can be processed.
We have created an inexpensive sensor and excessive communication techniques through which billions of devices get connected and share information. Soon the automation will begin, and machines will join human users.
Speaking of the industrial implementation of IoT, several industries adapt to this new innovative technology to bring precision, accuracy, reliability, and efficiency to their processes. The term industry “Industry 4.0” literally refers to the implementation of IoT in industries that bring industrial revolution.
The following industries have adapted to IoT technology:
Automobile industry
Global positioning systems (GPS) can be an example of IoT in the automobile industry. Also, there can be several technologies that, when integrated with automobiles, can help in avoiding accidents.
Manufacturing Industry
Manufacturing industries around the world are utilizing IoT to streamline and manage their manufacturing process and equipment maintenance.
Agriculture Industry
Smart water pumps, irrigation systems, chemical levels, and pesticide volume monitoring systems can boost production and quality in the agriculture industry.
Healthcare Industry
Integration or lifesaving technologies within the healthcare sector will help improve patients’ quality of life and ensure their health through constant monitoring.
Smart Buildings & Homes
Smart heating systems, automatic door locks, more advanced security features, and intelligent/smart lighting are some examples of the IoT being implemented in the real estate industry.
Moreover, IoT’s cloud connectivity feature enables engineers and developers to work on IoT systems and products, which enable quick and efficient engineering and development.
This process is further influenced by the network of information that IoT gathers. This ability of IoT takes it to the next level. Also, IoT’s disruptive role in giving rise to sustainable technology is worth mentioning.
IoT is constantly exchanging information, which means the technology is continually gathering valuable data and insights through interaction and reaching out to the world.
Also, the information collected by IoT is not limited to the devices owned by companies or organizations. This process includes every personal device, as well.
The IoT, Big Data & Cloud Computing
The relativity and interconnectivity of IoT, Big Data, and Cloud are used by thought-out business leaders/entrepreneurs globally.
These entrepreneurs understand the innovation and competitive edge IoT brings to the table, so benefitting from them has become necessary for businesses.
Moreover, the Internet has become a part of our lives. We want our devices to stay connected to the Internet to stay connected with each other.
This approach gives IoT a strategic advantage because internet connectivity is becoming increasingly important in the modern world. Today, nearly every personally or professionally bought device gets connected to the Internet instantly.
Moreover, digital transformation requires several devices to be connected to the Internet to share data vital for systematic and seamless communication that reduces gaps and improves productivity.
The data transferred is gathered by IoT for analysis through which patterns and inclinations are determined to improve the system’s performance.
Moreover, Cloud computing in IoT acts as a central hub for all IoT-enabled devices. Cloud connects all IoT devices and gathers data from them quickly. The technology stack involved in the process includes an infrastructure, servers, and storage where all the data is stored. Cloud computing also allows users or workers to access data whenever required.
The Relation between IoT and Big Data
Cisco estimated the IoT to generate 500 zettabytes of data yearly. This massive volume of data will increase in the upcoming years as more devices will connect to the Internet. To give an accurate number of the volume of data collected per year is extremely difficult to comprehend.
The type of devices connected to the Internet will include machines, smartphones, cameras, medical sensors, and smartwatches the list goes on. These devices will gather, analyze, share, and transmit data in real-time.
However, IoT’s primary purpose is to collect data, save, and process it. If the technology is deprived of data, its core functionality and capability will be compromised.
Moreover, according to research by IDC, there will be an estimated 41.6 billion devices connected to IoT that will generate approximately 79.4 zettabytes of data in 2025.
Importance Of IoT Big Data
IoT’s data-driven approach is hugely beneficial for the industries, which is why several businesses are opting for implementing IoT in their organizations. However, IoT’s main advantage is its collection of data, precisely where Big Data comes into play. Big Data analytics plays an essential role in IoT since it analyzes the data generated by IoT-enabled devices, which is later used in making more informed decisions.
Another main advantage of Big data in IoT is that it gathers a large amount of information in real-time and saves it for accessing later on using different storage technologies.
Here are the four main steps that IoT Big Data follows to process and analyze the gathered data:
A massive amount of unprocessed data is gathered by IoT-enabled devices and stored in the big data system. The data collected by IoT depends on the 3V factors: volume, velocity, and variety.
The big data system then saves a vast amount of data in big data files in a shared database that the users can access to retrieve information.
The big data stored is now analyzed using different analytic tools.
A report is generated from the analyzed data.
Because there are billions of devices connected to the Internet from which IoT is gathering and saving unprocessed data, super-fast analysis with large queries are required to gain insights from the data stored. Here the need for Big Data in IoT cannot be denied.
The Relation Between IoT and Cloud Computing
IoT and cloud computing are essential to one another because they work together to provide quality-oriented technical services. Both technologies may have different usage from each other. Still, they both are often considered as an integral part of each other and the components that lead to an overall better IoT service.
The relation between IoT and Cloud computing is simple; Cloud computing helps IoT store the data it has gathered. Moreover, cloud computing also gives users the advantage to access data wherever they are. Since the massive amount of data being collected by IoT requires quick saving – Cloud is the best and most efficient option.
Cloud computing is also highly cost-effective compared to other mediums of saving data, and It supports data saving, processing, analyzing, and monitoring in real-time.
Benefits of The Trending Trio (Big Data, Cloud, IoT)
The trending trio Big Data, IoT, and Cloud are considered to be an example of a perfect partnership. There are numerous advantages and benefits of utilizing these technologies to improve and reshape an organization’s operational efficiency. Here are some benefits outlined below:
Cloud-Based Solutions Provide Scalability
Cloud-based solutions are the best way to meet the needs of Big Data hosting and analytics. You can conveniently expand sever capacity or hardware resources whenever necessary, and you can also expand your big data and data analytics.
Big Data & Cloud Can Store Massive Amount of Data
Big data and cloud data can conveniently store vast amounts of data in a scalable manner. It also helps in processing and improving data analysis. Also, the lack of physical infrastructure needed to set-up big data, IoT, or Cloud leads to significant cost-effectiveness and no maintenance or support worries.
Improve Analysis, Access, Security & Review of IoT Devices
IoT, big data, and Cloud enable you to be on the edge of processes and access data quickly whenever you need it.
Since too many devices can put a strain on the Internet – these intelligent devices send data to servers for processing instead of sending them to central servers. Additionally, using IoT also gives you the advantage of improved security because data is continuously being synchronized. Any security breach gets detected immediately.
Built-In Resource Management Applications
IoT, big data, and Cloud consist of built-in management tools that help you manage your resources, processing operations, and adding value to your business through sufficient storage.
The Future of IoT Technology
IoT technology has been around us for quite a while now. Constant up-gradation, research, and bonding with new technologies have enabled it to become more improved. According to Gartner’s study, the IoT market is expected to be worth around $4 trillion by 2025.
Also, with the 5g technology becoming increasingly accessible around the world and new and more advanced smartphones and devices popping out each year – it is evident that IoT will continue to grow in the future.
IoT-enabled devices’ industrial implications have also taken a dramatic turn. We can expect unique innovations and possibilities of other usages of IoT to be discovered soon.
As of now, the medical, logistic, real estate, and several other industries are already leveraging the technology to improve efficiency, store important data, and boost growth by analyzing data.
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London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Radek Zielinski
Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
Deanna Ritchie
Managing Editor at ReadWrite
Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!
Deanna Ritchie
Managing Editor at ReadWrite
Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.
