Did you know that every second, 127 new devices get connected to the internet? Of course, we know this phenomenon as the Internet Of Things. According to research, 20.4 billion IoT (internet of things) devices will be online by 2020.
The emergence of IoT will revolutionize a lot of industries, disrupting the way we perceive and leverage different kinds of technologies.
The most promising yet unexplored aspect of this disruption is the car industry. We are already surrounded by cars that have Bluetooth capabilities, a touch interface, auto-driving mode, and an advanced safety system, and yet there’s still more to come.
Companies are opting for connected cars, and out of them, BMW is currently leading the pack. However, other automotive brands are not so far behind either.
The dawn of mobile applications gave rise to users demanding total control of the digital technologies they were interacting with daily.
And the innovators did just that – they started integrating different features into IoT apps for cars like parallel parking, touch control, and predictive maintenance. It is just a matter of time when mobile apps take total control of the automotive industry and revolutionize the way we operate cars.
So, today in this blog, we’re going to explore how IOT apps are influencing/changing the way we drive and interact with cars, and where these advancements are leading us.
Giving Feasibility to Drivers Beyond Expectation
Automotive IoT solutions will work in tandem with the emergence of the latest technologies in the industry. Driverless car technology is currently being widely explored and perfected and this will inadvertently lead to riders being more and more free during their commutes to interact with a legion of other tasks.
From business apps to IoT apps connected to your home appliances, cars can become the command center of our daily lives, making us ever more connected to the grid than ever before. Some of the technology currently being explored in this niche is being considered revolutionary, but it’s just the start for the things to come.
In 2016, Mercedes launched the Mercedes E-Class with remote parking – app-controlled feature.
Using this application, you can easily control your car’s steering and speed. This proved to be highly convenient for the drivers because they could now easily park their car and get out of even the most challenging parking situations with complete ease.
Another feasibility that mobile IOT apps have given us is the on-board diagnostics systems, also known as OBD-II.
These systems are designed to provide the drivers with all the necessary information to keep their vehicles running smoothly.
The information that is provided by the OBD-II system come on specific apps.
Interlinking IoT Applications and Cars
Though the term “IoT” or “Internet of things” was coined by Kevin Ashton in 1999, it didn’t become widespread until 2010 when Google launched its Streetview service. Fast forward, today, the global market of IoT is set to grow its market revenue to 1.6 trillion by 2025.
However, for now, automakers are laying the foundation of their connected cars using two methods: embedded and tethered. Embedded cars are equipped with an antenna and chipset, while tethered connections require hardware to enable drivers to connect to their cars through their smartphones.
Cars are increasingly becoming an extension of the digital experience.
Technology is shifting the way we interact with cars, and mobile apps are playing a starring role in the whole process. Cars are becoming more like smartphones, with several of their features being controlled by mobile apps.
Just imagine a possibility where you could literally operate your car with a touch screen instead of steering, or the car would be self-driving. Consider the example of Waymo.
Waymo is a self-driving technology development company that has been working on the self-driving car project since 2009.
According to business insider intelligence, Waymo was recently valued at $10.5 billion, and the company is expected to hold 18% of the share of the market by 2030.
Some other examples of popular consumer devices that may go through IoT implementations to get them repurposed for cars are TrackR and Bird.
The Emergence Of Connected Cars and Their Benefits
The IoT industry is rising. Even though it is only emerging, the industry’s total estimated worth will be around $82.79 billion by 2022. These stats and several other assumptions alone are enough to grasp investors’ and brands’ attention to investing in IoT app technology.
The following are some benefits of IoT app technology that can soon be leveraged by the automotive sector:
Vehicle Performance & Maintenance Monitoring
By leveraging a V2C connection, the driver can stay up to date with their car’s condition and core systems performance.
The core information is displayed on the user’s smart car’s app. The instant notification features can help prevent malfunctions and reduce the cost of maintenance.
Improving Control & Safety
This is a data-driven approach that gives you real-time monitoring of the car’s condition through a smartphone which further gives you the advantage of scheduling repairs to avoid more complex problems and breakdowns.
This means you have control of your vehicle, and you can easily identify the parts of the car that need maintenance urgently.
Ensuring A Safe Driving Experience
The V2X, V2I, and V2V technology give your car awareness of its surroundings. The car understands the infrastructure and road condition through which it automatically adjusts the car’s speed and direction.
This can significantly reduce the chances of accidents by creating a safer driving experience for the user.
An Affordable Solution
Although connected cars and IoT apps usage will cost you to some extent but comparing the fuel and time savings that this system will give you, it will prove to be a cost-effective solution in the long-run.
This Is Only The Beginning
The self-driving opportunity that AI will create will be the biggest leap in the automotive industry. Although new technology is still in the making, the US market for self-driving vehicles is set to increase to $36 billion by 2025.
This provides more automotive companies with the opportunity to learn and explore new ways for the integration of IoT apps to the driving systems of a car.
More innovations are already expected as we enter 2021 and IoT apps will genuinely play a vital role in collaborating with connected cars to take the transportation industry to a whole new level.
Fintech Kennek raises $12.5M seed round to digitize lending
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!
Fortune 500’s race for generative AI breakthroughs
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!
UK seizes web3 opportunity simplifying crypto regulations
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!