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Every IoT Business Should Know About the Pillars of Sustainability – ReadWrite

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Zaheer Dodhia


The Internet of Things is a pretty hot topic these days, for a variety of reasons. First, the internet favors IoT, especially in light of the online trend that has spiked in the past year and a half. Also, there seems to be an endless supply of new ways to put the internet to work on behalf of us all, whether for a corporation, a small business, a supply chain, or an individual. But, do you know about the pillars of sustainability?

Every IoT Business Should Know About the Pillars of Sustainability

The three pillars of sustainability — economic, social, and environmental sustainability, (aka profit, people, and planet) — outlines the goals which companies seek. Thus, truly sustainable business models are built on all three pillars, rather than just one or two.

The more a business employs practices that use all three, the more it reaps benefits and progress.

The pillars of sustainability are like taking care of your health on multiple levels. If you eat well, exercise, and go to a doctor for regular checkups, life will work out better for you than if you do just one of those things.

Sustainability is important for businesses that employ IoT since it evidently isn’t going anywhere. 

There were almost 9 billion IoT devices worldwide in 2020, and that number will rise to more than 25 billion in just ten years. A variety of companies are already using IoT devices, but there are plenty of projected uses for the future. And for a company that wants to thrive and grow, the future involves sustainability.

Environmental Expansion

Of the three pillars of sustainability, environmental expansion is perhaps the most currently discussed, especially related to IoT. 

Global warming and the rise of natural disasters draw more attention in the news, one can expect the environmental impact of businesses will be subjected to public scrutiny. The good news is that IoT can be part of your business practices in a way that reduces footprints and contributes to a sustainable cycle.

For example, Rami Avidan, the managing director of Deutsche Telekom IoT GmbH, pointed out how the ever-rising food services industry — including supermarkets and cargo companies — would benefit from increased use of IoT to control temperature during transportation and storage, pinpoint location, and send information about the condition of the products. This one process would help at least a 7% drop in food waste. Why not do it?

That may not sound like a lot at first. However, over time, it would add up considerably. Not to mention that advancing IoT technologies and information sharing could continue to cause the number to rise.

Either way, customers like companies that can honestly claim a reduced environmental footprint. This means that IoT not only saves money for companies, it also provides a great basis for marketing.

With that saved money and free marketing, businesses can reinvest and continue growing while being part of the sustainability cycle.

Whether it’s a question of using IoT to help predict the best way and limiting the fuel used for company vehicles or freight; leveraging IoT to maximize tech use, or recycling used computers to boost your company’s sustainable reputation further, IoT can be adapted to make your business more sustainable at every level.

Economic Impact With IoT

The economic impact of adopting IoT is probably first on the list for most businesses. Business owners and managers are always searching for ways to reduce their overhead and maximize profits — that’s just good business.

What do IoT businesses need to know about this sustainable economy pillar? And why is it important?

Economic Impact of IoT

The economic impact of IoT is made up of a combination of minimizing outgo, maximizing information resources, and creating additional income streams. How businesses achieve goals depends on the individual enterprise and how IoT integrates their practices.

For example, in a subscription-based business model, instead of offering a one-time sale to a customer, the company offers a discount based on a monthly or yearly subscription. Thus, the longer your customer is willing to remain with your company, the better it is for both of you.

IoT for Meaningful Data Sustainability

Incorporating IoT data in your business model gives you deeper, more meaningful interaction with your customers. This means that you can offer services based on their needs, which boosts the likelihood of continuing to stay a customer. That’s one way that IoT can help grow revenue for a brand.

Another example involves saving money based on utilization of asset tracking, management, and conservation of employee hours. Again, Amazon is a notable example of this.

With the sheer number of warehouses and products that the retail giant has to keep track of and ship out, doing it all by workforce alone would be a significant expense. Amazon uses WIFI-enabled robots to select products and ship them out, incorporating QR codes to ensure correct fulfillment.

The massive database that Amazon maintains would be impossible to tract without IoT. In addition, IoT makes it possible for retailers like Amazon to sustain their rapid and accurate shipping and lower their overhead for employee hours.

Socially Sustainable IoT Business Practices

Bringing people into the mix can get messy for any business. Yet, people are a vital component and the mainstay of the second of the three pillars of sustainability.

Why IoT Need People

Why would IoT companies need to be concerned about the people involved? IoT is tech-based, right? The point is to automate information gathering and projections, not turn the data over to humans to collate.

But businesses don’t sell to tech — they sell to people. And in order to create a sustainable business, the audience has to be part of the equation.

Why IoT Needs to be Socially Sustainable

IoT is hugely useful for informing businesses of the target audience’s needs, desires, and goals. Not only for informational purposes of what products could fill a niche but also for elevating existing products themselves.

For example, responsive smart home features that accurately learn and predict the preferences of the homeowner. The better the IoT tech works, the more responsive the smart home device is, and the happier the individual. This all cycles back to better reviews, which translates to more customers. Sustainability is a cycle. Any business needs to remember that their actions now will impact the results they have later.

The man who coined the term “Internet of Things,” Kevin Ashton, pointed out how important the “people” pillar of sustainability is — it’s integral to the whole IoT ideal. In short, the IoT is about integrating the interconnectedness of human culture, our “things,” with our digital information system — the “internet.”

It’s impossible to discount the social sustainability principle. This is because IoT requires an audience from which to draw information. Not to mention that, without social sustainability, IoT becomes almost pointless.

Building for the Future With Sustainable IoT

There’s no limit to how sustainable we can get, and it’s impossible to arbitrarily declare a cut-off point. That’s it; we don’t need to think about sustainability anymore; we’ve done enough.

New companies will continue to launch;

Existing companies will continue to evolve; and

Technology, to better serve both of them, will always be on the horizon.

IoT technology is just one way to help companies to adapt and thrive. Within that concept are a million smaller applications, any one of which could make a difference to your company.

Image Credit: sergio souza; pexels; thank you!

Zaheer Dodhia

Zaheer Dodhia is a serial entrepreneur and Founder of LogoDesign.net, a SaaS company that offers brand designs. He has a deep understanding of business needs, search engine, and has expertise in graphic design, computer recycling, and technology, which have motivated him to spearhead several online projects including ZillionDesigns, and PCStore.com. He likes to cover topics like branding, graphic design, and computer recycling.

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


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.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


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.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


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.

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