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Exciting Applications of IoT Route Optimization for Truckers

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The Internet of Things (IoT) is starting to cause massive positive changes throughout the logistics industry and for individual truck drivers. Many applications for the IoT in logistics can verify where certain deliveries are at any point in the supply chain and if any issues crop up.

Then, the IoT improves trucking by showing drivers optimized routes for getting deliveries to their destinations on time. Such details can prevent them from getting frustrated by traffic backups, accidents, or other mishaps.

The IoT can also give more visibility into what’s happening on the road. That’s vital — especially since a single truck accident could cost $74,000, according to one industry source. Here’s a closer look at why the Internet of Things is a game-changer for trucking professionals and route optimization.

Getting More Insights Into Driver Behaviors and Feelings

Having a driving-based career can be stressful. Even if someone carefully follows all the rules of the road, they still have to contend with everyone else potentially getting distracted, becoming upset, or completely ignoring the best practices for safe driving. Of course, even the safest drivers aren’t perfect, so they could also find distractions.

The IoT improves trucking by showing people more details about how drivers feel. One French automotive tech company even released a product that tracked drivers’ heart rates, giving clues when they might be stressed and need a break.

Dispatchers could use that information in route planning. If a driver registers a long period of an elevated heart rate, the person in charge of routing might suggest pulling over at a gas station or ending their shift early.

Using the IoT in logistics also highlights driver behaviors that could impact routing. Thanks to IoT sensors, the person overseeing routing could notice a driver taking longer at each stop than most of their peers or having a higher percentage of idle time. Those are two things training and coaching could improve. Additionally, such behaviors may mean the driver who shows them may not get scheduled to handle the most-urgent deliveries.

People in many roles — within and outside of trucking — often bottle up their feelings and don’t mention if they’re under too much pressure until the situation feels nearly unbearable. However, IoT sensors could reduce such issues by making people more aware of what’s happening. That could mean drivers get sensor data confirming they’re under too much stress, or dispatchers might notice particular red flags.

Shortening the Time Needed to Get Emergency Servicing

Keeping an industrial fleet running smoothly means knowing the correct times to perform certain upkeep activities. Cleaning a truck’s diesel particulate filter is a good example — that should ideally occur every 50,000 miles (tompsontrucksource dot com) or once per year. Otherwise, the vehicle is at risk of engine failure and costly downtime.

However, even the most well-maintained trucks could break down without warning. IoT sensors tend to reduce that likelihood by making people aware of issues earlier.

Researchers also proposed another option, examining how the IoT could make roadside assistance services more efficient. This technology could give crews information about stranded vehicles before arriving at the scene and provide routing details to reduce the timeframes associated with receiving assistance. 

The results indicated that such a service would increase customer loyalty and satisfaction among those using it. That makes sense, especially considering how upsetting it can be to deal with vehicle breakdowns.

Those same issues can make life incredibly challenging for professional truckers who must meet tight deadlines. Similarly, using the IoT in logistics like this could prevent vehicular failures contributing to perishable-good spoilage or causing essential items to arrive late.

A vehicle’s onboard IoT sensors could also guide a driver to the closest service center once they detect a problem needing urgent attention. In such cases, IoT technology typically works with artificial intelligence (AI) algorithms. It’s then possible to predict that a component will fail soon, giving people time to address the matter.

Since truckers often cross state boundaries and country borders during their routes, they probably won’t know the closest places to go for vehicle servicing. Connected sensors could show them the nearest options and send information about a vehicle’s problem to the service provider before arrival. The IoT improves trucking by providing relevant and timely information.

Seeing How the IoT Improves Trucking Efficiency

Statistics from April 2021 showed 30% of global customers expect deliveries to arrive within 24 hours. Additionally, 46% of people want their goods to come two to three days after ordering. It’s undeniable that individuals in today’s society have high expectations for delivery times.

How things turn out is not solely up to the truckers who bring the items to people’s doorsteps. After all, there are other parties handling the goods as well. Even so, using the IoT in logistics can give people more control over some parts of the process.

A Berlin-based company called LivingPackets shows how the IoT could make shipping and deliveries more sustainable. It’s a packaging-as-a-service company selling connected, reusable containers as alternatives to traditional options.

Recipients and merchants can track parcels every step of the way due to IoT connectivity. An app shows each part of the delivery process, making it easier to track when and why something went wrong. A person can also use an app to change delivery details on the fly. That’s because each container has an electronic-ink screen, allowing the quick updating of information.

Suppose a recipient forgets to add delivery instructions or remembers they’ll be at the office rather than home on a particular day — they can go to the app to specify those things. Such information helps truckers work more efficiently, particularly when handling last-mile deliveries. 

Reducing the Effects of Traffic Congestion

Efforts to apply the IoT in logistics and trucking often relate to safety. For example, Ford recently began testing a sensor setup that creates a virtual boundary (iotworldtoday dot com) where a driver can only navigate at certain speeds.

For truckers, staying within the speed limit keeps themselves and everyone else safer. However, speed is often necessary for other professionals who spend significant portions of their time on the road. Such is the case for first responders.

Researchers explored how the IoT could be instrumental in guiding ambulances and similar vehicles to their destinations so they encounter minimal traffic congestion. Their solution relied on the connected sensors receiving live traffic updates. However, there was also an aspect where everyday individuals use an Android app to provide crowdsourced information about traffic backups.

This approach uses geotagged sensors placed at strategic intervals along the roadside. They continually collect information to detect the amount of traffic at any given time. The people working on this project suggested the outcomes could help improve emergency services response times in smart cities.

It’s easy to see how this idea could expand to include truckers, too. If people want their parcels to arrive on time, they might be especially willing to contribute to a crowdsourcing app helping it happen.

Applying the IoT in Logistics is Worth Consideration

Using the IoT in logistics is not something people should expect to do successfully in a matter of weeks. People must have enough time and financial resources to help such projects pay off. Getting feedback from truckers is vital, too.

The examples here show how the IoT improves trucking. These outcomes will be most impactful when they directly connect to identified challenges professional truckers face.

Featured Image Credit: Provided by the Author; Zetong Li; Unsplash; Thank you!

Emily Newton

Emily Newton is a technical and industrial journalist. She regularly covers stories about how technology is changing the industrial sector.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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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.

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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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