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Key Developments and Trends in the Internet of Things (IoT)

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Key Developments and Trends in the Internet of Things (IoT)


The Internet-of-Things (IoT) continues its expansion across the economy, reshaping whole industries. Current trends are expected to continue, and some new trends will emerge. The IoT is likely to enter the healthcare industry and continue to expand in the remote work sphere. More IoT applications are expected to provide benefits through higher productivity and efficiency. This article considers the top 10 trends in IoT technology and its impact on the world.

More active penetration of IoT into the retail sector

E-commerce has been growing immensely, winning its market share in the retail industry. Due to globalization and technological developments, the retail industry has shifted dramatically from brick-and-mortar supermarkets and malls to online shopping or e-commerce. In the coming years, we are likely to see even more innovation in the sector sparked by the development of the IoT. Amazon is about to offer a model of fully integrated supermarkets. Automation of the spread of the IoT is expected to continue and even accelerate in the upcoming years.

More growth in remote working driven by the IoT

One key trend related to technology is the rise of remote working. An increasing number of companies shifted to remote work. However, productivity suffered due to the shift to remote working, and communication issues resurfaced. This is where the IoT comes in. Many companies already apply the technology, and the trend is not limited to tech companies. The IoT allows businesses to increase efficiency and productivity through more cooperation and better operations control because of increased automation.

The IoT and healthcare sector

Another trend associated with the IoT is its increasing influence on the healthcare sector. Last year the technological revolution expanded in the industry due to new and unprecedented challenges in the healthcare system. This is represented by increased automation in the sector. Next year we will likely see the continuation of the IoT spread into medicine. This may include more automated medical devices and innovative data management. Therefore, investment in the IoT in health care will likely substantially increase in the years ahead.

The rise of “smart building” technology in the construction industry

The construction industry is also likely to be affected by the IoT. In addition to 3D models, the IoT is expected to transform industrial operations and change safety standards. Next year we are more likely to see a shift in the industry toward more worker health and safety. The IoT is expected to help construction companies create a more protected environment without hurting financial results. New technologies will comply with strict work safety standards and will be cost-efficient at the same time.

IoT and the Smart City

The concept of “smart city” is getting more popular today. More and more cities have embarked on this idea and invested heavily in smart city projects. The concept is closely related to the IoT, which can be used to monitor traffic or public transport effectively. In addition, the IoT can handle sustainability, which is also part of the Smart City. The IoT can monitor and run electricity in homes to improve efficiency and accelerate the use of smart homes. Furthermore, the concept is in its early years of development. Even more progress will likely occur as more digital solutions will appear further to improve the IoT and the Smart City concept.

Edge computing and the IoT

Edge computing is another trend likely to happen in the coming years. The edge is also associated with the IoT and big data, specifically. The IoT will help accelerate the development of edge computing and its use in data management and cloud space. Edge computing will enable electronic devices to gather and analyze the data they possess instead of exchanging with clouds, thereby improving speed and reducing costs. The IoT is an integral part of the trend in edge computing.

IoT and the big data

Another trend to see is the rise of big data driven by innovations and the growing applicability of the IoT. The influence of the data has already increased massively over the last decade. This trend will likely continue and intensify in the coming years. In this case, the IoT is the engine of the data revolution that drives growth and expansion by powering new devices and facilitating big data gathering and data management.

More expansion across industries

The IoT emerged from smart homes and smartwatches, but its applicability is not limited to only electronic futures from the electronics industry. The IoT is likely to expand in other industries and bring more innovations. Furthermore, the macroeconomic instability in the aftermath of the pandemic and increased pressure on healthcare will bring more innovation to the industry. The same is true for other industries, as more competition will ignite the spread of the IoT across the economy.

The exponential expansion of “smart homes” that is driven by IoT

Millions of smart home devices are already, and this trend is expected to continue. The IoT is almost everywhere in the space. Whether it is Alexa, Nest, or any other device used in the smart home, it is driven by the IoT. Next year will probably bring even more speed and innovation to the sector.

The IoT and digitalization

The IoT is closely related to digitalization. Over the last decade, the digital economy has flourished spectacularly. This trend is expected to continue in the future. The IoT is almost a perfect solution for building digital twins. The trend for more digitalization will likely continue in engineering, construction, and architecture.

Featured Image Credit: Provided by the Author; Pexels; Thank you!

Anna Clarke

Anna Clarke is the owner of the online writing company 15 Writers. She is a successful entrepreneur with over 20 years experience in freelancing, academic dissertation writing consulting, specializing in Business, Economics, Finance, Marketing, and Management.

Politics

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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