The Internet of Things (IoT) is one of the breakthroughs of the world. The applications of IoT can also be observed in the automotive industry. Like any other industry, this industry is also getting accustomed to the applications of IoT. Here we explain a few roles of IoT in the global automotive industry.
The overall investment in the automotive industry is only increasing. As per the latest predictions, this investment amount is expected to exceed $9960 million by 2025. In fact, by 2025, IoT will become an integral part of the designs of different car models.
If you’re still in doubt regarding the role of IoT in the automotive industry, it’s time you start learning.
1. Predictive maintenance
Car maintenance takes place in either preventive or predictive approaches. The predictive maintenance approach is more convenient. If you are previously aware of when your car may run out of fuel, then it’s easier to take action, and we cannot ignore the role of IoT here.
Achieving a predictive approach has become easier with the initiation of IoT. For example, by integrating IoT within a vehicle’s operating system, you can monitor different aspects of your car in real-time.
All the collected datasets can be utilized to predict how soon a car requires maintenance service.
Clearly, the integration of IoT helps your vehicle to stay in a much better situation.
2. Autonomous vehicle
Have you imagined how cool it would be if a vehicle could run on its own without any driver? Well, it would be great. Such a car is commonly known as an autonomous car.
A fully autonomous car has not been developed yet, but several manufacturers are in the process of launching one. Such a vehicle will be nothing less of a revolution. You must understand that the role of IoT is huge in manufacturing an autonomous vehicle.
In fact, semi-autonomous vehicles have already been in the market, and they help the drivers with activities like driving, parking, changing a lane, and so on. A semi-autonomous vehicle is much better at making spot-on decisions for your vehicle.
It is a proven fact that semi-autonomous vehicles can reduce the frequency of accidents to a large extent. That is because there’s hardly any room for human errors in such a vehicle. So you can clearly understand that the situation will get better with a fully autonomous vehicle.
3. Easy communication
This may sound new, but IoT can create easy communication between vehicles. This feature of IoT comes under the smart infrastructure category and is one of the most demanded technologies of the present era.
You may be confused regarding the aim of a vehicle to vehicle communication. So, let me help you out right here.
If two vehicles are connected, and information regarding route taken, speed, etc., are figured out, it is easier to stop any possibilities of accidents.
Under such a vehicle-to-vehicle communication, if two cars are accident-prone, both drivers will receive notifications about the possibilities, thanks to the role of IoT.
In fact, in a situation of urgency, the IoT system of your vehicle can take automated actions to stop an accident.
This communication, also known as V2V technology, can create the transport system of an entire city much smarter than it already is.
Also, autonomous vehicles are on their way to enter the market. So, if car owners are already accustomed to the V2V technology, it would be easier for them to adapt to autonomous vehicles.
4. Connectivity between car and smartphones
With IoT, you can integrate your car and smartphone. It is one of the best applications of IoT in the automotive industry. By connecting your car with your personal device, you can acquire three different types of facilities.
Firstly, predictive maintenance of your vehicle can improve a lot more with car and smartphone integration.
If you can get direct feedback regarding your vehicle through your smartphone, it would be easier for you to contact different technical service providers and get your car repaired. In some cases, you may even figure out about your car’s condition before it gets too serious. Such is the role of IoT here.
With IoT, real-time monitoring is also pretty easy. Moreover, with the help of IoT, exchanging necessary datasets between the car manufacturer brand and the buyer of a car has also become easier.
So, in many cases, the car manufacturer brand can also suggest the car owner regarding the vehicle’s maintenance from time to time.
The car owner or driver requires some perceptive information regarding the management of the car. With the smartphone and vehicle connection, you can manage your car through your smartphone, without any issues.
In that case, both vehicles and smartphones will be under the same network, and you can easily transfer datasets from one medium to another.
This is another major advantage of IoT integration in the automotive industry.
5. Monitoring driver’s activities
A driver is running the car, and it is necessary to keep the driver’s activities regularly. With IoT, it is possible to monitor the activities of a driver regularly. Furthermore, with IoT, collecting information related to driving style is easier.
Hence, the IoT system itself can predict how the driver is expected to approach an emergency, and accordingly, this system suggests driving protection tips for the driver as well. Let’s consider the example of car manufacturing brand Faurecia.
Faurecia had installed an active seat known as the wellness seat, where a driver’s heart rate will be under monitoring. That way, one can understand if the driver is under stress or lack of mental control. This way, one can stay alert from any future dangers.
6. Better security and surveillance
In an IoT-connected car, different external sensors are used. These sensors are installed in the form of rear-view cameras along with your vehicle. This means the drivers are highly protected.
These external sensors can easily keep track of the traffic. To add to this, it is also possible to assure that there aren’t any driving risks involved in this context. Collisions are also detectable in advance.
7. In-vehicle telematics
Both Google and Apple, the two biggest tech giants of the world, are currently in the way of bringing in-vehicle telematics.
They’re collaborating with various car manufacturers for the same. In addition, Google has already launched apps like Google Maps, Google Assistant, etc., for a better automotive experience.
However, these apps have some limitations. At present, these apps only function if the user offers instructions and connects their smartphones with internet connectivity. While this is beneficial, it can become better with IoT connectivity.
In the future, it is expected that these apps can run autonomously without the users operating them.
IoT is a disruptive technology that has already changed the way many sectors used to operate.
Now it’s time to transform the automotive sector. In this article, we have talked about the role of IoT in the automotive industry.
In our opinion, IoT integration is nothing less than a breakthrough for this industry. That day is not very far when IoT will rule the transport system of an entire nation. So, what are your thoughts?
If you have any inputs or questions you want to share, don’t forget to comment below. We’ll be in touch shortly.
Image Credits: inner article photos and top graphic provided by the author. thank you!
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!