What is IoT?
Internet of Things (IoT) is an ecosystem of connected physical objects that are accessible through the internet. The ‘thing’ in IoT could be a person with a heart monitor or an automobile with built-in-sensors, i.e. objects that have been assigned an IP address and have the ability to collect and transfer data over a network without manual assistance or intervention. The embedded technology in the objects helps them to interact with internal states or the external environment, which in turn affects the decisions taken.
How does IoT work?
Devices and objects with built in sensors are connected to an Internet of Things platform, which integrates data from the different devices and applies analytics to share the most valuable information with applications built to address specific needs.
These powerful IoT platforms can pinpoint exactly what information is useful and what can safely be ignored. This information can be used to detect patterns, make recommendations, and detect possible problems before they occur.
For example, if I own a car manufacturing business, I might want to know which optional components (leather seats or alloy wheels, for example) are the most popular. Using Internet of Things technology, I can:
Use sensors to detect which areas in a showroom are the most popular, and where customers linger longest;
Drill down into the available sales data to identify which components are selling fastest;
Automatically align sales data with supply, so that popular items don’t go out of stock.
The information picked up by connected devices enables me to make smart decisions about which components to stock up on, based on real-time information, which helps me save time and money.
With the insight provided by advanced analytics comes the power to make processes more efficient. Smart objects and systems mean you can automate certain tasks, particularly when these are repetitive, mundane, time-consuming or even dangerous.
Need of Databroker DAO
Today, IoT has a market of 600 billion USD worldwide, which includes buying, selling, installation and maintenance of sensor data. Well, there’s a substantial contribution of software packages that are acquired for interpretation and data enrichment. By the way, this investment generates data, which is then used by the sensor data owner for prima usage or it gets enhanced with value-added comprehension and re-traded. DataBroker DAO is actually the maiden attempt to bridge the gap between sensor data owners and potential consumers; and they do it making the most of telecommunication infrastructure, running all those sensor networks based on SigFox, LoRa and GSM.
What is Databroker DAO?
DataBroker DAO is the first marketplace to sell & buy sensor data. As a decentralized marketplace for IoT sensor data using Blockchain technology, Databroker DAO enables sensor owners to turn generated data into revenue streams. This will open up a wealth of opportunities for various industries. Data will be used and become more effective.
This has been designed as the marketplace for data sensor of IOT. The platform is meant to connect data sensor owners with data sensor consumers without any hindrance in-between. And, they do it utilizing telecommunication infrastructure, who run sensor connectivity networks based on LoRa, GSM and SigFox. The creators and managers of the project are aiming to rise as the second marketplace for Internet of Things sensor data. Little do you know that DataBroker DAO is also referred to as Amazon and eBay for Internet of Things sensor data.
How Databroker DAO works?
The key goal of this project is to launch distributed marketplace for IoT sensor data, which will further abridge consumers and owners of sensor data onto a single platform. The entire system is supposed to be running in blockchain, involving sensors owners, network owners and data processors as well.
Today’s businesses are aiming for something more and advanced. Most of them basically want sensor data to enhance all their operations. The consequence is a single purpose data network. DataBroker DAO is simply aiming to allow everyone and anyone to access these data, including an individual, organizations and entrepreneurs at a low to lower cost. They project is aimed to bolster the mankind to a truly ‘smart living.’
In another bright example, let’s suppose there are farmers, wanting to buy sensor data to have a look at the weather forecast for a particular region. Farmers can make the most such information to help them plan a fruitful harvest. This eventually can bring higher revenue into a particular market. Little do you know that 9 billion IoT sensors are currently active worldwide. Out of this number, mostly are under full-swing utilization and they are worth 600 billion USD across the world market.
Who will benefit from this project?
A wide range of parties will benefit greatly from this platform:
Sensor owners
Are able to monetize their data and turn a sunk cost into a potential money maker and at least the opportunity to recoup some of their investments in IoT sensors.
Network operators
Gain scale and speed in the adoption of their network as connected telcos can present a win-back to their enterprise accounts, a clear USP.
Sensor manufacturers
Can stop the “race to the bottom” for production and pull resources and capital out of manufacturing and allocate these to profitable SaaS offerings.
Smart city initiatives
Can limit the upfront cost of populating the town with sufficient sensors and turn the expense into an investment with a 2–3 year payback period and a continuous income stream after that.
Agricultural sector
In the Agricultural sector in Belgium today, 10% of farmers are “techie”. They deploy sensors include for wind, temperature, barometric pressure, humidity, PH level in the soil. The platform will provide the possibility to recoup some of this cost.
Academics
Can get access to thousands of sensors and can buy data directly and more cheap on the marketplace, cutting out established data providers.
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