Intro
The number of connected devices comprising the Internet Of Things (IOT) is expected to explode in the next few years. According to Gartner, the number of connected devices will exceed 20 billion by 2020. This exponential growth of IOT not only has many corporations and their CFOs trying to understand how it could impact future business plans, it is also has millions of potential entrepreneurs salivating at the revenue generating opportunities.
Depending on which technology analyst you ask, the size of the estimated IOT revenue opportunity is:
Gartner: $1.7 trillion by 2020
IDC: $1.7 trillion in 2020
McKinsey: $17 — $33 trillion by 2025
Cisco: $19 trillion within a few years
Where is all this revenue coming from?
The sensors and microprocessors installed in IOT devices have the capability to capture data, communicate, and meter and control usage. The services that can be provided surrounding those capabilities are endless and where the revenue lies.
OK I get it. Major corporations that sell the devices or receive the device data will be able to provide data analysis that will improve efficiencies (think smart home) and or provide more meaningful customer interaction insight. But you mentioned millions of entrepreneurs, how are they going to capitalize on this massive revenue opportunity? How will they get the money to purchase revenue generating assets?
Enter, MyBit
Startup, MyBit, is producing an opensource, distributed application platform utilizing Ethereum smart contracts and cryptographically secured blockchain technology to connect individuals to investors worldwide for the purpose of purchasing revenue generating assets.
MyBit will eliminate many of the financial barriers incurred by entrepreneurs by providing worldwide access to previously untapped capital from the masses and establishing trust between parties, enabling the unlocking and unleashing of IOT revenue streams.
Individuals list their required assets and corresponding funding along with the ROI for investors. Investors who like the ROI can fund the assets and receive a proportional ownership share of the asset and the corresponding revenue streams. The funds are controlled by a smart contract which handles the purchasing of the asset, the monitoring of the assets usage, and the distribution of the revenues. The smart contract also controls the agreed upon shutdown and liquidation of the asset in the case of underutilization.
While MyBit core functionality can be applied across many verticals, to any asset whose usage can be automatically monitored, the company’s focus is on renewable energy and AI / IoT assets, saying “our passion is to be at the forefront of the upcoming AI revolution.”
Conclusion
Armed with little more than a computer and a workable idea, MyBit enables individuals from around the world to connect with investors anywhere in the world to transform their ideas into reality. The opportunities are endless. The available capital is massive. And the power of connecting those two things is simply, mind-blowing!
For more information visit MyBit.io