Internet of Things (IoT) innovations, benefits, improvements, and applications have become a major topic in the mainstream media space in recent years. The entire concept features the automatic cooperation of millions of different appliances within a global infrastructure.
The technology is nearly three decades old but its speedy development started recently. Some inventors take the Internet of Things idea to the extreme by trying to connect toothbrushes, toasters, and trash cans to the Internet. The network of ‘smart’ devices offers many advantages that aim to improve people’s daily lives.
The IoT concept is characterized by two defining features which are automation and connectivity. In the case of automation, the idea of IoT features direct communication between separate apparatuses, devices, and other hardware without any human interference. The Internet of Things provides enhanced connections within a single network on a global scale offering easy and quick access to a variety of information sources.
By looking at these features, IoT needs to employ many technologies to guarantee automatic data analysis, transfer, and response between many devices. For instance, automation cannot happen without Big Data, Artificial Intelligence (AI), and Machine Learning. On the other hand, connectivity is majorly facilitated by wireless communication technologies and cloud computing.
IoT comes with many benefits and shortcomings for businesses, individuals, and businesses. However, the technology is implemented and utilized differently in different places. In most cases, the benefits are integrated to some extent which means that one advantage leads to the other, which results in a chain reaction of multiple positive effects.
Enhanced Productivity Of Staff And Minimized Human Labor
In most cases, the Internet of Things solutions ensures that mundane tasks can be accomplished automatically. Thus, human resources can be transferred to more complex tasks that need personal skills, mainly out-of-the-box thinking. In that case, the total number of workers can be reduced resulting in minimal costs of business operations.
Internet of Things Supports Efficient Operation Management
Another notable advantage that is provided by the integration and interconnection of smart devices is automated control over many operation areas, including shipping tracking, inventory management, fuel, and spare part management.
For instance, this strategy features the use of RFID tags and a corresponding network of sensors that track the location of goods and equipment.
Better Use Of Assets And Resources
The automatic monitoring and scheduling implemented with the assistance of interconnected and integrated sensors support higher efficiency of resource use, including water consumption and improved power management.
For example, the installation of simple motion detectors can save considerable amounts of money used for water and electricity bills. Such a move makes small and big businesses more productive and eco-friendly.
As a result of the reduced downtime periods, guaranteed by automated schedules and controlled maintenance, raw materials supply, and other manufacturing needs, the equipment might have a higher production rate which results in a bigger profit margin. IoT devices majorly facilitate management within distinct and individual departments and across the entire enterprise structure.
Improved Operation And Work Safety
Adding on to the aforementioned benefit, scheduled maintenance is highly beneficial for boosting operational safety and compliance with all the needed regulations. Safe working conditions make enterprises and businesses more attractive for partners, investors, and personnel, increasing brand reputation and trust.
The involvement of smart devices also minimizes the probability of human errors during different stages of business operations. This strategy contributes to high levels of safety at the workplace.
Furthermore, a network of Internet of Things devices like motion sensors, surveillance cameras, and other monitoring devices can be used mainly to enhance the security of a business or enterprise. It averts potential cases of theft and corporate espionage.
Extensive Marketing And Business Development
The smart devices that are found at home, mostly the voice assistants and other appliances that can readily communicate with the smart homeowner regularly, offer a lot of information for business analysis.
Internet of Things assists the operations of enterprises by gathering huge volumes of user-specific data. The data is used for developing business strategies, fine-tuning price policy, targeted advertising, and other management and marketing activities.
Functional And Enhanced Customer Service And Retention
The already mentioned collection of user-specific data acquired using smart devices also assists businesses in understanding the expectations and behavior trends of customers better.
IoT also boosts customer service by offering follow-ups after sales like automatic tracking and reminding clients about necessary and scheduled maintenance of acquired equipment after its predefined period of use, the expiry of warranty periods, and much more.
Improved And Quality Business Opportunities
The increased effectiveness that comes with the Internet of Things technology and solutions enable companies and institutions to offer a wide variety of services and products. These solutions also help in increasing the quality of the products when compared with competitors, without increasing prices.
Furthermore, a company that integrates IoT solutions in its operations can perform more complex tasks about production time, difficulty, and quantity. In general, the use of smart solutions makes a company more attractive and competitive as a possible business partner.
More Trustworthy And Dependable Company Image
A brand that uses high-tech solutions, and the Internet of Things, mainly makes a positive impression on investors, clients, and other business partners who know many advantages offered by the IoT technology. it is also easier to attract the highly-sought experienced staff in case a firm offers a safe and secure working environment mostly guaranteed by a network of smart devices.
The Shortcomings Of Internet Of Things For Businesses
Although the benefits of the Internet of Things are desirable in that they increase the profit margins of businesses, the technology also comes with various shortcomings and threats. Here are some of these disadvantages associated with IoT.
Inadequate security measures are the main shortcomings that restrict the development of IoT in general. The fear of data leaks is always there since smart devices collect and transmit a lot of confidential information that can result in drastic consequences when and if revealed.
Notably, IoT solutions do not have enough anti-tampering means or comply with every applicable data protection standard, encryption protocols, and other regulations and limitations created to prevent illegal access to users’ sensitive data.
The failure to ensure sufficient data protection may result in expensive, disastrous, and sometimes tragic consequences. Some of the consequences include loss of corporate secrets, identity thefts, product sabotage, equipment sabotage, and much more.
That is the reason why the development and implementation of Internet of Things solutions in business need to be done by experts and professionals. When installed correctly, they can guarantee that all installed software and hardware systems have no vulnerable spots and are fully protected from all types of hacking attempts.
The installation and implementation of IoT infrastructure in any business enterprise require the development of a massive network that consists of many smart devices. The technical infrastructure needed in this process including communication networks and the power supply grid is quite expensive.
Hence, such an initiative needs a lot of funds to install, maintain, and slowly expand the network based on future needs. Although the Internet of Things solutions offer many advantages, they need lots of time before they break even and become profitable. Eventually, the IoT solutions’ financial benefits surpass the initial cost of their installation and implementation.
Power Supply Dependence
Even though IoT suggests that it brings benefits through the autonomous operation of many devices, the network remains majorly dependent on external factors that need to be considered to implement it fully and successfully in a business.
Most importantly, smart devices are fully dependent on a sufficient and stable supply of electricity. Therefore, a well-planned extra power supply system must be available. It should consist of a suitable number of UPS devices, surge protectors, and other viable equipment with the best ingress protection (IP) ratings in the market.
The primary feature of the Internet of Things is the intensive amount of interconnections that exist between different devices and access to the global networks. For that reason, all IoT devices need a system that guarantees that there is uninterrupted wired and wireless communication with extensive throughput, low latency, and continuous access to the Internet.
Therefore, to enjoy the benefits of IoS, a company first needs to offer the whole range of the needed networking equipment including local data storage means, hubs, routers, cables, and others.
High Skill Needed
Internet of Things solutions mainly needs responsible and experienced professionals who wholly understand the scope and possible consequences of the work that they do. Setting up, deploying, maintaining, and then changing the scale of IoT solutions in a company or institutions require highly skilled administrators who might be hard to find and recruit since they would demand high salaries.
All workers who would be needed to deal with the implemented network of smart devices should go for proper training and use the provided sets of instructions correctly. While IoT mitigates the need for human resources, the other staff needs to be well-trained to avoid disrupting the operation of smart devices and not to result in the formation of the ‘snowball effect.’
The Internet of Things is said to be among the most promising digital technologies that will become widespread and commonly useful in the coming years. Even currently, IoT solutions are proving to be impressive, and their benefits seem to be worth the investment.
But, it is critical to note that the linking of IoT in an enterprise or any institution needs lots of effort and know-how to achieve the benefits without exposing the business to its drawbacks.
Therefore, the most reasonable action to take is to use the services of responsible and experienced professionals to get an effective IoT solution.
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Bitcoin Is More Oversold Than It Was At ATH In April, Says Analyst
Bitcoin has continued to show tremendous gains lately in the market. The weekend saw the price of the digital asset shooting up above $42,000 for the first time in over a month, seeing continuous green daily closes for nine days straight for the first time in ten years.
Following this has been a number of speculations on why this is happening. And more importantly, how this trend is most likely to end. The indicators continue to point towards bullish but with the price fluctuations that bitcoin is notorious for, there is no telling how exactly the current uptrend will end.
Related Reading | 8 Green Candles: Here’s What Happened The Last Time In Bitcoin
Talking on this was Matt Maley, a chief market strategist at Miller Tabak & Co., who was on MarketWatch’s call of the day. Maley explained his reasoning behind what he believes was needed for the current gains in the market to stick as prices rally.
Don’t Get Too Excited
Maley started out with some advice for investors, who he tells to gauge the action of the prices during the normal market hours. Alluding to the fact that the recent bitcoin price rallies have been happening during off-market hours, which are weekends, nights, and early mornings. He attributes this advice to the markets being much thinner, with lower volumes, during off-market hours. Thus, it is imperative that the movement of the digital asset be observed during normal trading hours to see how the price moves.
Related Reading | Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why
Maley warned to not get too excited about the recent price increases. Waiting to see what the market does continues to be Maley’s advice to clients with regards to the weekend price rallies that have been experienced in the market.
“The markets are much ‘thinner’…and the volumes are much lower…on the weekends,” Maley said. “So we’ll want to see [if] bitcoin can remain above $40k once we get into next week before we get too excited.”
BTC price dips following weekend rally | Source: BTCUSD on TradingView.com
Maley continues to want to wait to see how the price holds up this week before anything else. His target is now the 200-daily moving average (DMA), and that stands at $44,600. Opining that the DMA had gotten close to that level since the rise and falls since May, twice. But had rolled over both times before hitting it. “Therefore, it could/should provide some resistance upon any further rally in early August,” said Maley.
Bitcoin Is Oversold
Maley pointed out that the digital asset now looks overbought on the current short-term basis. This is based on the Relative Strength Index of the asset, an oscillating indicator used to track the magnitude of recent losses in relation to recent gains.
Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist
Talking about bitcoin being oversold, Maley said, “Don’t get us wrong, it got much more overbought before it rolled over in January and February … and in November of last year.” Continuing on, Maley added, “However, it is more overbought than it was at the all-time high in April, so investors and traders alike will have a lot more confidence if this weekend’s move holds into the middle of next week.”
The price of bitcoin has continued to show strong bullish indicators following the recent dip in the price. But if Maley is correct in his analysis and bitcoin is overbought, then the market might continue to see further dips in the price of the digital asset.
Related Reading | Why Another Wave Up For Altcoins Is Probable According To BTC Dominance
This could push the price of bitcoin down past $35,000 as the price finds a comfortable correction point following the rally. As of the time of this writing, bitcoin is currently trending up slowly following the dip in the early hours of Monday, trading at $39,443 according to TradingView.com.
Featured image from CoinDesk, chart from TradingView.com
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Cardano, BAT, DASH Price Analysis: 02 August
Many of the market’s altcoins fell over the last 24 hours, with the same underlined by the lack of buying strength in the market. ADA might find some comfort around its immediate support level while BAT lost 4.9% of its value. Finally, DASH flashed a declining bearish signal on the charts.
ADA tanked by 2.7% over the last 24 hours, with the alt valued at $1.32 at press time. A further drop could have the price rest on the support level of $1.25. On the developmental front, Cardano is expected to let users run smart contracts once the hard fork occurs.
ADA’s technical indicators all pictured the same bearish situation with a fall in buying pressure. The Awesome Oscillator pictured red signal bars while the MACD too registered a bearish crossover on the charts.
The Relative Strength Index hovered near the neutral zone after its buying pressure went on a downtrend for a few days.
Basic Attention Token [BAT]
BAT also dipped by 4.9% over the last 24 hours. In a day, the asset fell from the overbought zone to the neutral zone as the price rested at $0.65. Substantiating the above statement, the Relative Strength Index stood at 57. The Chaikin Money Flow mirrored the same movement as it noted a considerable dip in capital inflows. Despite the dip, however, inflows still surpassed outflows.
$0.61 happens to be the support line for BAT as the coin lost its bullish momentum today. The MACD flashed the presence of bearish sentiment as the red histograms were visible at the time of writing.
In the case of some bullish movement, the resistance level to test stood at $0.71.
DASH was also on a downtrend as it reported a 4.1% decline in price over the last 24 hours. The alt was trading at $161.32, at press time, with a bearish technical outlook just like most other altcoins.
Market volatility could be anticipated as the Bollinger Bands opened up and remained parallel. Buying pressure decreased, with the Relative Strength Index registering a dip in the number of buyers. It remained close to the point of equilibrium, however.
Awesome Oscillator too verified that same and observed red bars on the midline. This indicated that bearish pressure existed in the market.
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Kraken Exchange Donates $300K to University of Wyoming
Kraken – a popular cryptocurrency exchange based in San Francisco, CA – has partnered with the University of Wyoming to ensure all future tech students get the resources they need for positions in the growing crypto space.
Kraken and Wyoming Continue Their Working Relationship
Kraken says it will offer scholarship support to students pursuing PhDs at the university. It will also work with college professors to create programs for students in the K through 12 range that will give them the education and knowledge they need to potentially enter the digital currency space as they mature. Overall, Kraken is donating a whopping $300,000 to the University of Wyoming.
The gift is part of the exchange’s tenth anniversary celebration. Jesse Powell – the CEO of the platform – says that Kraken has been around since the year 2011, and that he and his staff wanted to do something big in honor of the company’s growth and status in the digital currency arena. He says:
On our tenth anniversary, we’re setting sights on the future by investing in expanding access to quality education on bitcoin and cryptocurrency. We hope the program will capture imaginations and contribute to a better financial future for Wyoming and for the world.
The $300,000 gift will be doled out over the next three years to ensure PhD students of limited financial means are privy to the same educational resources and program options as the rest of their classmates and counterparts. Part of the funds will also be utilized to create a summer camp for students looking to pursue tech-based and computer science degrees at the university.
Assistant professor of computer science Dr. Mike Borowczak stated in an interview:
This gift from Kraken enables us to recruit and retain a high-caliber researcher who will work in an interdisciplinary space with other researchers from both the Wyoming Advanced Blockchain Laboratory as well as the Cybersecurity Education and Research Center.
In addition to its work with the school, Kraken is striving to create an entire grant program that will ultimately donate more than $1 million to support open-source cryptocurrency technologies and future outreach programs.
Jesse Powell Has Been Featured a Lot
Kraken and Wyoming already share a special relationship given that the crypto exchange has established one of the state’s first official cryptocurrency banks in recent months. The trading platform has been in the news quite a bit as of late, with Jesse Powell recently saying that 2022 would be the year in which bitcoin reaches a price of $1 million per unit.
In addition, Powell was quick to suggest on social media that regulators may wind up working to collect individuals’ crypto holdings given how much digital assets threaten the well-being and stability of banks and standard financial institutions. At press time, the company has garnered financial backing from the likes of Tribe Capital, Hummingbird Ventures, Blockchain Capital and many other firms.
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