The Industrial Internet Consortium (IIC) is holding a smart building challenge for blockchain and IoT projects, with the goal of integrating tech partners and suppliers to build smart complexes. This challenge, launched in tandem with Trusted IoT Alliance, revolves around participants solving crucial problems in a particular sector with a basic outlay and execution plan, as reported by Ledger Insights, October 8, 2019.
Enabling New Paradigms with IoT and Blockchain
One of the biggest obstacles faced by civil engineers and real estate developers the lack of space flow analytics. Add the need for automation and smart functionality to the mix, and there is a real problem at hand.
Real estate and building development have been reasonably resilient to technological changes, barring any upgrades in industrial equipment. However, with consumers now aspiring to own ‘smart homes‘, builders need to learn to get with the times.
Dell and the IOTA Foundation are the most notable contestants taking part in the challenge. Firms working in blockchain and IoT will work hand-in-hand with technology sort results to overcome challenges faced by this industry.
The winner of this challenge will be given the opportunity to deliver a proposal and plan of action in a shopping mall. While it may not seem like much on the surface, it is a huge marketing opportunity to pitch said Proof-of-Concept (PoC) to the public.
IoT in Blockchain is a Huge Opportunity
Enabling micropayments is one of the most interesting and functional use cases of blockchains. IOTA is currently well-positioned to dominate this niche of capital flow.
IoT may not be making the news like blockchain and cryptocurrency because of the lower direct appeal to investors, but institutional investment from venture capital and private equity players are still very much active in this space.
Smart ecosystems and a number of new technological functions are being powered by IoT. But automation can only go so far with a robust payments network supporting these efforts.
With no fees and minimal computational requirements, IOTA is revolutionizing both cryptocurrency and IoT. It can push the use cases of IoT further by enabling rapid, automated payments; it can also scale to create an incredibly efficient micropayments network.