Internet of Everything: To the Moon!

A mysterious report by Infoholic Research LLP predicts a market volume for the Internet of Everything (IoE) of about 24 trillion – in the next four years.

The report itself is available for a paltry 3500 bells, which is why Research and Markets, who distribute this report, asked if there could be an abbreviated version or at least a summary so that one could verify the authenticity of such a daring thesis.

Unfortunately Research and Markets cannot do that, they are only allowed to sell the report, which is why they forwarded such requests to Infoholic Research, the makers of this report. Whether Research and Markets is taking measures to verify or authenticate the reports distributed was also not answered.

Infoholic itself did not comment on this either. The company itself does not look like a fake, but the risky claims of the report could not yet be confirmed.

So far, so bad. However, at Cisco, a quite trustworthy company, one could look through some free reports. According to the information available there, the IoE market in the private and public sectors is expected to grow by 19 trillion dollars within the next decade.

Internet of Everything – the network of the future Bitcoin evolution

The IoE market is a term that summarizes everything that is connected to the Bitcoin evolution: smart grids, smart homes, smart cities, smart contracts, smart currencies such as Bitcoin and Ethereum. It also brings together technologies such as the cloud, data mining and data analysis like this A street lamp that is more responsive than today’s models and reacts spontaneously to its surroundings with data from the Internet – i.e. not just to the time of day, but to nearby road users – would be an example of the Internet of Everything.

An infrastructure is currently being built that will make such things possible – in other words, everything will be connected to the Internet. Electricity, heating at home, entire offices and, of course, the machines in production lines – all this is gradually being connected to the Internet.

According to the Cisco report, ten billion devices are connected to each other all over the world – only 200 million in 2000. Growth by a factor of 50 is incredibly high, but still very low when you consider that around 1.5 trillion things worldwide could be connected to the Internet – and more are being connected every day.

The strong growth of “smart” devices opened up many possibilities, which were considered futuristic just a few years ago, thanks to the likewise extreme growth of storage space, bandwidth and computing power at ever lower costs.

Internet of Everything – the rise of the machines

One of the most interesting trends is the monetary automation of everyday life, in which devices work independently of people via machine to machine (m2m ) communication. Instead of paying the electricity bill every month, the domestic electricity grid could use a process that uses smart contracts, cloud computing, data processing and blockchain platforms such as Ethereum to calculate the kilowatt hours required itself and immediately pay the appropriate price for the urban electricity grid, optimized for the current circumstances.

Another example, for which RWE has already built a prototype (we have touched on the subject in the interview), is an intelligent charging station for electric cars that, with the help of Ethereum, immediately calculate the price and initiate the transaction.

Over time, the charging station can become a Decentralized Autonomous Organization, a DAO. With the help of data analysis, the blockchain and the cloud, the DAO could implement the entire process, such as price negotiations, the conclusion of (smart) contracts with suppliers, the purchase of new charging stations and the establishment of supply chains with minimal human involvement: Electrical installers would still be needed to connect the charging station and DAO token owners. The latter would be able to decide how big the re-invested profit share is.

Many other examples could come to mind – my colleague Danny wrote about it. Refrigerators that automatically buy supplies that are flown by autonomous drones to the door (which in turn is opened via a draws a picture of a fully automated world. A world worth billions of dollars is already beginning to form today.

That not only sounds good, it is also grandiose. The keyword Industrial Revolution, however, also makes the dark sides of development present: The automation of the world will be