“Data is the Currency of the Digital age”

Weeve
Weeve
Sep 28, 2017 · 3 min read

The above quote was said by Jim Barbaresso, who leads Intelligent Transportation Systems at HTNB.

Your data is valuable.

It is widely agreed upon that data makes IoT valuable. Sensors that are placed in the physical world generate data around them. They record and track motion, images, air pollution levels, traffic flow and much more. Sensors are able to gather and generate an immense amount of information to a granular level about their surroundings. But the question is what makes all this information valuable?

Value of data

Data that is generated can be seen as a raw good before process. Let’s take a tree for example. We can understand that a tree can become a valuable commodity once it has been processed into planks that can be sold. Just like the before mentioned scenario, sensor data (information) can be harvested and processed to become a valuable insight into its surrounding.

To better understand this, imagine that you could purchase all the sensor data for rain toxicity levels in a specific area. This huge amount of information (Big Data) is not very useful at first, however after the data has been analysed, insights about rain toxicity levels can be deduced that are location specific. These insights into pollution and toxic water would be extremely valuable to governments and environmental conservations that want to protect and purify our planet’s water.

Or imagine that you could buy all the data for soil’s nutrients levels across a country. This information could again be analysed, turning it from raw information to a usable insight, transforming agriculture to an industry with trustworthy data that drives decisions, rather than random soil testing that is inaccurate and expensive.

Types of sensors and data collected

So how many sensors do we actually have and what do they measure? The answer is ‘a lot’. Sensors can detect motion, light levels, radiation, images and 3-D renderings (from cameras), noise levels, location, heart rate, acceleration, smoke detection and much more. The below table outlines sensor types and measurements.

Sensor types with representative examples (Source via Toby McClean)

So what’s the hype?

Do you know that your data is already being used? Companies that offer free services and Apps, like Facebook and Google sell your data in order to make money. Now how great would it be if you were able to sell your own data to these companies and make some profit instead of them just using it anyway?

eciotify enables an Economy of Things

We at eciotify believe that is imperative that we, the owners of devices, like Smart TVs, solar panels and cars should have the ability to harness the value of our own data and sell it to whom we want, when we want and for what price. Currently we already have access to sensors that record details about their surroundings and thus our lives. Take your phone for example; it knows where you are located, when you are on the move and where you are. Have you noticed that the ‘free’ app Maps on IPhone even knows where ‘home’ and ‘work’ are?

Harness your IoT future with eciotify

eciotify has you covered. We are in the process of building a platform that enables you to sell your IoT data. Sensors that use our eciotify software insure that the IoT data generated is truthful. This data would than be transcribed onto the blockchain technology and sold to interested third parties, where you will receive a payment for your information. All you would have to do is attach eciotified sensors on your objects, in your water supply and even into the earth that you own and add to our marketplaces of the future.

Take it one step further and you could even buy vast amounts of data yourself and analyse it. This insight into the information that you bought is extremely valuable and can be sold for even more money.

Be part of shaping your future in the Internet of Things with eciotify!

Weeve

Written by

Weeve

Weeve’s mission is to enable pioneering companies to securely extract new value from an increasingly connected machine economy.