The IoT Revolution Is Happening Around Us — Could This Be The Project To Take Control?
In the coming years, the world is going to produce more data than it can currently handle. The MXC Foundation is positioning itself to have the right infrastructure and platform ready when this time arrives.
This article explains why data production will increase, how it will grow the role that MXC is going to play, its applications and the improvement MXC will make through its platform. Blockchain plays a crucial role in this project. Data security, efficiency, and transparency will all be handled through the help of this nascent technology.
Data is termed as the new ‘gold.’ Its value is immeasurable. Depending on how data is curated and applied, the value of data can range from worthless to priceless. Just like gold, the more you refine data, the higher its value becomes.
Data is essential in just about all aspects of life. From school, analyzing past exam questions can help students improve their knowledge and realize any possible trends in examinations which would make studying easier. For traffic, analyzing the number and behavior of cars around a city or town can help urban planners to develop new decongestion plans or traffic set-ups that can accommodate the volume of vehicles handled in that particular area. These are but a few examples. The use of data remains near limitless and is ever evolving.
With the vast applications of data, it is only logical for there to be a massive demand for it. This demand is growing exponentially daily, and innovations are progressing on how to provide more accurate data to parties that require it. The internet of things is one of the innovations set to increase data production.
The Internet of Things
From its definition on Wikipedia, any device or appliance that has sensors and software enabling it to collect and transmit data to a network qualified as part of the internet of things or IoT.
Devices such as smart bulbs, home speakers, smart fridges and other necessary appliances are identified as devices under the internet of things. They collect data; relay it to a network allowing the required response direction as their software dictates.
IoT devices are increasing in number as more uses are discovered and applied. They have large applications and implemented in any industry. Their versatility has enabled various industries to embed them deeply in their operational architecture and the data they relay greatly helps the improvement of efficiency in these industries.
According to analytics cited by MXC in one of their literature, accessible through here, by 2025, infrastructure such as Wi-Fi will struggle to meet the increasing data transfer demands created by the vast amount of IoT devices placed in various industries.
These devices are crucial in achieving a technological future envisioned by most developers. They are already revolutionizing the world by making it a more efficient place and very often a safer and smarter place. Smart devices used in homes enable power savings through the optimized and economical use of energy from various sources. IoT devices are necessary and therefore preparing to handle their data is the only logical option.
Ease of Data Exchange
As previously established, any device with sensors, the ability to collect data and relay it, is termed as an IoT device. This means that even our handheld devices are used for data collection and submission. MXC plans on using this premise to enable users within their platform to monetize the data their devices collect.
For this reason, it is also building a platform that makes it easier to exchange data between parties.
Low Power Wide Access Network
MXC migrates from the traditional 4G, Wi-Fi and Bluetooth connections to the LPWAN connection that provides the required speeds and range for the services MXC wants to provide. LPWAN can cover a radius of about 20km handling connections with good upload and download speeds. They may not be as fast as Wi-Fi; however, the speeds are adequate to support any data transfer needs within the network.
As with Wi-Fi, LPWAN also has limits in regards to the number of devices supported over a particular area. With the projected growing number of IoT devices, LPWAN may be overwhelmed at some point in the future. MXC already has already established firm foundations for this eventuality, and that is the use of the MXProtocol.
The MXProtocol is primarily designed as an anti-collision coordinator. It is designed to prevent collision of data transferred within an area network where there is congestion. This design will be especially useful to public LPWAN networks which are likely to have numerous users. It will coordinate this community-based consensus and permissions and deployment permission etiquette.
Control of congested networks will be more accessible through MXProtocol. Furthermore, since blockchain is an integral part of this project, it is possible for MXC to further segment its users depending on the type of data being uploaded or requested such that the network is decongested based on data requirement and urgency.
Most assets are legitimized by the certificates or documents proving true ownership of the mentioned asset(s). Loans are taken using these certificates as securities; however, due to fraud and technological improvements, it has become easier for fraudsters to forge such documents and take huge loans using them. For example, banks in China are suffering from what is referred to as ‘Ghost collateral’ where the collateral recorded by the banks disappear or have been pledged to lenders, or they do not exist outside the paperwork.
This is one area that MXC can have an immediate impact. Since the platform allows for the exchange of data across different parties including receiving information from IoT devices in various places, banks, and other lenders can use the platform to ascertain collateral that has been submitted to them exists, and that it has been solely presented to one party (the lender) alone. The nature of the MXC platform also allows for ascertaining of digital documents received. They can be easily verified through obtaining data concerning the documents from the MXC platform as long as they have been uploaded there.
The banking sector stands to improve their operations through implementation of aspects of the MXC platform that allows for the verification and ascertain the existence and legitimacy of securities submitted.
This could also help prevent a financial crisis similar to the one experienced during the 2008/09 period.
Further Real World Applications
The world’s population is rapidly growing, and soon, we may not be able to meet the food demands for the world. There are already places where food shortages are experienced due to climate change among other factors. Entrepreneurs are developing new innovative ways for farming that heavily employs the use of technology, especially IoT devices. Aquaponics and vertical agriculture are some of the creative ways farmers are using to try and meet the growing food demands around the world.
- These farming methods require various factors to be monitored at all times as they are integral to the growth and development of these plants. The majority of the operations in vertical farms are operated by machines receiving instructions from software based on the data they collect from various IoT devices. Humidity, sunshine/light, nutrient concentration, water, temperature and carbon dioxide concentration are some of the aspects that are automatically controlled in these farms depending on the level of equipment used. All these require sensors that feed the central component with data that allows it to make the necessary changes whenever one of the parameters changes inside these farms.
- MXC can be employed within a specified area where large-scale vertical farming is being used in some structures controlled from one point. This could help coordinate planting and harvesting time such that there is an endless and coordinated cycle of produce from these farms. Data from these farms can also be used to set-up other farms in different parts of the geographical area or of the world by selling the data via the MXC platform.
- MXC can also be applied in conventional farming methods as the same properties of data transfer, integration and output can still be utilized to help farmers monitor the conditions of their farms. Apart from food security, MXC will also help farmers benefit from selling their farming data to different parts of the world. Some of these practices are already available but can be improved by the integration of this data into the MXC network to further improve on efficiency. More on farming technology can be viewed through here.
- Real estate also has the potential to benefit significantly from MXC’s technology. Developers can create smart homes or smart offices that are linked securely by a shared network, the MXC network. Through various IoT devices installed, these homes, offices or even the entire real estate project, can be linked through MXC. Essential amenities such as water, gas, and electricity can be controlled using data relayed by IoT devices. Various algorithms can be written to provide support in case of any unwanted situation that may affect the safety of these developments. These connections can also be used to create a safe atmosphere in these developments through connected CCTV cameras and other security measures designed with IoT devices in mind.
- Deliveries are likely to be made easier in such areas as IoT devices are being employed in the supply chain management industry thus having smart buildings will integrate conveniently with smart delivery systems.
Potential Improvements For The MXC Foundation
MXC has a brilliant plan for the future developments of the world. However, adopting other forms of wireless communication could help make the technology universal.
➡️In the imminent future, 5G will be rolled out universally, and it is going to prove to be a substantial upgrade on 4G speeds as well as greater range. If MXC could find a way to incorporate other wireless communication protocols, they would have a massive opportunity to accommodate even more devices in their network.
➡️If MXC is planning on becoming a globally prominent brand, then it has to consider certain factors such as the popular existing technologies. Most people are still using Wi-Fi and 4G connectivity, so having these as starting points would attract more users to the platform. MXC can then push for LPWAN adoption globally once it has established its presence and the shortcomings of these other forms of connectivity universally exposed. It will also give time for LPWAN companies to expand strategically. This can be incorporated into the roadmap as to provide users anticipation for future change which will make them psychologically and practically prepared.
The Technology For Tomorrow Here Today
Different blockchain-based applications have been released in the past few years; however, many have been failing due to inadequate planning. MXC has an assured plan, well presented in their roadmap, with a dedicated team and appropriate partners who will help them further their agenda of making meaningful and profitable connections among its users around the world.
MXC aims to make its data streams as fast and convenient as possible to serve these connections created through their platform. Furthermore, MXC intends to economically empower its users through the use of their token, the MXC token, which will be the currency of choice while paying for or selling data within the MXC network. There is an improvement the MXC Foundation can no doubt integrate to help with the reception of this cutting-edge technology, but the future convenience and data architecture depends on the connections that we are willing to prepare for now.
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Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.