What is an IoT Business Network?
What is an IoT Business Network?
An IoT Business Network is a central communication platform between IoT devices, smart products or AI and service providers around the world.
Like a social network that is designed for humans to interact socially, an IoT Business Network is designed for products, machines and software to interact on a business level.
This makes it possible for machines and software to access a wide market of services, order consumables and book resources while the platform is managing business aspects such as permissions, payments, budgets, unique owner preferences and fulfillment routing.
Benefits of an IoT Business Network
An IoT Business Network brings flexibility and scalability to a portfolio of services a product can access without depending on unique implementations for each product to service combination.
With an additional abstraction layer, it also reduces risks of security, changes of partner companies or global market shifts while adding the benefits to quickly add, exchange or retire services or business partners without redesigning the product.
Impact on the IoT, IIoT and AI Industry
Evolving from reporting to acting.
IoT and IIoT started to connect devices, sensors and products to share and exchange data, analytics and events. Fueling global analytics, big data and predictive maintenance. Transforming products into smart devices, smart machines or smart homes.
Connecting these insights with machine learning and modern AI implementations gives access to decision making on a large scale.
With an IoT Business Network decisions can be transformed into actions outside of the individual product.
Our IoT Business Network governs these calls for action to meet individual preferences, to manage payments, budgets or to seek individual permission from the owner. The Network forwards the request to the fulfilling service provider. If multiple providers are available, it makes decisions who can serve the interests of the owner best and optionally fills in missing information required to make the request.
From self-driving cars, AI optimized supply chains, autonomous cargo ships, fully digitalized agriculture solutions and smart homes — products do start to take care of themself. With this it becomes also increasingly necessary to access services globally or based on the product location.
With Component4 TJ-Tronics Systems provides the market with the first ever IoT Business Network. Learn more about our Platform here.