TrackNet, a LoRaWAN Internet of Things (IoT) solutions provider, and microshare.io, a solution provider in IoT data governance solutions, have joined hands to develop methods for monetizing IoT.
The amount of data and new connected devices for IoT is skyrocketing but new methods, systems, and models for collecting and managing the data are required to meet the full potential of IoT. There are lots of interested parties in the data generated by IoT and LPWAN networks including app developers, data scientists, and marketers but managing, parsing, ensuring the security, ownership, and facilitating consumer permission to use the data are critical functions that will be served by the technology partnership between TrackNet and microshare.io.
TrackNet is developing all the components including sensors, gateways, and core network management to deploy and manage enterprise and nationwide LoRaWAN LPWANs. TrackNet recently launched its Tabs consumer solution, which is the first all-in-one solution for locating children, home security, home monitoring, and Wi-Fi parental controls.
The Tabs solution also enables a new more scalable deployment model for LPWAN operators. microshare provides a solution for gathering, managing, governing, and securely sharing relevant data with multiple different parties for LPWAN and other connectivity sources.
A typical use case for the selective sharing of IoT data involves home insurance discounts.
“Home insurance companies are willing to offer customers a discount on their home insurance if the home owner installs a home monitoring solution for security and to ensure home conditions to prevent excessive damage from broken water pipes, mold, etc. The joint microshare-TrackNet solution will provide insurance companies with just the data they need to verify these requirements – with the consumer’s permission,” said Charles Paumelle, CMO of microshare.io.
TrackNet provides the home solution for consumers including the back-end to manage a network of over 100 million consumer gateways while microshare.io manages the controlled sharing of the critical data to the insurance company based on permissions from the consumer. Applying the revenue per unit (RPU) connectivity model that is common in the cellular industry today to IoT has been a challenge for many companies.
Many volume IoT applications may appear to have a very low RPU potential, but a lot of revenue potential in IoT can be realized in vertical solutions and securely managing and sharing the data with many different interested parties. Both TrackNet and microshare.io are developing a portfolio of patents around the security and privacy of IoT data and believe that data security is key to the success of IoT.