Integrated billing mechanisms in the Internet of Things to support information sharing and enable new business opportunities

The Internet of Things (IOT) concept and enabling technologies such as RFID offer the prospect of linking the real world of physical objects with the virtual world of information technology to improve visibility and traceability information within supply chains and across the entire lifecycles of products, as well as enabling more intuitive interactions and greater automation possibilities. There is a huge potential for savings through process optimization and profit generation within the IOT, but the sharing of financial benefits across companies remains an unsolved issue. Existing approaches towards sharing of costs and benefits have failed to scale so far. The integration of payment solutions into the IOT architecture could solve this problem. We have reviewed different possible levels of integration. Multiple payment solutions have been researched. Finally we have developed a model that meets the requirements of the IOT in relation to openness and scalability. It supports both hardware-centric and software-centric approaches to integration of payment solutions with the IOT. Different requirements concerning payment solutions within the IOT have been defined and considered in the proposed model. Possible solution providers include telcos, e-payment service providers and new players such as banks and standardization bodies. The proposed model of integrating the Internet of Things with payment solutions will lower the barrier to invoicing for the more granular visibility information generated using the IOT. Thus, it has the potential to enable recovery of the necessary investments in IOT infrastructure and accelerate adoption of the IOT, especially for projects that are only viable when multiple benefits throughout the supply chain need to be accumulated in order to achieve a Return on Investment (ROI). In a long-term perspective, it may enable IT-departments to become profit centres instead of cost centres. © 2010 - IOS Press and the authors. All rights reserved.

Grand Challenges for Data Sensing and Analysis

A diverse group of experts proposed the 9 grand challenges outlined in this booklet. This expert task force was assembled by the ASCE TCCIT Data Sensing and Analysis (DSA) Committee and endorsed by the TRB AFH10(1) Construction IT joint subcommittee at the request of their membership. The task force did not rank the challenges selected, nor did it endorse particular approaches to meeting them. Rather than attempt to include every important goal for data sensing and analysis, the panel chose opportunities that were both achievable and sustainable to help people and the planet thrive. The panel’s conclusions were reviewed by several subject-matter experts. The DSA is offering an opportunity to comment on the challenges by contacting the task force chair via email at becerik@usc.edu.