IoT Slam 2019 Recap: Regulatory reality check with IoT & Blockchain
Thousands tuned into this week’s IoT Slam 2019 event featuring an impressive lineup of speakers from the major players in the Internet of Things (IoT) community – including IBM. Put on by the IoT Community®, the IoT Slam is a great opportunity to dig into the latest applications of IoT in the enterprise. I was particularly excited to be a keynote speaker and present on the intersection of blockchain and IoT for asset management.
What is the IoT Slam?
The IoT Slam is a one-day virtual event that brings together senior business leaders and IoT practitioners from the IoT Community, which currently consists of 23,000+ members. The function of the community is to focus on the adoption and application of IoT in the enterprise, seeking to understand and contribute to applying the technology or overcoming the wide variety of barriers, inhibitors, and technical and operational issues. Key topics covered include cloud, big data, analytics, artificial intelligence, blockchain, security, smart cities, wearables, and more.
How blockchain is connecting the IoT community
Today, most asset management activities are carried out based on trust and manual tracking. But what happens in mission-critical situations when guarantees and audit trails are required? It’s the difference between letting your friend borrow some money and taking out a home loan. One requires much more extensive paperwork, regulations, and risk.
So how do inter-related business networks get the transparency they need to collaborate and communicate across the life cycle of an asset? Adding to the complexity, the lifecycle of these assets can span decades and can be in many different geographies over its life. This is what I discussed in my IoT Slam keynote.
Compliance is critical to market stability
Compliance within business networks is growing in value and criticality. It is having a growing impact in industries like:
- Oil and Gas – regulatory non-compliance is driving billions of dollars in environmental issues
- Pharmaceuticals – non-conformance costs billions annually in litigation and lost sales
- Energy & Utilities – lack of compliance to vegetation management regulations results in billions annually in failures and fires
- Infrastructure – maintenance gaps will cost the U.S. economy up to $7 trillion by 2025, according to the American Society of Civil Engineers
Every asset-intensive industry faces costly issues surrounding compliance. There is a clear opportunity for trust-based networks like blockchain to bridge the gap.
Compliance in asset-intensive industries is hard to achieve
Issues with compliance have traditionally been hard to track for several reasons:
1. Drift: failures for specific assets are often separated by many years. It becomes difficult to identify cause and effect without meaningful data.
2. Diversity: Processes can vary daily in organizations depending on the person, approach, turnover, and skill levels.
3. Decentralization: accountability gets harder to track the further down the value chain you go. Service-level agreements (SLA’s) get more difficult to track.
Blockchain has the ability to come in and provide consensus, accountability, and trust in a single source of truth.
How IBM Maximo Network on Blockchain increases visibility and compliance
IBM helps customers manage critical regulated assets with expanded visibility and improved compliance using IBM Maximo Network on Blockchain. This solution complements the industry-leading asset management capabilities already offered by IBM Maximo. A shared, trusted and permission-based blockchain business network provides the foundation to enable Maximo workflows to drive necessary maintenance and inspections. This allows leading companies to transform their process, roles, authorizations and audits while improving trust, compliance and visibility with their partners.
Watch the presentation on-demand here.
See how AT&T is using IoT & Blockchain to improve asset visibility and compliance.
Join us at IoT Exchange in 13 days!
Finally, don’t forget to get your ticket for the IoT Exchange in Orlando on April 24-26th. Blockchain and IoT will be a hot discussion item there as well with sessions like:
- Innovating Maximo for Tomorrow
- Building your Blockchain Strategy for IBM Maximo