MONETIZING TIME-SPACE MARKETS: THE KEY TO UNLOCKING THE INTERNET OF THINGS FOR TRANSPORTATION

The Internet of Things (IoT) is an ecosystem of interoperable networks, software, sensors, appliances, and embedded computing (devices and systems) providing services to humans and/or other systems. The definition of IoT is not only very open to interpretation, but also subject to considerable debat...

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Bibliographic Details
Published inITE journal Vol. 88; no. 6; pp. 18 - 20
Main Author Narla, Siva
Format Journal Article
LanguageEnglish
Published Washington Institute of Transportation Engineers 01.06.2018
Subjects
Big Data
Data analysis
Embedded systems
Independent variables
Internet
Internet of Things
Logistics
Market potential
Markets
Professionals
Skills
Smart cities
Solution space
Spatial data
Supply & demand
Transportation
Online AccessGet full text
ISSN0162-8178

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Summary:The Internet of Things (IoT) is an ecosystem of interoperable networks, software, sensors, appliances, and embedded computing (devices and systems) providing services to humans and/or other systems. The definition of IoT is not only very open to interpretation, but also subject to considerable debate. The potential for IoT is vast as future and current technologies interoperate, creating scenarios that are far too plentiful to discuss succinctly in a single paper. The Internet of Things for Transportation (IoTT) has been defined in general as connected or smart transportation.4 This article steers away from the traditional IoTT definition and legacy solutions to focus solely on introducing IoTT market potential and its monetization; this is to help visualize the true potential of IoTT, while avoiding distractions of solution space. Within the context of IoTT, let's identify time as a one-dimensional variable whose value depends on supply and demand. Time in IoTT is consequently priced to market. It could be an independent variable or dependent on spatial coordinates.
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ISSN:0162-8178