{"id":44304,"date":"2021-03-19T17:26:20","date_gmt":"2021-03-19T17:26:20","guid":{"rendered":"https:\/\/www.tradefinanceglobal.com\/?page_id=44304"},"modified":"2024-08-21T09:50:56","modified_gmt":"2024-08-21T09:50:56","slug":"internet-of-things-iot","status":"publish","type":"page","link":"https:\/\/www.tradefinanceglobal.com\/tradetech\/internet-of-things-iot\/","title":{"rendered":"Internet of Things"},"content":{"rendered":"\n<div class=\"wp-block-columns container w-auto is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"block-header-without-image d-flex flex-direction-column justify-content-center\">\n    <h2 class=\"fs-32 fw-700 fs-xs-28 not-for-table-content\" id=\"heading-internet-of-things\">\n        Internet of Things    <\/h2>\n    <div class=\"d-grid grid-col-2 grid-col-xs-1\">\n                            <div class=\"\">\n                <div>Last updated on 21 Aug 2024<\/div>\n                <div>19 Mar 2021 . 3 min read<\/div>\n            <\/div>\n            <\/div>\n    <\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\"><figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"869\" height=\"352\" src=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things.jpg 869w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things-300x122.jpg 300w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things-768x311.jpg 768w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things-320x130.jpg 320w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things-370x150.jpg 370w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things-414x168.jpg 414w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things-600x243.jpg 600w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things-372x151.jpg 372w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things-450x182.jpg 450w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things-380x154.jpg 380w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Internet-of-Things-285x115.jpg 285w\" sizes=\"auto, (max-width: 869px) 100vw, 869px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns container w-auto is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"block-buttons bg-anti-flash-white rounded p-24 h-100 xs-h-auto\" style=\"background-color: #f2f5f7 !important;\">\n  <div class=\"d-grid grid-col-1 grid-col-xs-1 mb-12\">\n    <h4 class=\"not-for-table-content fs-24 fw-700\" id=\"heading-tradetech-overview\">TradeTech Overview<\/h4>\n  <\/div>\n  <div>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/\">\n        Introduction to TradeTech      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/introduction-to-trade-digitalisation-tradetech\/\">\n        Technology in Trade      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/blockchain\/\">\n        Introduction to Blockchain      <\/a>\n      <\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-columns container w-auto country-quick-link h-100 mb-0 is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33%\"><div class=\"block-buttons bg-anti-flash-white rounded p-24 h-100 xs-h-auto\" style=\"background-color: #ebf5f4 !important;\">\n  <div class=\"d-grid grid-col-1 grid-col-xs-1 mb-12\">\n    <h4 class=\"not-for-table-content fs-24 fw-700\" id=\"heading-technologies\">Technologies<\/h4>\n  <\/div>\n  <div>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/cloud-computing\/\">\n        Cloud Computing      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/optical-character-recognition-ocr\/\">\n        Optical Character Recognition (OCR)      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/application-programming-interfaces-api\/\">\n        Application Programming Interfaces (API)      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/big-data-analytics\/\">\n        Big Data Analytics      <\/a>\n      <\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33%\"><div class=\"block-buttons bg-anti-flash-white rounded p-24 h-100 xs-h-auto\" style=\"background-color: #e5f5ff !important;\">\n  <div class=\"d-grid grid-col-1 grid-col-xs-1 mb-12\">\n    <h4 class=\"not-for-table-content fs-24 fw-700\" id=\"heading-developing-technologies\">Developing Technologies<\/h4>\n  <\/div>\n  <div>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/internet-of-things-iot\/\">\n        Internet of Things (IoT)      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/artificial-intelligence-ai\/\">\n        Artificial Intelligence (AI)      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/distributed-ledger-technology-dlt\/\">\n        Distributed Ledger Technology (DLT)      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/quantum-computing\/\">\n        Quantum Computing      <\/a>\n      <\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33%\"><div class=\"block-buttons bg-anti-flash-white rounded p-24 h-100 xs-h-auto\" style=\"background-color: #E6FAFE !important;\">\n  <div class=\"d-grid grid-col-1 grid-col-xs-1 mb-12\">\n    <h4 class=\"not-for-table-content fs-24 fw-700\" id=\"heading-resources-guides\">Resources &#038; Guides<\/h4>\n  <\/div>\n  <div>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/research\/\">\n        TradeTech Research      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/itc-ai-guide\/\">\n        ITC AI Guide 2024      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/editions\/tradetech-whitepaper-2021\/\">\n        TradeTech Whitepaper 2021      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/editions\/blockchain-dlt-trade-guide-2020\/\">\n        WTO DLT Guide 2020      <\/a>\n      <\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns container w-auto is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<p><\/p>\n\n\n<div class=\"bg-light-blue d-flex gap-16 h-auto p-16 rounded xs-flex-direction-column\">\n    <div class=\"\">\n    <img decoding=\"async\" style=\"min-width:100px;max-width: 150px\" src=\"https:\/\/secure.gravatar.com\/avatar\/c5c7f46c74d085beb1f2c4863fc91b31?s=160&#038;d=mm&#038;r=g\" class=\"w-100 rounded\">\n  <\/div>\n  <div class=\"col-span-2 col-span-xs-1\">\n    <div class=\"d-flex flex-direction-column gap-16 fs-16 justify-content-between\">\n      <div class=\"fs-16 fw-700\">Deepesh Patel<\/div>\n      <div class=\"fs-14 fw-400 elipsise-2-line\" title=\"Deepesh Patel is Editorial Director at Trade Finance Global (TFG) and host of Trade Finance Talks. Deepesh regularly chairs and speaks at international industry events held by the IFC, EBRD, IMN, WTO, Financial Times and Economist Impact, as well as industry associations including ICC, FCI, ITFA, ICISA and BAFT.\">\n        Deepesh Patel is Editorial Director at Trade Finance Global (TFG) and host of Trade Finance Talks. Deepesh regularly chairs and speaks at international industry events held by the IFC, EBRD, IMN, WTO, Financial Times and Economist Impact, as well as industry associations including ICC, FCI, ITFA, ICISA and BAFT.      <\/div>\n      <div>\n        <a class=\"text-black fs-12 small-link-arrow-right\" href=\"https:\/\/www.tradefinanceglobal.com\/posts\/?author=57\">\n          <span>\n            Latest Post          <\/span>\n        <\/a>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n<p><\/p>\n\n\n<div class=\"block-cta p-24 h-auto rounded\">\n    <h4 id=\"heading-download-our-tradetech-whitepaper\" class=\"fs-24 fw-700 elipsise-2-line dark:color-white not-for-table-content\">\n    Download our Tradetech Whitepaper  <\/h4>\n  <p class=\"fs-16 fw-400 dark:color-white\">Accelerating trade digitalization to support MSME financing<\/p>\n  <div class=\"mb-20\">\n    <img loading='lazy' alt='Editions-Tradetech-Whitepaper-2021' style='width:auto; height:200px'  width='auto' height='auto' src='https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-150x150.jpg' srcset='https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-300x300.jpg 300w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-150x150.jpg 150w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-320x320.jpg 320w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-370x370.jpg 370w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-414x414.jpg 414w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-200x200.jpg 200w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-250x250.jpg 250w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-162x162.jpg 162w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-159x159.jpg 159w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-123x123.jpg 123w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-190x190.jpg 190w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021.jpg 600w' \/>  <\/div>\n      <a href=\"https:\/\/www.tradefinanceglobal.com\/login\/?redirect_url=https%3A%2F%2Fwww.tradefinanceglobal.com%2Fwp-json%2Fwp%2Fv2%2Fpages%2F44304\"  class=\"dark:text-black px-16 py-8 rounded bg-black text-white fs-14 fw-700 dark:bg-tale\">\n      <span>Download<\/span>\n    <\/a>\n    <\/div>\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-content\">Content<\/h2>\n\n\n<div class=\"block-table-content h-auto bg-white auto\">\n    <ul class=\"table-content\"><\/ul><\/div>\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-group\" style=\"font-size:16px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h1 class=\"wp-block-heading\" id=\"h-internet-of-things\">Internet of Things<\/h1>\n\n\n\n<p><\/p>\n\n\n<div class=\"block-content align bg-tale rounded p-24 fs-16 h-auto wp-block-acf-block-content\"style=\"background-color: #FFFFFF;color: #002F4D;\"\n>\n    <p>IoT refers to the network of billions of physical \u201cthings\u201d worldwide that are now connected to the internet and that collect and share data. These \u201cthings\u201d are embedded with sensors, software and other technologies that allow them to collect and exchange data with other connected entities and systems.<\/p>\n<\/div>\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"775\" src=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-scaled.jpg\" alt=\"Layers\" class=\"wp-image-44300\" srcset=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-scaled.jpg 1300w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-300x179.jpg 300w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-1024x610.jpg 1024w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-768x458.jpg 768w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-1536x916.jpg 1536w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-2048x1221.jpg 2048w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-320x191.jpg 320w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-370x221.jpg 370w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-414x247.jpg 414w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-503x300.jpg 503w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-335x200.jpg 335w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-419x250.jpg 419w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-272x162.jpg 272w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-267x159.jpg 267w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-206x123.jpg 206w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Data-Input-technology-layer-optical-character-recognition-OCR-and-Internet-of-Things-IoT-285x170.jpg 285w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Potential benefits for MSMEs<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">The main benefit that IoT brings for MSME financing is that it adds transparency to and enables information to be communicated from and about each section of the physical supply chain, thanks to the data generated by a plethora of sensors and other devices; this will provide a higher sense of security for financial institutions to finance, which will benefit MSMEs. This added sense of security mainly stems from two features. First, IoT devices can operate as&nbsp;<a href=\"https:\/\/blockchainhub.net\/blockchain-oracles\/\" target=\"_blank\" rel=\"noreferrer noopener\">oracles for DLT-powered smart contracts,<\/a>&nbsp;providing a powerful data input solution. Thus, events, reported by such IoT oracles, can be used as triggers to release portions of funds, mitigating the dissonance between sellers who want payment before shipment and buyers who want shipment before payment. Second is the ability to track goods while they are on a vessel or even in transit, meaning that the goods evaluation process will no longer require a physical presence. Sensors placed in containers can transmit vital information like temperature or CO2&nbsp;levels, providing all parties with a sense of security between the shipping and the receipt of goods. Ultimately, more visibility into the trade lifecycle, will lead to better fraud prevention and greater participation from investors.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Use cases&nbsp;<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">As noted above, IoT is increasingly used to provide end-to-end visibility into the physical supply chain. Arviem, for example, a service provider for real-time cargo monitoring based in Switzerland, uses IoT technology to help clients with asset tracking, track-and-trace and supply chain visibility. Arviem has developed innovative supply chain finance services for goods in transit, leveraging IoT to monitor the location and condition of intermodal containers in real-time. essDOCS, a well-established company that provides paperless trade solutions, recently partnered with Swisscom and Linxens to develop their dTrack solution, which uses IoT technology to digitally track physical cargo and paper trade documents, distributing the document source data across the supply chain. This is done by making use of tamper-proof near-field communication chips attached to paper outputs, allowing dTrack to scan data and geo-tags across the supply chain. This IoT-based solution is used as a means to integrate the use of paper documents into trade finance by being able to digitally track them.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-1024x1024.jpg\" alt=\"Difficulty Adopting\" class=\"wp-image-44301\" srcset=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-1024x1024.jpg 1024w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-300x300.jpg 300w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-150x150.jpg 150w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-768x768.jpg 768w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-1536x1536.jpg 1536w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-2048x2048.jpg 2048w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-320x320.jpg 320w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-370x370.jpg 370w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-414x414.jpg 414w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-200x200.jpg 200w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-250x250.jpg 250w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-162x162.jpg 162w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-159x159.jpg 159w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-123x123.jpg 123w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-190x190.jpg 190w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-scaled.jpg 1300w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\">Addressing IoT challenges<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">For IoT, the largest challenges are related to using and understanding the data. Networks of IoT sensors can generate vast arrays of data. While this has the potential to be extremely valuable and provide useful insights, these insights cannot be put to practical use without robust analytics. To overcome this, firms need to be mindful of the internal procedural work that must be completed to ensure that staff, in conjunction with AI processes, are able to interpret and work with the new data effectively. These major internal challenges are clear next steps for IoT.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">Another data issue relates both to data ownership and its legal admissibility in case of litigation. For example, it is unclear whether temperature data transmitted from an IoT sensor that depicts a spike in temperature above an agreed standard for a short period of time while, say, the vessel is crossing the equator, would constitute legal grounds for withholding payment on an otherwise unimpacted shipment. Overcoming this legal ambiguity requires regulatory work as well as the establishment of a common understanding and common approach to structuring and using data. These concerns, however, are not unique to IoT. Those seeking this change need to look beyond IoT-specific regulation and strive for a reform that will enable digitalization across the entire trade ecosystem.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">Beyond these external challenges, there are also challenges related to the potentially high costs of IoT networks. For many higher-priced goods, the additional cost of using an IoT device may be inconsequential, however for low-cost goods the cost of IoT can be prohibitive. Even in situations where the cost is not an immediate concern, there must still be enough perceived benefit to justify the expenditure. This is why ensuring tamper-proof devices is critical. Any form of tampering, malicious or unintentional, would render the IoT data worthless.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-1024x1024.jpg\" alt=\"Figure 3c\" class=\"wp-image-44390\" srcset=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-1024x1024.jpg 1024w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-300x300.jpg 300w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-150x150.jpg 150w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-768x768.jpg 768w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-1536x1536.jpg 1536w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-320x320.jpg 320w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-370x370.jpg 370w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-414x414.jpg 414w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-200x200.jpg 200w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-250x250.jpg 250w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-162x162.jpg 162w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-159x159.jpg 159w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-123x123.jpg 123w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing-190x190.jpg 190w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Average-perceived-difficulty-to-implement-IoT-in-international-trade-and-MSME-financing.jpg 1300w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">There are three primary security issues that arise with regard to IoT:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">(1) intercepting and altering the data broadcast by the IoT device;<\/p>\n\n\n\n<p style=\"font-size:16px\">(2) tricking an IoT device into recording reporting data that are not true (for example, removing cargo from a crate and simultaneously replacing it with a boulder); and<\/p>\n\n\n\n<p style=\"font-size:16px\">(3) hacking into the IoT device to gain access to the connected system.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">Addressing these challenges will help drive down costs relative to the perceived benefits of implementing IoT. Ensuring high levels of security is important, as are economies of scale, and the exploration of other connectivity-enabling technologies like 5G. The need for connectivity enablement exists since enhanced IoT requires&nbsp;<a href=\"https:\/\/whatis.techtarget.com\/definition\/ubiquitous-networking\" target=\"_blank\" rel=\"noreferrer noopener\">ubiquitous networking<\/a>&nbsp;which, in turn, implies the&nbsp;<a href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/cloud-computing\/\">ability to connect everywhere<\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">At the end of the day, establishing clear roles and responsibilities for the supply chain participants and enabling the use of IoT data with ancillary participants like customs, ports, and freight forwarders will be critical. This is true regardless of whether future regulation and standardization will consider IoT to be an autonomous technology or simply an enabler or function of other autonomous technologies.<\/p>\n<\/div><\/div>\n\n\n<\/div>\n<\/div>\n\n\n\n\n<div class=\"modules w-100 partners-sponsor container py-10\">\n  <div class=\"d-grid grid-col-8 grid-col-xs-1 grid-col-sm-4 gap-1 max-w-100 py-50\">\n    <div class=\"col-span-2 col-span-xs-1 col-span-sm-1\">\n      <div class=\"d-grid grid-col-1 grid-col-xs-1 mb-sm-15\">\n        <h4 id=\"heading-publishing-partners\" class=\"not-for-table-content fw-700 dark:color-white\">Publishing Partners<\/h4>\n              <\/div>\n    <\/div>\n    <div class=\"col-span-6 col-span-xs-1 col-span-sm-3 overflow-hidden\">\n      <div class=\"swiper-container\" data-slides-desktop=\"5\" data-slides-table=\"3\" data-slides-mobile=\"2.5\" data-space-between=\"16\">\n        <div class=\"swiper-wrapper\">  \n                      <div class=\"swiper-slide\">\n      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<\/div>\n  <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>Internet of Things Potential benefits for MSMEs The main benefit that IoT brings for MSME financing is that it adds transparency to and enables information to be communicated from and\u2026 <a href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/internet-of-things-iot\/\" class=\"read-more-link\">read more &rarr;<\/a><\/p>\n","protected":false},"author":57,"featured_media":110554,"parent":44077,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","ep_exclude_from_search":false,"footnotes":""},"categories":[2711],"class_list":["post-44304","page","type-page","status-publish","has-post-thumbnail","hentry","category-tradetech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v24.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Internet of Things - tradetech research | 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