Arising Internet of Everything: Business Modeling and Architecture for Smart Cities

The Internet has grown into a global marketplace where it is possible to find knowledge on virtually any current product or service. Smart devices and cyber-physical networks interconnected to IT systems and services form the foundation of the evolving Internet of Everything, opening up new economic possibilities beyond its technical dimensions and challenges for its participants and users. While a few centralised online platforms still dominate today’s e-business scenarios, potential business models, which would be feasible for the Internet of All, need to meet special requirements. Currently, the quantity of data, as well as the sum of products and services available, in conjunction with potential customizations, is already overstraining users in their quest for the optimum option. According to the theory of adverse selection, this leads to a decision making process. In a highly distributed and competitive world, such business models, for example, exploiting the possibilities of smart cities, need to cope with arbitrary combinations of goods and services orchestrated into complex products. In addition, these arbitrary combinations are affected by real-time background data extracted from sensor networks or IT systems, as well as the demands and expectations of users. The challenge of seeking the ideal combination of product/service overstrains users and According to the theory of adverse selection leads to decisions (i.e., choosing good enough instead of optimal). These e-business models require an adequate architecture of underlying value generation that helps users in this process. We are designing a business model in this chapter that tackles these issues. In addition, we present the software-system architecture of Distributed Market Spaces (DMS) as a potential implementation that makes the aforementioned decentralised and context-centered e-business scenario and leverages the smart cities’ commercial possibilities.

Author (s) Details

Mirjana Radonjic-Simic
Baden-Wuerttemberg Cooperative State University, Mannheim 68163, Germany.

Dennis Pfisterer
Institute of Telematics, University of Lübeck, Lübeck 23562, Germany.

Petko Rutesic
Baden-Wuerttemberg Cooperative State University, Mannheim 68163, Germany.

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