Aurecon, an engineering and infrastructure advisory company, has announced new data stating that a significant amount of businesses do not have knowledge regarding the use of the Internet of Things (IoT).

Aurecon conducted a survey with clients and property industry representatives in Q4 2019 that revealed just under 60% believed that their establishments weren’t doing enough research regarding Building IoT. It also showed that 40% didn’t know how to use it even though they were interested in using blockchain for business.

The data was collated as part of Aurecon’s fourth edition in its Buildings of the Futureseries named Easy Life, Complex Technology. It delved into how blockchain technology will influence future buildings’ design, construction and maintenance, how data can be used to amplify business performance and how buildings can stay secure and protect against cyber-attacks.

The Building Internet of Things (BIoT) is referring to the connections in a smart building linking devices and sensors, analytics, machine learning, business systems, cloud, productivity, and artificial intelligence.

“44% of respondents said that choosing the right technology and applying it effectively to enhance building value and operations concerned them most about the BIoT,” says Aurecon Buildings of the Future leader Peter Greaves.

Peter says the data demonstrated that while industry understood the value that BIoT and blockchain will deliver they didn’t have confidence in choosing the right technology.

“Blockchain has made significant progress in other industries compared to the built environment, meaning the time is ripe for disruption, but this feedback shows there is a need for greater education. As an industry, we are at the forefront of change and it’s a very exciting time to be having these conversations to consider how our future offices, homes and community buildings can be enhanced by technology to improve life for end-users. At Aurecon, we are championing these conversations and beginning ground-breaking new pilot studies testing what’s possible in this arena.”

Aurecon is currently exploring high efficiency solar farms to link public and private sector partner organisations via blockchain, leveraging a battery source to power buildings in a private network that would be energy self-sufficient, as well as selling excess power to the grid. Aurecon is also developing the build of a renewable data centre that uses wind farm energy, and is supporting the roll-out of the new 5G network in Australia.

“Compared to other industries such as finance and retail, there is still considerable headway to be made with blockchain in the built environment,” Peter says. “Yet as the technology becomes more innovative, the need for stronger cyber-security also increases, with the latest data from IBM estimating that a single data breach costs a company close to $US4 million on average. Asking the right questions is vital to help mitigate against risk.”