As predictions for the Internet of Things’ growth continues at an exponential rate, new data from global engineering and infrastructure advisory company Aurecon reveals that many businesses have a significant lack of knowledge for utilising the technology.

A survey conducted with Aurecon clients and property industry representatives in 2018 found that almost 60 percent believed their organisations were not undertaking enough research and planning for the Building Internet of Things, and although 40 percent were interested in using blockchain for business, they were unsure how to use it.

The data was collected as part of Aurecon’s fourth edition in its Buildings of the Future series, entitled Easy Life, Complex Technology, that examined how blockchain technology will influence future buildings’ design, construction and maintenance, how data can be used to amplify business performance and how buildings can remain secure and protect against cyberattacks.

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

Aurecon’s Buildings of the Future leader, Peter Greaves, says, “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.”

“Compared to other industries such as finance and retail, there is still considerable headway to be made with blockchain in the built environment,” he says.

The report, entitled Easy Life, Complex Technology also investigates how buildings will utilise the internet of things for improving building and equipment maintenance to increase efficiencies in business operations and amplify business performance.