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Asset accounting for connected devices

Asset accounting for connected devices

Asset accounting for connected devices

(OP)
Hi,

I have an idea of building an API for asset and inventory accounting for connected devices. The API will enable to assign wallets to connected devices, record available amounts of something valuable, as well as all incoming and outgoing movements of value.

According to my hypothesis adding an accounting ledger to an IoT product might add operational efficiency to the latter and possibly open new revenue streams for the business at large. Having researched for a while I couldn’t find a solution addressing the challenge of internal accounting for IoT products (except for a couple of vendors offering accounting ledger on the blockchain). Does it mean that the problem with the internal accounting of IoT products simply doesn’t exist? Or on the contrary, it does exist and actually needs to be solved. Would love to hear your opinion on that. Feel free to upvote or downvote my idea (do not forget to include arguments/counter-arguments)

RE: Asset accounting for connected devices

I'm trying to envision what kind of IoT device accountants would want to use.

If you do proceed, your first priority *MUST* be security. Any device with personal or business data, esp. a GL, would need to be secure. It would need to be encrypted so only authorized people could access it and it would need protection to prevent crackers from breaking into it.

James P. Cottingham
I'm number 1,229!
I'm number 1,229!

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