FINDEAS: A FinTech-Based Approach on Designing and Assessing IoT Systems

Abstract

This article proposes a new approach to the design and assessment of Internet of Things (IoT) systems. Specifically, it identifies the principles that can be derived from the financial technology ecosystem and should be considered when designing an IoT system in order for it to be technically sound, economically efficient, and have the best market acceptance prospects. Considering a specific area of IoT systems, that of the smart agriculture, we then examine whether the proposed design principles are followed by the current state-of-the-art systems. Furthermore, we claim that our proposal can also be utilized as a more comprehensive basis for assessment in comparison to the technology readiness level, which indicates only the technological readiness of a project without grading its market potential.