The present invention relates to a flowmeter for monitoring physical parameters of fluid passing through the flowmeter. The flowmeter being installed in a plant and communicatively connected through a gateway device to a server having a virtual model. The flowmeter comprising: a processing unit for computing a first processed data of a physical parameter associated with the fluid measured by the flowmeter. The flowmeter receives a second processed data from the server having the virtual model, wherein the virtual model provides the second processed data by computing the second processed data based on the first processed data and data from at least one sensor provisioned in the plant. The present invention also provides for a system for monitoring physical parameters of fluid passing through a pipe in a plant with the flowmeter.