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Latest News The fundamental elements the “Internet of things” need to unlock real value.

July 16th 2015

Theo Priestly, a contributor for the Forbes technology column, has written extensively about the 3 absolute core fundamentals required for the internet of things to succeed in the modern home.

The fundamental elements the “Internet of things” need to unlock real value.

The backbone of his argument is based on the theology that value is driven by the open data behind the devices “the lynchpin in any IOT Strategy” – not the devices themselves, without this data consumers will always be obsessing over the size of their things.

Through using a very relatable storyboard, Priestly very quickly brings the range of technology and its future potential to our door step, highlighting the sheer volume of data that is going to be produced and processed in our daily lives as the uptake in the consumer technology market transpires into every aspect of our everyday lives. With one very obvious outcome he identifies that the data itself is the key to unlocking a number of benefits and how we act on that data will secure the success of this mega trending market.

“Your house and smart possessions will be collectively more intelligent than you by 2020, but the experience will become hyper-personalized.”

In his simple lifestyle example he reflects on the range of industries touched and connected; Medical, Pharma, Insurance, Consumer wearable’s, Homeware, Utilities and Automotive.

So, the three core elements Priestly defines as being the stimulants for IOT success are as follows:

 

  1. The Value Is In The Data, Not The Thing

IDC claims that we only analyze 0.5% of the data being generated globally right now. The typical human obsession over the size and scale of the Internet of Things as become the illogical focus by analysts, attention shouldn’t be on the Things or the Internet, but on the Data that’s going to be generated.

As the full potential of the Internet of Things grows so does the need to unlock the relevance of the data being generated. It was never about the size of the information.

 

  1. Distributed/ Edge Computing Are Key For In-Situ Analytics

In 2015 there are reportedly more mobile devices (7Bn) on the planet than there are human beings. Even the wearable’s market is growing exponentially, in just a few years, there could be more people using wearable tech devices than there are in the US and Canada.

For the IoT landscape, and in order for it to realise its full potential, the value of the data must be unlocked in real-time and in-situ, not captured first in huge Hadoop vats and churned by platforms. The only way to do this is to through Edge and Distributed Computing.

Put simply; every sensor, every device with a CPU connected to the Internet could become part of a distributed analytical engine. Which puts proprietary platform vendors in a tricky situation.

 

  1. Open Data And Blockchain Unlock The Value, Individuals Are In Control.

The Open Data movement combined with the security of Blockchain may be vital to the longer-term success and vision for the Internet of Things.

Consumers can decide whether to publish their data for all to access with an open data license or keep it for their own private use. They can share communal data with the world or privately to build their own services, and services built in this way become agnostic to the device. In order to achieve the vision of a digitally connected home, The Digital Living Network Alliance (DLNA) published industry design guidelines that allows OEMs to be involved in a networked device market, leading to “more innovation, simplicity and value for consumers.”

And where does Blockchain fit in this open equation? For one, Blockchain is a decentralised and distributed digital record; it can only be updated by consensus of a majority of the participants in the system. Right now everything is centralised, and therefore can be manipulated and hacked. Not so with Blockchain. And users remain anonymous, privacy is maintained.

 

To Read Priestly’s full article please visit the Forbes website.

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