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Unlocking the Potential of the Internet of Things

Imagine a world where everything, from toasters to cars, is connected to the internet – and all of these things communicate with each other.

At a very base level, the Internet of Things (IoT) is the way information flows to people from all kinds of devices. But why is this important? And why are people excited about it?

What Lies Beneath

To answer these questions, we must look to the end-goal of the IoT. As Hyoun Park, Chief Research Officer of Blue Hill Research, puts it, “The fundamental goal of the IoT is to measure and track everything that matters.” With this in mind, the IoT represents simplicity and convenience. It represents personal and business empowerment, which translates to increased productivity. It means better visibility through the tracking and analysis of data resulting in reduced guesswork and better risk management. Consequently, it represents a better connection with people and their surrounding environment.

Three Challenges Facing IoT

This free-flow of data, many times confidential in nature, presents major challenges: The first challenge is accuracy. If the data that these “things” collect is inaccurate, then the data’s analysis is skewed. For example, this can be a major issue to the healthcare realm, where accuracy of data can be the difference between life and death.

The second challenge is, in order to scale the massive growth the IoT calls for, technology needs to become standardized. As Park puts it:

IoT has very few standards as of today, whether it comes to hardware standards, data standards, billing standards, or even monetization standards…To continue reading, download the complete paper.