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The Internet of Things (IoT) is changing our lives in a multitude of ways, from disruptive new models that are redefining how we conduct business operations to smart home devices that change how we live our daily lives, making us more efficient and comfortable within our own homes. 2017 spawned many stories of how vacuum cleaners can secretly video your home or how your Smart TVs are able to listen into your conversation. Amongst all the noise, last year was the year where IoT, was adopted by businesses across industries, trying to ride the wave of what new revenue streams can be reaped from a more ‘interconnected world’ and what possibilities could be forged by the Internet of Things.
2017 is long gone, and 2018 lies ahead of us, but what does this new year outline for IoT?
Here are 3 of our top picks 2018 IoT predictions
Digital data marketplaces
It is no surprise, that we at weeve, a company built on the mission to empower the Economy of Things with a decentralized trading platform for the secure and scalable trade of IoT data, think that this will be the sweet spot for your digital data marketplaces. 2017 saw consumer pushback about the lack of privacy and control linked to device users and consumer data generators. The expected value of data can be described in our older post ‘Data is the currency of the digital age’. Advanced technology, like our weeve operating system and trading platform will give rise to the Economy of Things (EoT) — we will introduce these products to you in the future, so stay tuned.
The biggest buzzword of them all — blockchain
2017 business models were like, “(insert company name) + blockchain technology.”
It seemed wherever you turned there was a strew of companies claiming to be cleverly integrating the new technology into their operations to better this or that. 2018 is hopefully the year where companies get real about blockchain — wider and deeper blockchain adoption. We predict in 2018 technology, characterised by truthfulness and known mostly for cryptocurrencies like Bitcoin, can become mainstream. Blockchain is estimated to control objects that are traveling across the globe and creating new levels of credibility and accountability throughout industries from Diamond Mining to Transport and Finance.
The buzz of blockchain technology in conjunction with IoT is of peak interest in 2018, as we work towards being the first success of the combination of the two. weeve is tackling this exact issue, by using blockchain technology to secure the exchanges on our marketplace. You can read our white paper for all the details.
Increased IoT security
IoT is now an integral part of daily life, however, when news breaks about vulnerable baby monitors and how Internet-connected cars can be hacked seemingly daily can be both very frightening and very real. Every IoT device that is connected to the Internet proves another vulnerability for attackers to intrude into our personal lives. 2018 is the year to leverage resources to come up with new protocols and safety solutions for the Internet of Things.
More so as we mentioned in prediction 1 — Commercializing IoT data — data marketplaces are incorrupt and thus valueless if no proper mechanism can be put in place to secure the quality of the data on offer to sell. Participating in digital marketplaces for data would be like buying a secondhand car with no information on its history. How do you know for sure that the car is worth the price? At weeve we have come up with a few solutions for attested data that can be harvested and transported to the blockchain securely and in a scalable way. Our security protocol, MQTTS , is designed to handle the amount of predicted IoT devices and their interconnectedness as well as how to quantify the value of each datum so that it can be fairly priced on the weeve platform.
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