Things You Need to Know about Internet of Things

The Internet of Things (IoT) is no more an exclusively scientific concept – it is a new online business reality and every entrepreneur should consider it in his calculations. What is IoT? Kevin Ashton, an expert on digital innovation who used this term for the first time, claimed that the best definition of Internet of Things was provided in the article from RFID Journal:

“If we had computers that knew everything there was to know about things – using data they gathered without any help from us – we would be able to track and count everything, and greatly reduce waste, loss and cost. We would know when things needed replacing, repairing or recalling, and whether they were fresh or past their best”.

And well, that’s exactly what happened. Internet of Things is a currently existing M2M system, where various mechanisms and technologies are united into an enormous single data field. And though, according to the forecasts, Internet of Things is soon to become wider (for more and more devices and physical objects are getting involved), it’s already a worldwide phenomenon that changed the rules of business and online marketing.

Luckyposting performed an analysis and created an infographics that describes the current state of IoT and its role for different business sections and companies:

So, on the one hand, Internet of Things grants endless possibilities for all kinds and sizes of businesses, and the biggest corporations in various fields made use of them already. But, on the other hand, profit always comes along with danger. So what are the dangers of IoT?

The security issue is the main one so far. With millions of various devices connected together, the opportunities for black-hat hackers to break into heavily protected systems due to them being included to the IoT network grow enormously. Small and big businesses are about to face with harsh challenges of the security threats. With that comes the issue of privacy and information sharing. Another problem is that the mere concept of Internet of Things means that the communication between the devices should allow production and tracking of yottabytes of data. Even now, with all the attempts of corporations (such as General Electric and Siemens) to make the most out of IoT possibilities and with the projects of “smart offices” (where your printer could order paper for himself) and “smart cities” (where the transportation system would manage itself almost without human intrusion), most of the information, produced within IoT system, descends into nowhere.

Basically, one of the most important dangers, caused by Internet of things for an average entrepreneur, is a missed chance to use its opportunities. Anyone could find something for himself in this gigantic data field, if using proper analytical methods and storing the necessary information securely. Internet of Things is something worth attention – if not for the profit it might bring you, then for the sake of the troubles you might have to deal with in case of disregard towards this phenomenon. 

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