A smart and "IoT-ed" life
November 5, 2018 (Investorideas.com Newswire) When they talk to me about smart homes, IoT enabled devices and such, I can't help but recall this device I saw as a kid during the late eighties called "The Clapper".
You could literally "clap ON" and "clap OFF" the lights of your room and go to bed. Later incarnations let you turn on music and other appliances.
If you show a kid this "smart gadget" today, laughs will be endless.
From teenagers to adults, driverless vehicles, smartphones and AI are day-to-day talk. They are the ultimate market since for them exchanging information between human beings and devices is a part of their lives. Could industries from everywhere escalate that? Yes.
Did you turn the coffee off? Are the kids doing their homework or watching television? The next step is IoT/smart devices taking care of assigned chores and other devices without human interaction. How?
Any device in your home that uses electricity can be put on your home network at your command. Whether you give that command by voice, remote control, tablet or smartphone, devices will react. Most applications relate to lighting, kitchen, home security, home theater and entertainment, and thermostat regulation.
What used to be a quirky industry that churned out hard-to-use and frilly products is finally maturing into a full-blown consumer trend. Instead of start-up companies, more established tech organizations are launching new smart home/mobile products. According to Forbes, the global IoT market will grow from $157B in 2016 to $457B by 2020, attaining a CAGR of 28.5%.
Companies such as LG and Samsung showed up at the CES this year and showed off their fridges, ovens, washing machines and dishwashers just like normal. But there was something entirely abnormal about the most expensive of them: they each integrated their own little computers and internet connections, allowing them to hook themselves up to each other and to the world outside.
Sooner more than later, a user will receive a SMS message from the fridge, announcing what could be eaten for dinner and asking the oven to heat up if necessary. Your car could pick up the weather as it moves and suggest a warmer/colder temperature inside your house to the AC. The fridge, once again, could monitor a sleeping baby's room, show you who's at the door, all without leaving the kitchen.
Interconnected technology will become more intuitive and intelligent (machine learning and Artificial Intelligence included), however, the biggest concern about connected IoT devices is whether smart things can talk to each other. There will be many connected home platforms as there are companies manufacturing them, and the question of whether you control your oven using a system made by Amazon, Google or Apple is a central one to how you use your fridge.
As with smartphones, connecting your oven to the internet will open access to people to hack it, the alarm watch next to your bed could become part of an international criminal network. Access to one of them will expose you and your most intimate information: cameras to watch you, smartphones, even what was cooked or used if they have access to that "intelligent fridge", etc.
These are the same hackers that take over smart devices and build botnets. Using the machine's processing power, electricity, and the Internet bandwidth, to mine a particular cryptocurrency.
Companies inside the blockchain industry are aware of this. Investing in securing all industries and their IoT devices under one secure protocol would not surely make it difficult for virtual delinquency; but more importantly, it would validate once and for all the importance of cryptocurrency, how it can integrate itself to everyone's daily life opening a world of resources and communication to ever evolving social structures and world economy for good.
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