DATA — The new currency for IoT ?


In ancient times everything from salt grains to elephant teeth were considered as a form of currency. So basically the concept of currency revolves around the fact that a group of person consider that an item is valuable. Initially there was the barter system of course, i.e exchanging goods of necessity and then came the concept of metals like gold, money and so on. But the world has adopted the slogan of “Go digital”. So the concept of currency also takes a flip in this world. Today, a far more powerful form of digital currency is radically redefining business and IT and that currency is nothing but data.

Internet of Things is much talked about and in hype these days but the thing that makes Internet of Things possible is data. Because data is the thing that we collect, process and analyse in order to identify and influence users, their behaviour and the environments. The Internet of Things is solely not about adding services to the product but about converting the information generated by the various devices and sensors into knowledge about the environment. This same knowledge is then used to draw proper insight and trigger meaningful action.

Making sense of the data so collected from the various device sensors is the core value of Internet of Things”.

Dealing with data..

According to the present day scenario, it has been like that there is a sensor attached to a device it collects data and then necessary actions are triggered. So ultimately it gives rise to the situation of ‘one app for one device’. Thus the surge of apps itself mars the concept of IoT and the huge number of apps itself becomes an unwanted and unmanageable problem.

So the focus should be on merging of the data. Such services should be made that create knowledge and drive meaningful action by mashing up multiple data sources. Not all those sources have to be sensors or devices. For example the modern thermostats, they are able to function perfectly because they don’t pull data just from their sensors but they are made to function in such a way that they pull and merge data from a number of devices. The thermostats detect your presence through its sensors, it pulls data from the car sensors, your door locks as well as smoke detectors and sets the optimum temperature for your house.

Quality of data…

Area of concern again should not be restricted to merely collecting the data and mashing it but it should be on collecting quality data. For example, the Internet of Things has also set its foot in the health and fitness sector. So when you are dealing with people and their life then that data should not be to the extent of being binary digits of 0s and 1s. It needs to be precise and accurate, meaning it should be able to vouch for its quality. The data has to be pulled from your wearables, phones, apps and needs to be analyzed properly so that proper medication or exercise can be prescribed depending on it. Thus data can be life-saving as well!!

Security of data…

If data is the currency and data is that important, then so is the security of it. The security of data is of utmost importance. And when it comes to secure the Internet of Things then it is definitely seeking to secure the data that is associated with it not only to ensure privacy and safety but also to enhance and upgrade user confidence. While securing data in IoT you have to think in terms of three context i.e data at rest, data in motion and data that is in use. Each category of data has their own definite set of security threats and there are definite ways to combat each of these challenges.

So we can see to what extent science and technology is taking us each passing day and what master role data plays in it. All the big companies in the IoT league are buying and selling data like the wampum beads. As the concept of Internet of Things and big data is making their grip stronger in the market the value of data is growing exponentially.

Thus Data has been coined as the new currency in this digital era. 90% of the world’s total data is believed to be generated within the last two years!! And the volume of data is expected to bounce by a multiple of 40 by 2020!

Thus we can conclude that Data is the skeleton of Internet of Things. Internet of Things will cease to exist if data is not there. It is the seamless flowing of data which is of utmost importance around which the entire concept of IoT revolves.

The significance of data is nothing new, over the years we have evolved constantly from stones and chisels to embedded microprocessors. It’s amazing to witness the change in process of capturing and analyzing data. So companies dealing with Internet of things must be both aware and updated with the latest sensors and embedded technologies to collect and process data.

On a parting note it does feel like the world data is the currency as well as the backbone of all the systems across the globe.

Don’t forget to check

  1. IoT Can Revolutionize Healthcare, But Security Is Key

2. Will Microsoft Azure IoT Suite live up to the expectations?

3. Impact of Cloud, Mobile and Big Data on IoT

References:

http://www.visionmobile.com/blog/2015/04/the-currency-of-the-internet-of-things-is-data/

https://exosite.com/data-currency-internet-things/

http://www.baselinemag.com/blogs/data-is-the-new-currency.html

http://2lemetry.com/2014/06/11/data-impact-business-best-way-use/