You know the saying, “It’s more of a marathon than a sprint.” That’s especially the case with the Internet of Things (IoT).
IoT is one of the hottest emerging technologies today which offers a lot of promise. From improving logistics to creating smart energy systems and cities, IoT may provide some solutions to some of the biggest social and economic challenges facing today’s society.
However, just like any up and coming technologies which debut in the past, there is always some unexpected bugs. From the early days of the Internet, cell phones, to renewable energy. IoT is no different.
Take last fall. In October 2016, a distributed denial of service attack (DDoS) showcased the vulnerabilities of a connected world in the IoT age.
Botnet malware, played a role in these attacks. Many IoT-based devices were affected in this attack, as chaos ensued, and many top websites to faded to black temporarily.
Adjunct Senior Fellow on Cybersecurity David Fidler from the Council on Foreign Relations told The Guardian right after the attacks showed massive security holes currently seen in IoT on a large-scale by non-governmental groups.
“Imagine what a well-resourced state actor could do with insecure IOT devices,” Fidler added.
As cyber security risks remain a concern within the IoT space, failure to finish projects is also a challenge for IoT developers.
A recent Cisco study suggests 60% of IoT ideas fall flat at the beginning. They also pointed out 26% of all businesses surveyed had 100% success with their IoT projects.
While these recent events and studies give IoT a slight back eye, let’s keep in mind these are very early days within the IoT ecosystem.
It was only just 18 years ago in 1999, the phrase “IoT” was coined by Proctor & Gamble’s Kevin Ashton. That’s ten years after the invention of the World Wide Web (WWW) by Tim Berners-Lee. This was back when the WWW and Internet infrastructure was in its infancy and slowly maturing. Today’s Internet and WWW has far more capabilities compared to 1999 where there were only around 248 million global users. Now in 2017 its nearing 3.8 billion.
As author Jeremy Rifkin said in his 2014 book The Zero Marginal Cost Society, three Internet components (communications, energy, and logistics) are the backbone of IoT, which is helping to create a “third industrial revolution.” Significant ramifications will occur for many industries with their fortunes turned upside down. As we see new exciting opportunities, in smart homes, block chain, fintech, and 3D printing thanks to the IoT space.
Anywhere from 20 to 34 billion connected IoT devices are expected online by 2020. Total economic activity will reach worth $3.7 billion, according to McKinsey.
Security concerns have and always will remain a top concern amongst IT personal. It won’t get any easier with more devices flowing ubiquitously. But security experts are keen on learning to reduce security risks. Blockchain technology may provide some of the solutions required to limit security risks within the IoT ecosphere.
As for failures within IoT concepts, Cisco said 61% of participants have only started to realize the potential of what IoT technologies for their companies. Once people become more educated about not only what IoT is, but what it can do, then you will start to see more successes. You will start to see the cream of the crop rise within this industry. New and exciting out of the box opportunities will spring up, including in marketing, as businesses look to provide their customers with an ever-present connected experience.
The rise of the Internet had many trials and tribulations during its first marathon in transforming society in the 21st century. IoT will see the same thing as well as it overcomes the pressure to sprint to the finish line.
What do you think? What will it take companies to invest in IoT development, while cutting security concerns and possibilities of failure? Feel free to contact me at firstname.lastname@example.org or on Twitter at @salayservices.