The Internet of Things (IoT) has gone from a futuristic buzzword to becoming a reality. IoT security has become an industry on to itself. By 2020, Gartner expects there will be 20 billion IoT “things” in use. These IoT “things” do not include smartphones and PCs. They are everyday devices, such as appliances, cars, and vending machines, that have internet-connectivity for use. The Gartner report puts data into an ever-increasing number of devices that are beneficial for consumers. It also creates additional headaches for CIOs and IT professionals. It can be a difficult job for IT leaders because it involves more than managing a closed network and virtual assets. It means managing physical devices and objects that are outside the organization’s immediate control. IoT generates a significant amount of highly personal consumer data. The generation of increasing amounts of data creates layers of security concerns, especially in light of new privacy legislation. The EU General Data Protection Regulation (GDPR) and California’s new Consumer Privacy Act (CCPA) are two such examples. Our security solutions keeping up with the rise of IoT? A Deloitte survey of organizational confidence in IoT security reveals that only 18 percent of the 500 C-level Executives that oversee cybersecurity at significant companies say they are very confident that the “things’ in the Internet of Things are secure. That is significantly less than the 31 percent that reports they are uncertain or not confident at all in IoT security. Massive Amounts Of Personally-Identifiable Data The preponderance of IoT devices in use will make it even more challenging to protect the enormous amount of personally-identifiable data that is gathered. All of these combined devices means more significant attention to the gathering, storage, and security of data. Enter PKI. PKI stands for Public Key Infrastructure. A public-facing key is mapped to a private key known to the user. PKI has a certificate authority to issue and sign digital certificates, which can be revoked. This authority verifies the identity of those seeking to store digital certificates. Combined with TLS (Transport Layer Security), encrypted communication is enabled. Managing IoT Security And Privacy Risks In Devices The National Institute of Standards and Technology (NIST) identified three critical risks within IoT devices that show the difference between conventional IT: IoT devices interact fundamentally different than traditional IT devices in the hands of consumers IoT devices cannot be monitored or managed the same way because they are outside your IT staff’s physical control Availability, efficient, and effectiveness of IT controls are different. Additional restrictions and controls have to be developed and managed, along with a different approach to risk mitigation. These key risks boil down to three concepts that IoT demands: Protecting device security Protecting data security Protecting user privacy Protecting IoT Security in Devices When devices are available for public use, it’s easy for cybercriminals to get their hands on IoT devices. The key is to prevent them from using these devices to conduct attacks including things like DDoS or intercepting network traffic Protecting Data Security Except for those devices that do not need permissions, it is critical to safeguard the confidentiality and access to PII (Personally Identifiable Information) that is collected, stored, or processed by IoT devices. In addition to best practices, this may also be subjected to strict compliance rules depending on the type of transaction taking place. Protecting User Privacy We’ve seen many high-profile data scandals over the past couple of years. 2017 say, Marissa Meyer, CEO of Yahoo, forced to resign after it was made public that the company provided US intelligence agencies access to millions of user’s emails. Just this year, two top Facebook employees quite following due to the company’s plans to combine Facebook, Instagram, and Whatsapp jointly. As IoT becomes even more embedded in devices, privacy will become a more significant concern for users. Operational Security As Part Of Your DNA To be effective, the cybersecurity of IoT devices has to central to everything you do. “Security needs to become embedded into the DNA of operational programs to enable organizations to have great products and have peace of mind,” said Sean Peasley, IoT Security Leader in Cyber Risk Services at Deloitte & Touche LLP. Peasley said organizations need to consider the potential threats as hazards and look closely at these as priority items. Defending data security starts with developing products that employ security-by-design to manage risk. This means implementing cybersecurity practices by default during the design and production of IoT products. Top 10 IoT Security Risks Deloitte notes the top 10 security risks that exist with managing IoT products by organizations. Each of these items must be addressed with significant solutions. Lack of security and privacy policies and procedures Lack of governance to protect data Lack of secure product and ecosystem design Lack of awareness and training for engineers and designers Lack of product security and privacy resources Lack of monitoring of devices (and systems) to detect attacks/events Lack of implementation security and risk management Lack of security visibility in products Lack of identification and mitigating of product risks Lack of experience with incident response Managing these risks takes a top-down approach to cybersecurity with the budget to match. Security is not something delegating to the IT team. It needs to be incorporated into every phase of the design process from senior leadership on down. Security risks are becoming known to the public. With more and more security risks becoming known to the public, employees are starting to make employment decisions based on the data security practices of their employers. As Ray Walsh, Digital Privacy Expert at ProPrivacy.com explains, “Tech employees understand that if something goes wrong – and the firm they work for suffers a data breach – they could end up with an undesirable black mark next to their name, or worse, the potential for liability.” Walsh continues, “Employees often leave with an understanding of fundamental business practices, trade secrets, and with a familiarity of intellectual property. There is also a danger that firms may not be able to fill the vacuum created by those resignations (with equally able talent). On the other hand, businesses that can demonstrate a genuine desire to protect consumer privacy are likely to find themselves increasingly attractive to both consumers and tech sector employees.” This focus on security doesn’t end when the design is complete. It must continue throughout the product life cycle. 32,7 Million IoT Attacks Attacks on IoT security are not just theoretical. More than 32.7 million attacks on IoT devices were detected in 2018. That represents an increase of more than 215% from the previous year. Too many devices have little or no security controls. As consumer adoption of IoT devices continues to grow, concerns over privacy and security will escalate as well. When a network is in-house and within the control of CISOs and their IT teams, strict adherence to data security and protection can take place. When devices are in the hands of consumers, it is harder to manage. One recent study showed that more than 40 percent of smart homes have at least one IoT device that is vulnerable to remote attacks. Outdated software, unapplied patches, and weak credentials make it possible for cybercriminals to exploit weakness. “The concern over security and privacy is more prevalent than ever before,” said Michael Chertoff, former U.S. Secretary of Homeland Security. The post Are Solutions Keeping Up with IoT Security Concerns? appeared first on ReadWrite. Read more.....

All around the world, cities, and municipalities are clamoring to make infrastructure plans designed to support the 5G. The infrastructure plans will also help other high-speed data networks that will enable the IoT future. They’re building because they know the opportunity for economic growth that will come along with the next generation of IoT technology. The UK has been impressive in its preparation in IoT needs for next-generation infrastructure. Substantial growth has always been worth a fortune to whichever locality becomes a hub for future IoT development. The economic prize is significant, with experts predicting that spending in the IoT market will grow to $520 billion per year by 2021. Although the necessary 5G wireless networks are already being rolled out in various places around the world, it’s something of an open secret. The real hurdle facing many areas is a shortage of available fiber-optic infrastructure to form the backhaul networks. The available fiber-optic infrastructure will unlock the potential of the new wireless technology. In the US, analysts at Deloitte estimate that upwards of $150 billion in new investments will be required to support the data capacity demands. That’s the bottom tier that the 5G wireless networks are about to unleash. So far, there’s little evidence that private investment is going to come anywhere close to that total. There appears to be no political will at the moment to include a national fiber plan in a forthcoming federal infrastructure bill. In the UK, however, that’s not the case. In July of 2018, the British government released a detailed national broadband strategy that aims to extend full fiber coverage to every home by 2033. It’s an ambitious goal that’s backed by a pledge of up to £5 billion in subsidies to underwrite fiber rollouts in rural areas. The UK is making sure nobody gets left behind by profit-focused private network operators. The plan, if successful, will create a fiber backhaul network capable of handling the massive uptick in data expected to come from 5G networks. The project includes providing ultra-fast wired internet services to every home. The only real question that remains is whether the plan will work though it’s too soon to pass judgment yet. Here’s a look at how the full fiber rollout is going in the UK. Included here are the challenges faced by the company charged with doing the work, and what they’re doing to try to stay on track. Understanding the Players To understand what’s happening in the UK about upgrading the nation’s aging copper infrastructure to an all-new, full-fiber network. It’s important first to understand a little bit about how the telecommunications market works there. First, unlike in many other capitalist markets, the entirety of the legacy copper telecommunications infrastructure in the UK is the property of a single company: British Telecom (BT). That network, some of which is over 140 years old, forms the core of almost all current phone and internet service in the nation, save for the customers served by available cable television operators. To make sure that the upgrade to a full-fiber network wouldn’t be bogged down by BT’s focus on its bottom line. The British telecommunications regulator OFCOM mandated that the national network be spun off into a separate entity. The new company would be bound by a legal mandate to serve all customers equally and committed to making the eventual transition to a full-fiber national network. Also, the government hoped to spur competition in the overall broadband market. Appearing to have worked, with more than 500 separate companies now offering services via additional networks. They’ve also encouraged consumers to shop around for broadband, which has fueled interest in comparing broadband deals. Taken together, OFCOM’s actions seem to have created the right impetus for other fiber companies to move forward with its network upgrade plans. The Progress So Far Fiber to the home equipment. FTTH internet fiber optics cables and cabinet, splitter. As you might expect, the size and scale of the work required to roll out a comprehensive, fiber-to-the-premises (FTTP) network in every corner of the UK are quite massive. So far, Openreach claims that they’ve already got over 900,000 premises connected, with plans to reach a full three million by 2020. Where does the U.S. stand in comparison? While that sounds ambitious, it represents just 10% of the number of premises nationwide that will eventually require an upgrade, highlighting how far fiber has yet to go. When you consider that much of the work done so far has focused on clusters of locations within urban centers, it’s also reasonable to expect that the brisk pace of the rollout won’t continue for very long. Still, there’s a reason to be optimistic about the odds of meeting the ambitious government broadband plan. They’ve already announced that the city of Salisbury will be the first location to have complete FTTP infrastructure, and 1Gbps internet access available for any who require it. They’ll join another 25 locations where similar rollouts are already in progress and in various stages of completion. All told, the company claims to be adding 13,000 new FTTP connections each week, which is a good sign given how many locations remain. The Obstacles Some factors could hinder the progress that smaller companies are making, and not all of them are within the company’s control. The most significant factor is the ever-present shadow of Brexit, which is already choking off some of the sources of labor and skills that Openreach and other large companies rely on. That’s making it challenging to make sure they can recruit the new engineers needed to build and maintain the new fiber network at a time when they can least afford a slowdown. Also, the company worries that the split from the EU could sever its’ supply chain operations, starving the company of the very technology and supplies it needs to continue the project. Then, some internal matters could yet stymie Openreach’s efforts. To begin with, the company had to build out an executive management structure separate from BT a few short months ago. They now face the challenge of retaining their new leadership team for the duration of the project. Retaining top talent at executive levels requires careful planning and a conscious effort to achieve. It’s also an issue that could affect their bottom line, as well. All they need to do is to look across the Atlantic to the US to see how a tight labor market affects executive retention. There, according to executive retention guides, over 51% of organizations provide bonuses to their CEOs. The same is also true of other top-level executive positions, and all together, those bonuses add up to a significant amount of overhead. Still, such compensation packages are a must to prevent high turnover. Last, and not least, Openreach still faces the challenge of getting consumers to sign up for their new FTTP offerings. Sign-ups have to be done via the third-party resellers that make use of their network. If they’re unable to do so, they risk overextending their reach without sufficient revenue to continue the rollout – which would doom the plan and guarantee that the government’s 2033 deadline cannot be met. The Bottom Line IoT community and the UK will be a fertile ground for developers and hardware designers. Photo: Adobe Stock The UK’s government’s national broadband strategy. The raft of challenges notwithstanding, it appears that Openreach is staying on track to meet the ambitious goals laid out. At the very least, they’re doing their utmost to manage what is undoubtedly one of the most significant infrastructure projects in the history of the UK. For the IoT community, the early results alone guarantee that the UK will be a fertile ground for developers and hardware designers in the coming years, even after the dust from Brexit settles and the political and economic impact becomes apparent. It may be an excellent time for IoT entrepreneurs and others in the industry to look to the UK to form a base for future operations. Established industries and businesses are relocating elsewhere amid the uncertainty, and that could create a vacuum in which a new IoT industrial base could flourish. These facts, surrounded by a next-generation data infrastructure and with the wind at its back. It’s still too early to render any judgments about the future of full-fiber infrastructure in the UK, but the smart money should be on Openreach and their efforts to provide the backbone of the IoT industry in the UK for the next several decades to come. The post IoT Needs Next-Generation Infrastructure and the UK Aims to Provide It appeared first on ReadWrite. Read more.....

Can financial services benefit from the Internet of Things? Absolutely, and to the fullest extent. Not only for gathering more and better data about assets but IoT also changes the way we access banking and manage wealth, invest, and monitor assets.  Let’s see how IoT changes banks and FinTech companies. To improve efficiency and customer service, banks eagerly invest in the Internet of Things. The technology has great potential and a wide range of uses. How to ensure your financial company makes the best use of this technology? What are the benefits of implementing IoT? What does it take to build an IoT project? We’ll lay out and explain all of the above in this post. Table of Contents: The State of Financial IoT Benefits of IoT in Finance Financial IoT Adoption Process IoT FinTech Applications Cost of Developing FinTech IoT Tools Conclusion The State Of Financial IoT First things first, the Internet of Things makes more data available for businesses. And, obviously, being able to gather insights in real time is crucial for banking. For instance, managers can predict how market will  fluctuate and solve problems proactively. The financial Internet of Things is going strong, and here are the statistics to prove the point: The adoption rate of financial IoT is 64% worldwide. Bank customers like IoT solutions due to reduced transaction fees. IoT  directly connects a business with a bank, hence there’s no need to use Visa and MasterCard gateways. Both are known for high credit card processing fees, ranging from 1.9% to 2.5% per transaction. Connected devices are on the boom — according to Statista, there will be over 75 billion of such by 2025. It is estimated that the global economic benefits of the Internet of Things in finance will reach $2 trillion by 2020. The growth rate of the financial IoT market is impressive. However, some banking companies do not implement IoT innovations or do so at a small scale. They neither rethink nor enhance their business processes. Benefits of IoT in Finance Before studying and applying the IoT in fintech and the banking domain, company managers need to understand the benefits the technology provides. Here are the main reasons in favor of IoT adoption in Fintech: Personalized customer service. Banking service providers can use IoT to gather more data about its clients. After gathering real-time insights about customers’ needs and interests, businesses can offer custom content and tailored experience. Consequently, businesses connect with their audience in more ways and benefit. Improved decision-making. IoT helps businesses get data for credit risk assessment. With D2D (device-to-device) communication protocols and sensor implementation, asset management companies can get relevant data across other fields  such as retail, agriculture, etc. Real-time data gathering. Attending to customers’ needs with IoT tools is more comfortable and faster — thanks to continuous data gathering. For example, in insurance, a provider can offer real-time access to a case database. In banking, a client can monitor the lines at the branch online or schedule cash withdrawal and complete the act at any nearest ATM. Smart interactions. With IoT, financial institutions get more involved in a customer’s daily routine. For example, to help track the expenses, customers connect the banking tool to their smart wearables. Furthermore, they can set a limit and  block the account if it is exceeded. Seamless communication between financial devices. Device-to-device communication has a wide range of applications. First, IoT in banks enables automated cashless payments. Second, insurance underwriting allows to provide customers with curated financial advice based on their spending habits. With this said, people can form loan communities to lend each other money and make shared investments. Financial IoT Adoption Process To design a solution that involves the Internet of Things, a financial sector company has to outline how long does it take to develop. Business managers estimate how many people to involve and the budget needed to complete every stage of the project. Here’s a step-by-step breakdown of the IoT adoption process: Concept validation First of all, a business manager needs to research the market and ensure the product will help bring forth revenue and exposure growth. Regardless of whether the new product is aimed at sales or for streamlining corporate processes, take your time to study similar innovations and examine their impact on the creator companies. Outlining the future tool Next comes prototyping — deciding how to cater the applications to the public. What hardware and software tools to select for development? What tech skills a company will need to create a full-blown product? Data gathering The project team decides what data a tool will gather as well as how it’ll process it. This matter has become even more pressing since GDPR came on the scene. As a rule, you should narrow the data  to a set that’s vital for your product functionality. So set data processing and storage requirements in stone. And, in case of inspections, keep written guidelines in an accessible place. Hardware design Most IoT solutions rely on hardware — sensors, BLE beacons, wearables, etc. Deciding on the hardware is challenging because it has to be affordable and marketable. The team needs to choose the major technology before writing software for it. Software development IoT software has a multi-layered backend. Usually, developers have to integrate the cloud architecture, communication protocols, data gathering and analysis algorithms, APIs, and so on. Depending on the chosen technology, additional software components may be added to the list. Integration To make sure the new product blends in with other tools used by a banking staff, developers integrate it with third-party solutions (G Suite, for example). Also, integrations with third-party solutions, such as heavily used services, clients, and utilities, make a product more convenient and user-oriented. Testing When the code is written, the project team tests product functionality, work, and security. At the testing stage, a suite of cases is written to ensure the product carries out its purpose. Maintenance After product release, you have to regularly review and discuss the feedback. When you add new features, test the tool again to avoid technical debt. IoT FinTech Applications As financial institutions become more aware of the IoT’s power these days, more innovations and promising use cases make it to the market. Let’s see where the industry is now. IoT-enabled security systems. Above all is ensuring secure user into multiple devices. IoT helps create an ecosystem for access control and identity maintenance. It is for this reason that connected devices exchange passwords, digital certificates, and biometrics. Wallet of Things. Such apps add secure IoT payments to wearable devices. Moreover, Wallet of Things gives users real-time access to shopping logs and creates expense patterns. Tailored insurance. To enhance their services, providers can track safety habits of clients in real time. In particular, to base insurance rates on mileage and driving habits. More connected data will improve the precision of vehicle tracking and increase the number of metrics for analysis. IoT-based smart payment contracts. Indeed, adding the blockchain ‘smart contract’ concept to IoT payments is a brilliant idea. This combo creates secure, controlled, and manageable environment for money, shares, property, and other financial exchanges. Cost of Developing Fintech IoT Tools IoT projects are complex, so estimating the cost of development is rather hard. The good news  for the issue is the dedicated tools. Managers in financial business can calculate the cost of an Internet-of-Things-project with a remarkable precision. Here’s an example of IoT product development costs broken down by component types using IoT cost calculator: Type of the IoT component Minimum Cost  Maximum Cost Number of hours Custom hardware $147,900 $220,300 4900-7300 Mobile application (Android, iOS) $197,700 $296,600 6600-9900 Web application $183,600 $275,400 6100-9200 Web database $59,500 $89,200 1200-3000 Desktop application (macOS, Windows, Linux, Unix) $316,000 $474,000 10500-15800 Note: The estimates show a feature-based model. In the table, the costs of a highly functional project are stated. Prices may vary for basic IoT products. In conclusion A common problem for the financial industry lies in skewed data distribution. Outdated approach to managing and catering limits the scope of services. For instance, it affects delivering users relevant insights. Avoiding credit risks and managing the customer’s financial routines proactively are the basic examples. Using Internet of Things, we can majorly improve the financial services.  In short, the most promising benefits of the technology include: faster risk management; improved data gathering and storage algorithms; improving the shopping habits of a client with intelligent hardware. Systematic approach in using the Internet of Things to develop products for financial industry is key to success. Start from learning what issues the company struggles with the most and find a cost-efficient IoT solution to solve them. The cost you spend on innovation will pay off soon. The post How IoT Changes Banks and FinTech Companies appeared first on ReadWrite. Read more.....

Every possible entity, whether it is a machine, a satellite, an object that performs their tasks independently using the internet as a medium, has to transfer relevant data. IoT has been the latest leap of faith made by humans. We are basically allotting essential responsibilities to intelligent machines. But, will the internet of things (IoT) ever rule the world? The coming of smart IoT devices and machines has dramatically benefitted the influential fields of utilities, healthcare, and transportation. Humans, in their quest to invent smart devices, came upon a brilliant set of objects that can help them create a sustainable future on earth and beyond. IoT devices such as smartwatches, health monitors, home applications, and traffic regulators have raised the overall standard of living. The fields of space exploration, defense, and internal security have been highly regulated and governed by IoT, making it flag bearers for the coming generations. The flying drone is one of the most spectacular IoT that has enhanced surveillance and is going to change the whole destiny of the online retail industry. The rise of technologies such as artificial intelligence, machine learning, and big data analytics have made it possible to create a species even more capable of us. Many Science Fiction movies argue that the giant leap that humans are making in the field of innovation and evolution inherent chances of making us an inferior one. Hence the biggest question that has aroused is that whether the Internet of Things comes with the capability and fortune to rule over the entire world? With the constant development of flagship government IoT programs such as the coming up of smart cities and infrastructure, the debate has picked up on a certain amount of heat. What is the future scenario of IoT looking like? There has been an explosion in the growth of IoT devices where the numbers are estimated to reach 30 billion by the very next year, that is 2020. The more astonishing fact is that across the world market value of IoT is projected to touch the $7.1 trillion by the very year 2020. The rapid urbanization and sudden population burst have led to the non-monitored growth of IoT devices spread across all public and private domains. There are various dominating roles that IoT is going to play in essential sectors such as consumer, governance, manufacturing, infrastructure, and energy.  Consumer Applications. Some of the best examples of very popular IoT devices are Amazon Echo, Apple’s Home Pod, Google Home, and Samsung’s Smart Things Hub. The trend of smart home and devices are on a high among urban dwellers with a great liking towards smart IoT devices such as Apple’s Home Kit. According to the research shortly, every primary task such as lighting, security, conditioning, and media, will be performed by smart IoT devices. Enterprise IoT used in corporate settings has become more popular than ever with current usage of almost 9.1 billion devices.  Medical and Healthcare IoT. The use of IoT in smart healthcare has led to path-breaking works, especially in the field of remote health monitoring and emergency response system. Many new devices, under the name of the Internet of Medical Things, such as biosensors and wearable trackers, have created awareness about individual health. The development of complex algorithms will empower IoT in the coming decades to become lifesavers through the management and prevention of chronic diseases. IoT powering Transportation and Logistics. The development of IoT powered self-driving cars will change the way humans use to travel. Smart Traffic Control, Safety Assistance, Logistics Management have led to the reduction of road accidents and safer driving standards. With the introduction of smart flying cars engineered on the model of IoT drones, the day is not far away when everyone will fly to their workplaces. IoT in manufacturing. The use of RFID technologies to automate supply chain operations was the first impactful use of IoT in retail and manufacturing; since then, the journey never stopped. The giant online retailers such as Amazon and WALMART are spending millions of dollars on innovative IoT technology to smoothen their operations. In the near future, almost all the tasks in every manufacturing domain will be automated with advance IoT devices with a little bit of assistance from human employees. The forecasts show that the Industrial IoT will result in the fourth industrial revolution, capable of generating $12 trillion globally by the year 2030. The future of Agriculture IoT. The governments and firms such as Microsoft and IBM are spending a substantial sum on advance IoT devices fully capable of assisting all farming techniques. The IoT will play a decisive role by changing the way humans use to do agriculture and soon will even take farming to the far off planets such as Moon and Mars. IoT in governance. The smart use of real-time data analytics by IoT powered sensors have led to superior work such as disaster response and flawless infrastructure. The future of IoT will ensure transparent government, excellent management, optimization of resources, and better security to all the citizens. Some of the best examples are Sino-Singapore Guangzhou Knowledge City, San Jose California, the smart city of Vijayawada and New York Waterways. IoT for Energy and Resource Management. Inventions such as smart grids and advanced metering infrastructure are ideally looking after the energy needs of various global cities. The future will commend the heroic role of IoT in clean energy generation and quest for an alternate source of energy. Role of IoT in environmental monitoring. The role of IoT powered trackers and sensors has already played an immeasurable play in saving many endangered species of flora and fauna. The future of the planet will depend upon the smart use of IoT due to its potential for early detecting of disasters as well as smart monitoring of environmental conditions. IoT developed as a living lab. Many public and private stakeholders have come together to pool resources to develop IoT technology accessible for all. The future will witness smart IoT technologies available to everyone so that the whole world can be enlightened with the benefits of intelligent machines. · IoT for Space Explorations and Beyond. The use of IoT is more than necessary if the humans want to successfully habitat far off planets. The rise of intelligence and data processing capabilities have led machines to derive solutions that were never thought of before. The future of IoT will take humans to unexplored regions and dimensions and will help us to seek answers to unresolved problems. What is stopping IoT from quickly emerging as a leader? Any unmonitored growth of technology must be scrutinized, and similar is the case of IoT. The roles and responsibilities of IoT have risen to such extent that it must always be kept in safe hands. Superior intelligent IoT, if placed in the wrong hands, can result in mass destruction and loss beyond control. (Script All DNA) provides very secure IoT solutions to meet your daily business requirements. Many reasons are leading to criticism and adoption barriers for future IoT. The government regulations on the management of data by IoT. Adoption of appropriate standards such as data security, consent, and minimization. Recent cyber-attacks have led to the detection of various present vulnerabilities. Issues regarding the safety of various IoT based automation devices. Usage of damaging heavy metals and toxic synthetic chemicals in manufacturing IoT devices. Underdeveloped regulatory and policy frameworks. Unclear propositions of value and traditional structures of governance. Summary The future of IoT can be visualized in various Science Fiction Hollywood movies such as Matrix, I Robot, and Terminator. Humans are putting their trust in highly intelligent machines because it is their only hope for eternal survival. IoT at the current stage has been beneficial in assisting the human race, but as its capability rises shall also raise its ego and the will to dominate. The primary concern about giving enough power to artificially intelligent IoT machines is the lack of emotional intelligence and years of experience inherited by us due to evolution. In better hands, IoT will perform heroic deeds for the whole of the human race and at the correct time will help us start a new life on far off planets. The real danger arises if future IoT falls in evil hands, which can result in the domination and annihilation of the whole of earthlings. The future of IoT will initiate the next stage of evolution with the creation of highly intelligent species capable of ruling the world. Image credit: bence-boros The post Will the Internet of Things Ever Rule the World? appeared first on ReadWrite. Read more.....

Robots seem like the stuff of science fiction. NASA’s new LEMUR robot, designed to climb rock walls on Mars, is no exception. But here on Earth, the forward march of automation continues, transforming business and society. But there’s a barrier holding us back from realizing the full potential of emerging tech: regulatory bottlenecks. Regulations are struggling to keep up with tech advances; as a result, they’re slowing the “robo revolution.” That’s a shame because never before have there been so many new applications for robots across all sectors of society. For example, robotic drones — used to improve crop yield through farm mapping — are gaining acceptance in countries like Ghana and Kenya. Other African countries are still preparing, with Nigeria developing a regulatory framework for drones. Meanwhile, the U.S. is contemplating appropriate laws to oversee the use of autonomous vehicles, which are essentially robotic cars. Regulatory red tape is also hindering robots from breaking into the financial services industry. New approaches to trading through robo advisors need to be approved by the Financial Industry Regulatory Authority (FINRA). Keys to Bringing Robots into Your Business Of course, regulations don’t present a hard barrier to further advancements in robotics; it’s more a matter of how much regulation will delay or disrupt robots’ integration into society. With that uncertainty, businesses must gauge the risk of investing resources in robot initiatives. Leaders have to take a practical, forward-thinking approach to this emerging opportunity. To help develop that mindset, take these three steps when determining how robots can play a role in your business. 1. Encourage creative thinking on your team. Don’t let regulatory roadblocks discourage your team from thinking outside the box when it comes to implementing new tech. Regardless of the regulatory environment, creativity is fundamental to finding new solutions in a complex marketplace. “Nurture creative thinking,” urges Colum Donahue, CEO and co-founder of Genuity, a firm with a mission to help companies make better tech purchasing decisions. “You can help your organization remain competitive and creative by providing a supportive environment in which people feel free to experiment, fail and iterate.” This type of environment will attract and retain high-performing people, which will give your business an important edge in the robo revolution. To further encourage creativity, foster an openness to new ideas. Strive to provide a positive workspace, with a diversity of team members and plentiful opportunities for teamwork and personal projects. When those projects bear fruit, reward staff for creative solutions that are compatible with regulations. 2. Keep experimenting, but be aware of the regulatory big picture. Technology is a moving target. What worked yesterday won’t work today. You need to constantly experiment and do your own research to prove consumers and regulatory bodies are ready for your advances. This is the minimum necessary to stay competitive — regulators are also experimenting. The concept of a regulatory “sandbox” began with the 2015 launch of the Regulatory Sandbox program from the U.K.’s Financial Conduct Authority. In the two years after, 23 more countries adopted similar test beds for new regulatory approaches. These nations get the point: Innovation requires experimentation. Review relevant laws, noting how potential changes might affect your path forward. Consult your legal team to make sure you understand new rules and regulations coming down the pike. Taking a proactive approach to monitoring regulatory changes will help ensure you’re not blindly advancing in a direction that may soon bog you down. 3. Advocate for regulatory change. It’s not enough to merely compete in the robo revolution. You need to advocate for laws that encourage, rather than stifle, innovation. One clear example of the need for this type of advocacy comes from the fintech sector. There are clear benefits to financial technology, such as efficiency and lower overhead costs, but well-meaning regulations can become a hindrance. Differences in state laws regarding fintech can force companies to become licensed in every state they operate in. They can also hamper their ability to offer nationally available products and services. Advocating for broader laws that apply nationwide would enable these organizations to consolidate operations and pass the savings on to their clients. Look for mismatches between what your business and industry can provide and the laws that constrain those possibilities. Seek others to create solidarity and a shared voice for pushing for positive change. Good regulations provide stability, a level playing field, and a boost to consumer confidence. They’re necessary to protect consumers. They can also be a boon to business, but they only work if they’re updated to take into account new developments. “If the volume and pace of digital transformation continues to remain the way it is, the existing regulatory approach won’t work,” says Bakul Patel, the U.S. Food and Drug Administration’s associate center director for digital health. “The current regulatory approach is not well-suited to support that fast pace of development.” The robo revolution will test whether business leaders and lawmakers have the ability and political will to craft smart regulations. Business leaders have to shape their teams and in-house projects, stay on top of regulatory developments, and push for regulatory changes. Those who make this central to their mission will be at the leading edge of this revolution — and able to reap its rewards. The post 3 Ways to Navigate Regulations in the Robo Revolution appeared first on ReadWrite. Read more.....