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Standing on the Threshold: IoT Predictions for 2019
Banyan Hills Technologies' CEO takes a look at what's in store for the Internet of Things.
Closely related to that, 2019 will be a year in which we'll see more and more standardization—of go-to-market, of value proposition, of pricing and so on. Pricing, for example, is wildly inconsistent right now, so in 2019, we'll start to see more standardization on that front. And that's just for starters: also look for protocols—communication, connectivity and interface protocols—and more to really become hardened.
Last—though certainly not least—the government will make its presence felt with regulation. We've seen this already starting to happen in California, which was the first state to regulate the IoT, by launching some compliance initiatives around it. There's little doubt we'll see more of that, due to what's happening in privacy, security and data protection. After all, with any commercial business, you need to ask: How can you insure something like the IoT?
Every time the IoT is implemented, people ask questions like: Who owns the data? What happens if there's a breach? At what level in the connectivity in the data stream is the breach? And who's accountable? Then there are all of the surrounding processes, like insurance. Underwriters need to understand and standardize the kinds of insurance required to protect both a business and its customers. As the IoT is taken to market, these are questions that will become ever more common.
If you want to see how this has played out in an adjoining industry, consider Uber. The company showed up one day and disrupted the entire ride-hailing industry without thinking through the regulatory implications. In short order, Uber has a workforce of 1099 employees who have replaced a traditional organized workforce. Eventually, the company, as well as government agencies, elected representatives and others, recognized that this was a unique and complex situation.
Now that there are commercial applications of the IoT, these kinds of questions are going to continue to arise, and we should expect what happened in California to ripple through the industry and across the country. But standing on the threshold of 2019, these are all great problems to have.
Steve Latham is the founder and CEO of Banyan Hills Technologies, an Internet of Things company based in Duluth, Ga.
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