By 2020 it is estimated that there will be 30 billion ‘Internet of Things’ devices in the world, with a global market value of $7.1 trillion. IoTs are physical devices, vehicles, home appliances and other items that when embedded with electronics, software, sensors and connectivity become “smart”. They can then be used to connect and exchange data, thereby merging the physical world with computer-based systems.
In this episode of LokadTV, we try to understand the hurdles that companies must overcome in order to implement these systems in their own companies and their potential for the supply chains of the future, for example better monitoring for the transportation of sensitive goods.
Increased connectivity undoubtedly has its benefits. For example, in Shenzhen there was more than a staggering 50% reduction in crime when over 40,000 smart cameras were deployed across the city. However these innocent-looking devices can of course be hacked. At best, the hackers may use a device to generate information for targeted advertising campaigns. At worst, these loopholes can be used to launch service attacks that have been known to take down an entire country’s banking systems, which happened in Estonia in 2007.
To wrap things up, we therefore discuss the security of these systems and how IoTs can be protected correctly so that Black Mirror-like storylines don’t become the reality of tomorrow.
01:05 Perhaps we could start with a few examples of IOTs?
03:01 From a human being perspective, how is it really changing the way we are interacting with these objects?
04:46 What is the potential of the Internet Of Things from a supply chain perspective?
07:14 All of these IOTs need some sort of power. Where is this power coming from? What about the batteries, do they not need to be frequently recharged?
09:46 Can the data produced by this technology be somehow integrated within existing ERP systems?
11:27 Are there any companies that are currently using IOTs?
13:26 Other than the data issues, is there anything else blocking the adoption of IOTs?
15:12 What did you mean by botnet?
17:43 How can we secure these objects? How can we ensure that they are actually safe?
20:33 To wrap things up, how do you see things in the near future?