I am sure that everyone has heard of Amazon Echo and Smart Watches such as the Fitbit. However, what is the Internet of Things? Lots of research focuses on IoT in business and commerce. This blog will answer the question: what can the IoT do for me?
Global businesses are moving from blockchain research to applying the technology to current business challenges. Many believe that this change will be taking place in the next 12 months. Linda Pawczuk, a principal with Deloitte Consulting, commented business ambition was shifting from “a focus on blockchain tourism and exploring the technology’s potential, to building practical applications”.
When people think of blockchain, cryptocurrencies such as Bitcoin are probably the first thought that springs to mind. Where blockchain, with Bitcoin, has caused disruption in the financial sector, blockchain has the power to disrupt and solve problems in multiple other sectors, such as Marketing & Advertising. Transparency, trust and battling counterfeiters.
For the majority of people calling insurance companies isn’t the most favoured activity. The insurance industry is one of the least innovative areas for customer experience. This is changing however and artificial intelligence (AI) is now playing a great role in this change. AI technology has the potential to disrupt the insurance industry and revolutionise consumer experience.
Dog collars to toasters are connected as part of the Internet of Things (IoT), with experts predicting that by 2020 more than 50% of new businesses will run on the IoT. However, cyber security and privacy are the biggest challenges for IoT, collecting large amounts of personal identifiable information. As soon as some financial benefit from hacking smart devices appears, cyber criminals will find a way to take advantage of it.
Many have labelled the rise of Artificial Intelligence (AI) as a new type of industrial revolution. AI has the potential to improve productivity across a range of sectors, whilst lowering costs. However, there are risks of AI, similar to any technology that is not adequately managed or secured. The criminal network has been improving this capability for years through the use of botnets, and AI brings with it a new range of cyber security risks.
Over recent months IBM has urged the government to consider the use of blockchain as a way of saving time, money and averting risk. IBM has stated that this technology needs to be seen as more than just the foundation for cryptocurrencies. IBM is amongst the growing number of companies offering Blockchain-as-a-Service (BaaS); a service that allows enterprises to pilot the technology without having to undergo huge capital expenditure in hardware and onsite development.
An energy revolution is on the horizon, in which both utilities and consumers will produce and sell electricity. Blockchain technology is already being tested in a number of different places. For example in New York State it is being tested as a way of selling solar energy between neighbours and in Germany one power company is running a pilot to see if blockchain technology can authenticate and manage the billing process for autonomous electric-vehicle charging stations.
Sir Arthur C. Clarke said that: “any sufficiently advanced technology is equivalent to magic”. Well, I thought that transferring money from a country to another without paying any fees could only happen in a magical world, but since I have started travelling around the world of technology on my journey with Serviceteam IT, I would totally agree with Arthur.
Bitcoin, has risen to fame in recent years and become especially prevalent due to the recent media coverage linked to cyber-fraud, particularly the WannaCry ransomware attack. They’re anonymous and not in the control of banks and governments. Despite its affiliations with the illegal economy, and the association with cyber-fraud, major banks and companies across the world are in talks to adopt digital currencies such as Bitcoins.
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