Unlocking new business models for IoT through trust
Jun 22, 2016 4:25:58 PM. By: High Tech Campus
Data. It's there, and there will be more of it in the future. Much more! We're talking Yottabytes, Brontobytes and Geopbytes. We've all heard of the expression that 'data is the new oil' by now. But how can we extract and use it in a trustworthy manner? Karthik Ranjan, strategist in the healthcare vertical of ARM (a semiconductor IP supplier) provided a keynote on the Internet of Things Event on how companies can unlock new business models for IoT – through trust.
Create hyper connectivity with security and trust According to Ranjan, data itself holds no intrinsic value. Data becomes truly useful when entities combine and utilize harvested knowledge of IoT in order to become smarter. He pleads for a hyperconnected future where trusted data is being made available to multiple entities.
The first condition for hyperconnectivity is, of course, proper security. When data is acquired, it will be sent to a gateway and then go into the cloud. To preserve the accuracy of this data, all points of transit from the root all the way up to the cloud need to be secured.
Unlocking new business models with Internet of Things Ranjan: “As value of data from Internet of Things increases, it becomes increasingly important to ensure that the source of this data is reliable and can be trusted.” Trust is a critical aspect of connected devices (gateways) such as smartphones, PCs, servers, tablets and the emerging Internet of Things. With IoT, the costs of data acquisition are generally higher due not just to the nature of the data source being physical (and requiring some hardware), but also Opex costs associated with setup, configuration, and ongoing maintenance. We need a way in which this data will be made available – with the same level of trust - to multiple entities. This is when new business models are unlocked.
Data can be sold to other entities, who can create new value from it. This is called data as a service, or DaaS. Data collection and supply is not a new business. However, with Internet of Things, data will soon be generated by everything - all the time! “If you trust the gateway through applications that validate the device, you don't necessarily need to own it” Says Ranjan. Companies can build secured and trusted gateways that protect data from attacks. Volumes of data are so immense that truly successful organizations will unlock business models that harness that data, make sense of it and sell it back to the consumer. To secure and trust data, new business models can be unlocked!