Internet of things and the need for getting a protocol

By CIOReview | Tuesday, December 4, 2018

The number of devices connected to the internet is growing aggressively. According to the global research and advisory firm Gartner, within the next two years, the number of internet-connected things will reach 20B, and 95 percent of new technology products will have an Internet of things (IoT) capabilities. In each connected device, sensors are logging useful data which should be shared and sold in real time to the interested parties. But this is not happening. Data remains locked in proprietary, centralized systems. Everyone is not able to access the insights of the data, and the producer of the data cannot sell it to the market. The value of the data is only being realized and not being used. But rising of the IoT is increasing the demand for a real-time data economy. Smart cities or homes or even cars collect hyper-local information about us. But there is no way to trade the data because the data economy wants a platform which has secure transport, storage, and monetization, but there none of it is available.

Instant messaging, gaming and similar applications which need to distribute in real-time between subscribers or the subscribers need to create their own infrastructure, or they need to rely on centralized cloud services. But even the simplest project need high cost in building own adds. But it places the data in the hands of the companies with the risk of creating proprietary and competing solutions. So the internet needs a protocol which allows humans, organizations, and machines to publish data and interested parties to retrieve it. The internet also needs a trusted marketplace to handle millions of financial transactions.

The key point is to pull the mature and emerging technologies which satisfy the requirements of the internet into a coherent and robust data publishing protocol. The foundation for the data network should be a peer-to-peer approach, which is widely used for file sharing and provides an excellent basis for the real-time exchange of information. A data-sharing network should be built based on existing open-source libraries with end-to-end encryption to ensure privacy.

The marketplace should be built using cryptocurrency, with the blockchain technology used for value settlement, identity and permission control. The blockchain is the missing protocol that is the essential companion to the IoT and the data economy that comes with it.