“CEO Speaks” will be the space where I will be sharing my thoughts about people, technology and things that inspire me and Market Simplified.
There were times when only a handful of computers around were connected. Then came the PC revolution and internet that connected millions of computers across the world. The dawn of 2018 saw global internet users crossing 4 Billion and more than 51% of internet traffic is consumed via mobile phones. It’s an undeniable truth that Smartphones revolutionized the way we consumed data. But, this technology revolution doesn’t stop here. In the near future, trillions of electronic devices will be communicating with each other forming the Internet of Things (IoT).
This technology is all set to transform the world around us in conjunction with other emerging technologies such as AI, BlockChain and Virtual Reality. This tech got great potential as it’s expected to grow from USD 170.57 Billion in 2017 to USD 561.04 Billion by 2022.
If you are clueless about IoT, the following must help.
The Internet of Things (IoT) is the network of vehicles, home appliances, physical devices and other items embedded with software, electronics, actuators, sensors and connectivity which help these objects to connect and exchange data. Each device is uniquely identifiable through its embedded computing system but is able to inter-operate within existing Internet infrastructure.
The below are the 6 key characteristics of IoT
IoT is the combination of algorithms, computation, software & hardware. Capabilities enhancement of IoT is done by ambient intelligence which facilitates intelligent responses given a situation. It helps them in carrying out specific tasks. The interaction between the user and device is achieved by standard input methods and graphical user interfaces.
Connectivity empowers Internet of Things by bringing everyday objects together. It is all about the accessibility and compatibility of the network. Accessibility is about getting onto a network while compatibility is the common ability to use the data. With connectivity, new market opportunities can be created by the networking of smart things and applications.
We tend to take our senses, our ability to understand the physical world and people around us, for granted. Sensing technologies provide us with the means to create capabilities that reflect a true awareness of the people and the physical world. This technology is simply the analog input from the physical world, but it can provide a rich understanding of our complex world.
Expressing helps interactivity with people and with the physical world. Whether it is a home or a farm with agriculture technology, expressing enables us with a means to create products that interact with the real world. Expressing allows us to directly interact with people and the environment.
Energy helps in bringing creations to life. The problem is we can’t create billions of things that run on batteries. Power efficiency, energy harvesting, and charging infrastructure are necessary parts of a power intelligent ecosystem that we must design.
IoT devices are vulnerable to security threats. As we gain efficiencies, experiences, and other benefits from the IoT, safety is also very important. We must design for safety as we are both the creators and recipients of the IoT. This includes the safety of our physical well-being and the safety of our personal data. It is important to secure the endpoints, the networks, and the data present across all of it. This means creating a security paradigm that will scale.
Market Simplified, being an innovation-driven company, we are already exploring innovative IoT use cases that would make the life of financial institutions easier.
About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with the cutting-edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.
About the author: Venkat Rangan is the Founder and CEO of Market Simplified Inc. He is a technology enthusiast. Venkat also has a great interest in aviation and loves to read and learn about airplanes. Whenever he gets time, he likes to fly the Cessna Sky Hawk 172. His dream is to fly the Gulf Stream G650. Sometimes it makes us wonder – why he isn’t a pilot or running an airline business…