The Internet has long and firmly become an integral part of our life. Today we can carry out almost any action using the worldwide network: make purchases, make money, communicate with people in other countries, and even find top foreign brides. And it is very important to understand how our life will change in the near future. So, let’s talk about it.

How does IoT work?

Each IoT device/machine contains sensors associated with the cloud-based IoT platform. The latter, in turn, collects, processes, and distributes data from each connected device/sensor, allowing devices to interact with each other and on the Internet (this process of machine-to-machine communication through IoT platforms is called M2M).

Problems

In a sense, IoT has the same problems as blockchain. This is primarily due to the unpredictable and constantly evolving nature of the Internet:

Safety. The massive amounts of data generated by connected devices and processed on IoT cloud platforms are a tidbit for seasoned hackers who can infiltrate unsecured devices and platforms and cause harm. There have already been precedents when hackers hacked connected cars, weapons, and even toys! The situation will get worse if new computer viruses emerge in the IoT. Equipment has already been disrupted in major industries (for example, the Stuxnet virus in Iran). We should also mention the attacks of the Mirai botnets in 2016, which affected Netflix, Reddit, and Airbnb. More than half a million devices around the world are “held, hostage.”
Management. Like blockchain in its early days, the IoT world is like the “Wild West” – new service providers and technology companies are popping up everywhere, aiming to take the lead in the market in a short time. They are now releasing products with IoT support. But most of them are created without adhering to the quality, compatibility, and security standards typical in the IT field. This is because now there is simply no governing body in this area. Companies and national governments develop their criteria. But there is no single standard.

IoT Prospects as Estimated by Analytical Agencies

The number of “connected” devices in the world is growing (according to industry analysts, their number will reach 20-50 billion units by 2020) and with it – the number of examples of the Internet of Things (IoT) application in the economy: health care, energy, industry, housing, and communal services, agriculture, transport, etc.

In foreign practice, there are successful examples of IoT implementation at the initiative of both the state and business. For example, with the support of the state in the countries of the European Union, South Korea, China, and India, smart city technologies are being introduced, which make it possible to improve the efficiency of energy consumption and traffic management. The UK and the US have implemented large-scale smart metering programs to remotely monitor household energy consumption.

IoT allows businesses to gain a competitive advantage by reducing costs and developing new sources of income. For example, the American company GE Aviation produces aircraft engines on which sensors are installed that allow remotely obtaining operational data and, on their basis, identifying optimal aircraft maintenance algorithms, which has reduced maintenance costs by seven times.

Another example is the mining company Rio Tinto in Australia, which uses unmanned mining trucks that operate continuously and are controlled from an operations center at a distance of 1,200 km. Industrial IoT technologies are at the heart of Industry 4.0: according to estimates by the German Academy of Science and Technology, their implementation will increase the productivity of German industrial enterprises by 30% on the horizon until 2025. The consumer market is increasingly filled with “smart” technologies: for example, based on results According to a survey by PwC in the US, one in four consumers use smart home devices.

The Internet of Things is becoming a reality. The constant and increasing exchange of data requires the development of new services that should connect us to the physical world around us. These services must also be built on completely new business models and provide new financial flows. With the help of the Internet of Things, the interaction of objects, environment, and people will be largely intertwined, which promises to make the world “smart” – more comfortable for humans.

What could threaten the Internet of Things?

Positive changes in the field are accompanied by a fly in the ointment because the number of cyberattacks is increasing every year: criminals use the Internet of Things to steal personal information or blackmail. Most of the 490 million IoT products in existence today are vulnerable to DNS rebinding, for example. Does this mean that any “smart” sensor or camera can become a weapon in the hands of an attacker? Potentially yes, but don’t despair. Firstly, ordinary owners of building management systems are unlikely to be interested in Internet thieves, and secondly, there are some ways to protect against them.

The legal point is very important. Thus, all information from the owners of the Perenio Smart Management System is under the General Data Protection Regulation. This means that the company is responsible for keeping customer records and will therefore have a stake in keeping its servers as secure as possible. You can read more about GDPR in one of our articles.

Also, each user can independently strengthen the protection of IoT technology. For example, by properly configuring the DNS server. It is necessary to consider the main point – that it was impossible to connect to your system from the outside, therefore it is recommended to replace the factory settings and write personal settings for all “home” gadgets, up to smartphones. Data transmission can be monitored through the control center.

Conclusion

The IoT industry appeared only in 2005. It needs time to grow up But at the same time, the period of its ripening is the “black soil” for hacker attacks. Therefore, companies are investing millions of dollars in hackathons studying IoT vulnerabilities.

Simply put, the top of the mountain will be companies that will provide security on IoT platforms and related equipment, as well as those who will solve relevant business and consumer problems using IoT goods and services.

But any powerful technology, as we know, can be misused. Artificial intelligence works today for many good purposes. This includes making better medical diagnoses, finding new cancer treatments, and making cars safer. However, as artificial intelligence expands, we will also see it being used for dangerous or malicious purposes.

Also read about: IoT Applications in Retail – IoT in Retail