DATA — The New Currency For IoT?

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Is DATA The New Currency?

In ancient times everything from salt

grains to elephant teeth were

considered as a form of currency i.e

anything valuable. But the world has

adopted the slogan of “Go digital”.

Digital currency is radically

redefining business and IT

and that currency is nothing

but DATA.

Internet of Things is much talked about and in hype these days but the thing that makes Internet

of Things possible is data. Because data is the thing that we collect, process and analyse in order to

identify and influence users, their behaviour and the environments.

PURPOSE

MOTTO OF IoT

“Making sense of the data so collected from the

various device sensors is the core value of Internet of

Things”.

The three pillars of

data are as follows-

I. DEALING WITH THE DATA

According to the present day scenario,

it has been like that there is a sensor

attached to a device it collects data and

then necessary actions are triggered.

Huge number of apps

become unmanageable,

so the focus should beon merging of the data.

Such services should be made

that create knowledge and drive

meaningful action by mashing up

multiple data sources.

II. QUALITY OF DATA

Area of concern again

should not be

restricted to merely

collecting the data and

mashing it but it should

be on collecting

Quality Data.

Data in health and fitness sector

Internet of Things has also set its foot in

the health and fitness sector. So when

you are dealing with people and their

life then that data should needs to be

precise and accurate, meaning it should

be able to vouch for its quality.

Importance of DataThe data has to be pulled from wearables, phones, apps

and needs to be analyzed properly so that proper medication or exercise can be prescribed depending on

it. Thus data can be life-saving as well!!

III. SECURITY OF DATA

If data is the currency and data is that important, then so is the security of it. When it comes to secure the Internet of Things then it is definitely seeking to secure the data that is associated with it not only to ensure privacy and

safety but also to enhance and upgrade user confidence.

Types of Data

While securing data in IoT you

have to think in terms of three

context i.e data at rest, data in

motion and data that is in use.

Each category of data has

their own definite set of

security threats and there

are definite ways to combat

each of these challenges.

All the big companies in the IoT league are buying and

selling data like the wampum beads. As the concept of Internet of Things and big data is

making their grip stronger in the market the value of

data is growing exponentially.

IMPORTANT STATS90% of the world’s total data is believed to

be generated within the last two years!!

And the volume of data is expected to

bounce by a multiple of 40 by 2020!

On a parting note:Thus we can conclude that Data is the skeleton of Internet of Things.

Internet of Things will cease to exist if data is not there. It is the seamless

flowing of data which is of utmost importance around which the entire

concept of IoT revolves.

It does feel like the world data is the currency as well as

the backbone of all the systems across the globe.

Thank You

Mail us at: sales@algoworks.com

Contact us at: +1-877-284-1028

Official Blog Link:https://medium.com/all-technology-feeds/data-the-new-currency-for-iot-

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DATA — The New Currency For IoT?

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