Technology is changing our life. Devices such as Internet of Things are set to revolutionise human history in the coming years.
From Smart Cities and smart factories to smart homes and wearables, we are just beginning to scratch the surface of possible uses of connected devices.
The Internet of Things (IoT)has the potential to collect valuable data from all facets of our lives and use it to make tasks more convenient, save money, and create a greener world, to name a few of the benefits.
Businesses are rapidly pushing forward with IoT initiatives by connecting 5.5 million new things each day. However, we still have a long way to go before IoT is widely adopted and becomes an everyday part of mainstream life, reports say.
Market entry barriers to IoT are lower than ever before with low-priced devices, processing power and Internet bandwidth combined with fast computational and network speeds.
Yet, there are steep challenges that need to be addressed before IoT poses more possibilities than problems, reports have said.
The biggest concern is the security risks that a world of connected things poses. With valuable data collected and a growing number of data-driven autonomous devices requiring little to no human control, there are many opportunities for nefarious activity or even innocent errors.
Privacy is another significant concern. Consumers have expressed worry over who will be able to see the increasingly personal identity data that IoT devices are able to collect.
Businesses must have the technology in place to manage, secure, and responsibly use all of this data, including massive volumes of customer identity data that IoT collects.
The major challenges are ensuring security and privacy. The right identity management platform can help pave the way for a successful Internet of Things implementation.