Data is the Bitcoin of IoT
By Chip Downing
There are a lot of perspectives about what this new era of computing is actually delivering, and the metrics for the success of these solutions. From my perspective, one coming from the software world, it is the transformation of our compute dynamics where the value of a platform is no longer the hardware, or the operating system platform, or the applications on that platform. The value of next-generation IoT systems is based upon the real-time data flowing through these platforms, and the business intelligence and situational awareness derived from this data.
Data is the currency of IoT that builds in value as data is consolidated into a flash point of critical intelligence. And then it dissipates, to be replaced by the next wave of integrated sensed awareness.
For example, IoT data defines the competitive landscape in the business arena. The value of IoT data is always in a state of flux and loses value over time. IoT data achieves its highest value in the milliseconds after it is captured integrated into real-time business intelligence. The utilization of IoT intelligence is always tempered by the timeliness of the information flow and the breadth and quality of the sampling.
IoT data is not money — money has an agreed value so it can be a medium of exchange of goods and services for the length of a financial transaction. Bitcoin is money — it is a digital currency, a crypto-currency that possesses a baseline of global value that tempers volatility with growing utility. Bitcoin’s value, like all money, rises and falls with demand.
IoT data value also rises and falls with demand. IoT data has its highest demand, its highest value, in that instant that provides the greatest level of business intelligence that details the immediate opportunity and situational awareness. IoT data value slowly dissipates over time. This data is not discarded – it is assimilated into future analyses, integrated with immediate, real-time IoT data that generates four-dimensional foundations of future decisions.
IoT data is the new currency, the new foundation of business intelligence.