How the Internet of Things Will Redefine Data-Sharing and Privacy
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Imagine products such as a medicine cabinet or refrigerator throwing off a constant stream of data points about a consumer. By the end of this decade, there will be over 50 billion connected objects — approximately six objects for every person on the planet. More connectivity means more opportunities to use, as well as abuse, the resulting flow of information. Soon, manufacturers, brands and even employers and insurance companies could have unprecedented access to formerly private information about consumers.
The value of data outshines the value of product
In the IoT, selling a product is a catalyst for data transaction, not an end in itself. For example, an appliance manufacturer could make a fortune selling data about the contents of people’s refrigerators to CPG brands. This would enable manufacturers to change their commercial model, perhaps offering a subscription or service fee model; or even offering free use of the appliance in return for data access.
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