The Future of IoT: Trends and Challenges You Can Expect to See in 2020

IoT stands for “Internet of Things” – the new megatrend that will change our way of life. IoT means connectivity – it is a system connecting any device to the Internet and other connected devices. You can imagine IoT as a giant network of connected machines, gadgets, and people that share data and cooperate to execute specific tasks.

Imagine smart homes, for example, a prime application of IoT systems. Once you open the door to your house, the lights and the air condition turn on automatically. If your fridge is empty, it will independently order food from the local supermarket through an internet-based application and send a payment request to your smartphone for approval. All of these devices – the door, the lights, the aircon, the fridge, and your smartphone – are connected in one internet-based network. That’s called “Internet of Things.” 

In the years ahead, IoT will include and connect more technologies and devices, creating a more complex but also more capable network. Here are the top trends and challenges you can expect to see in 2020.

IoT security: Blockchain-enabled decentralized IoT-networks 

IoT networks can include millions of devices that collect and share data. The size of the network may leave it vulnerable to cyber threats and data breaches. 

Bring in blockchain technology, a decentralized database technology that prevents network participants from changing, copying or manipulating data. IoT systems will in the future increasingly use blockchain technologies to guarantee data security and privacy. For the same reason, Export Portal has implemented blockchain technology as well – to ensure maximum data security for our users.

Smart decisions: AI-powered data analysis 

Every device connected to the IoT-network collects data that helps to fill a cloud database. Eventually, this data allows the network to make better-informed decisions and to become more effective. 

As humans are incapable of analyzing such vast amounts of data on their own, machines take over most of this task – and they do it independently. From marketing to healthcare and financial services: AI-algorithms perform highly sophisticated data analytics and continuously improve the IoT-network’s capabilities, which will multiply the rate of technological progress of the years ahead. 

Outlook: More applications and a higher level of connectivity 

The convergence of multiple Industry 4.0 technologies – such as IoT, blockchain, and AI – into one giant network will result in new applications and an entirely new level of global and cross-industry connectivity. 

Supply chains will become more traceable, more cost-effective and faster. Smart healthcare systems will track all health-related issues from health monitoring to insurance claims all in one network. Smart cities will connect traffic systems, smart homes, parking lots, and public emergency systems. 

IoT will change the world in the decade ahead – for the better. As processes become more efficient and more secure, technological progress will accelerate and economic output will increase. All layers of society will eventually benefit from this trend of greater connectivity.  

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