How IoT Data Can Make or Break Your Business

The Internet of Things (IoT) has created an explosion of data that enables companies to become more efficient and more relevant. But it’s also generated a host of concerns about how this data is managed and secured.

A 2019 study by the International Data Corporation (IDC) estimated that there would be 41.6 billion connected IoT devices by 2025, generating 79.4 Zettabytes of data.

To put that in perspective, 1 Zettabyte = 1021 or 1,000,000,000,000,000,000,000 Gigabytes. Visually expressed, that would mean if each Gigabyte in a Zettabyte were a brick, that one brick alone would be enough to build 258 Great Walls of China.

That’s a lot of data. While a large percentage of this data has in the past come from video surveillance apps, other uses for IoT data are on the rise, particularly in industrial and medical settings. Double digit growth rates for IoT spending are expected through 2022, totalling an estimated $1 trillion.

How do businesses use IoT?

IoT comes in many forms in the modern business environment, and the list of applicable uses continues to expand. In fact, examples of IoT data being used by enterprises may be found in almost every type of industry:

• A distributor or trucking company can use IoT sensors to track weather patterns, traffic congestion and driver locations.
• Aircraft assembly technicians can use smart tools and wearables such as virtual reality glasses that improve quality and productivity in such tasks as measuring, drilling, or data logging.
• Insurance companies can focus on areas of concern for the homeowners they insure. For example, a leak detector can be installed to help the homeowner and the insurer avoid costly water damage.
• Disney World provides visitors with “Magicbands”. When tapped, the bands allow guests to go on rides, buy concessions, etc. The system improves the customer experience while giving the company valuable data about which attractions are more appealing and how the guest experience may be enhanced.

This list goes on and on. IoT sensors and devices are creeping into every corner of business. If your company isn’t using IoT in some way already, you can be sure your competitors are, or soon will be. Taking advantage of IoT data can give your enterprise a leg up as you take advantage of these advanced technologies to streamline business operations, economize production lines, and provide real time business insights on which to act.

The question of security

We know that businesses are already using IoT data and devices, and that this trend is growing rapidly. The question remains as to how do businesses manage all this data to their advantage while keeping all the data checkpoints secure from hacks or downtime. Where does all the data go, how does it get there, and what systems are in place to make sure no bad actors may access it?

The fact is, each IoT device is a potential entry point for cyber criminals. And it’s not just the device that must be guarded, but also all the applications and network connections that are involved with inputting, transmitting, receiving, storing and analyzing IoT data. It’s rather breathtaking when you think about it, especially when you consider how the employee workforce is quickly moving into home office environments due to Covid-19 lockdowns.

How can businesses possibly manage their data needs in the face of IoT’s massive growth and the associated risks? They want to stay competitive by reducing costs and gaining efficiencies, but many hit a wall when it comes to tackling the complex process of maintaining the privacy and security of their IoT data. They want to keep their business data safe, and they want to make sure their customers and partners are protected as well.

Bridging the gap

There is another technology that, when combined with IoT and cloud systems, creates the perfect solution to the complexities of IoT data management: Blockchain technology.

Arckadl™ has created a best in class data management hybrid that simplifies IoT security so businesses can breathe easy and still enjoy the benefits of the IoT movement.

By creating a cloud federation that routes private and public data to corresponding private and public blockchains, Arckadl™ provides enterprises with the following benefits:

• The choice of which data should be shared and which should be private
• Immutable data ledgers that are near impossible to hack.
• Encrypted data that maintains the highest levels of data security available
• A SIMPLE, easy, cost effective data management system that deploys in minutes
• A way for companies everywhere to stay competitive
• Blockchains are distributed, meaning the chances of downtime are significantly reduced

We are only at the very beginning of the IoT era. But enterprises are now able to harness all the advantages without worrying about the complexities and security concerns, with Arckadl™.

Learn more at Arckadl.com.