As a futurist, investor and entrepreneur who is especially interested in the “internet of things,” Jason Hope recently shared some predictions for the virtual network in 2018.
Jason is known for his philanthropy, which is directed toward technology innovations in communications, healthcare and education. He is a native of Arizona and is especially interested in funding research and startups in his home state. After attending Arizona State University, he earned his MBA at the affiliated W.P. Carey School of Business. Jason Hope researches technology and chooses investments based on which ideas hold the most potential or are the most technologically innovative. He said that experts are predicting more than $770 billion being spent on the internet of things in 2018. These are some of his predictions for the coming year.
Security Will Become The Top Priority
Since the internet of things connects many devices, Jason Hope said that it is creating IT issues and security risks. Many people have financial information stored in electronics that connect with other devices in their homes. Also, people who have medical devices that are connected to the internet face higher malfunction risks, extraction of sensitive data and reprogramming risks. Criminals in other countries can hack these devices and use their access to either steal data or extort the owners of the devices. In 2016, industrial control system cyberattacks increased by more than 100 percent. This highlights the need for heightened security, and blockchain technology will be a top solution.
Blockchain Technology Will Lead Security Innovations
Jason Hope pointed out how useful blockchain technology is for creating a stronger security system. With the large-scale hacking incidents reported in 2017, the world was reminded again why tougher security is essential. In a global network that connects important devices and people, security is paramount. Blockchain technology utilizes cryptographic processes to yield a decentralized control system, and it is far more scalable in comparison with traditional security schemes. With audit-level tracking and stronger protection against data tampering, blockchain technology could prevent malicious or rogue devices from interfering with normal processes. As companies invest more money in better security, they must also invest in more extensive training for their workers to become familiar with the new measures. For some companies, this may also mean creating more jobs.
Artificial Intelligence Will Converge With The Internet Of Things
By now, most social media users have watched one or two videos from Hanson Robotics featuring Sophia the AI robot. The robot is capable of carrying on an intelligent and analytic conversation. With artificial intelligence innovations yielding more intuitive programs with even more features than before, the use of AI with the internet of things will make deeper analysis of data easier. It will create real-time customized data streams that simplify the decision-making process for large companies. When combined with fog computing, Jason Hope said that these streams will be easier to scale by maximizing cloud capabilities. Cost issues, reliability, bandwidth and latency issues will be reduced by this measure. When coupled with the security of blockchain technology, the end result will be a reliable, intuitive and secure communication channel between devices and people.
Marketers Will Realize The Potential Of The Internet Of Things
Today, there are targeted ads on YouTube videos, Facebook news feeds and websites. One important factor about the internet of things that marketers are realizing is the usefulness of the data generated by connected devices. From the frequency of use of connected coffee makers to the ordering habits of people who use devices with Alexa or similar connected buying tools, marketers have a whole new world of useful data to harness. They can analyze that data to improve their general marketing strategies and also to personalize marketing attempts to their existing customers.
Another marketing-related trend that Jason Hope expects to see in 2018 is a co-development approach. He said that many large and small companies will collaborate to develop solutions that combine their products and technologies. This is an especially important trend to consider since he said that it will accelerate the growth of the internet of things considerably. With a large system of companies that have regional, vertical and horizontal specialties, combining resources will give these entities advantages and will place the strongest innovators above competitors.
Additionally, Jason Hope said that customers will be an integral part of the co-economy, and they will be the center focus of development by providing feedback or sharing their own ideas with companies. With the innovations of the co-economy, Jason Hope also pointed out that more government regulations are likely to surface. There will be privacy concerns and business operating standards to reevaluate. Laws and regulations will need to be adjusted as more autonomous devices surface. From drones to connected cars without steering wheels that are predicted to hit the public market in 2019, the internet of things has a fast-evolving base of devices.
There Will Be New Business Models
New business models and value propositions will arrive when the internet of things merges with synergistic technologies. One example that Jason Hope shared was combining data analysis with the internet of things. By doing this, a factory may be able to detect a mechanical issue before it becomes a costly problem or before a machine breaks down and hampers production. By predicting issues before they become expensive problems, companies can save money and preserve operational efficiency. Alternately, such technology provides a profitable opportunity for a company to offer these services to businesses that may not want to invest in analyzing process data internally.
With the internet of things reaching a stage where businesses will be able to harness its full power, companies will be able to make massive improvements in a short time instead of working on incremental improvements over the span of several years. Jason Hope said that the combination of blockchain technology, AI and fog computing will give entrepreneurs more power to become leaders in innovation.