Why cities need guidelines to monetize IoT data
The first meeting of the new ITU-T Focus Group on Data Processing and Management (DPM) confirmed that “data is the new oil”, fast becoming powerful fuel to innovation in a wide range of industries and public-sector bodies. It also highlighted that cities are in clear need of guidelines to help them navigate a myriad of technologies, avoid “lock-in” to services offered by cloud or platform providers, and structure their overarching data-management strategies in a way that delivers value to citizens, businesses and application developers.
The content of the meeting was “fresh” and appealing to cities, local governments and both start-ups and large industry players.
I went home with four key takeaways that I believe are important to share with Internet of Things (IoT) and Big Data communities:
- Blockchain technology is booming, but its applicability to the Internet of Things (IoT) and DPM remains to be investigated.
A presentation from a Beijing start-up, Tai Cloud, made a case for new technology advancements to overcome the known processing limitations of blockchain technology, advancements which would ready blockchain for prime time.
NEC Laboratories Europe added that industry should think “out of the box” to ensure that the application of blockchain technology makes business and technical sense in the context of IoT and DPM. The applicability of blockchain technology to IoT and DPM will form an important part of the Focus Group’s future work.