Cisco recently announced its Collaborative Intelligence program, a program that connects artificial intelligence and machine learning to facilitate labor productivity. As mentioned in IoT Payments: How the Internet of Things Is Influencing Payments, this technology is responsible for automation that will drive IoT payments.
As mentioned in a Forbes article:
“Collaborative Intelligence weaves together telemetry, use cases, best practices, artificial intelligence and machine learning to facilitate simplified infrastructure management. Portal access provides an intuitive dashboard view of devices, advisories, tips and access to experts and learning opportunities.”
Cisco has also been investing in industrial IoT, a sector that is consistently automating processes and increasing visibility into assets. Of course a second platform to effectively manage IoT data is necessary:
“Cisco Edge Intelligence is a second software platform also deployed in the Cisco industrial networking infrastructure portfolio that intends to unify the extraction and management of IoT edge data.”
Analysis of real-time data and automation are fundamental goals behind the IoT, and as a result, a payment is one of the actions automated, thereby creating an “IoT Payment”. For more information on IoT payments: IoT Payments: How the Internet of Things Is Influencing Payments.
Overview by David Nelyubin, Research Analysts at Mercator Advisory Group