PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

The “Internet of Things” Promises Unprecedented Change

By Patricia McGinnis
August 30, 2011
in Mercator Insights
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
No Go For Amazon Go

Credit Card.

Driving home late one recent night, Iencountered a radio talk show whose host had heard that the U.S.Transportation Department wanted on-board computers to becompulsory in autos in the not-too-distant future. The host wasworking himself into a lather about the potential privacyimplications of the government tracking you in your car, whollyunaware (until listeners phoned in to tell him) that virtuallyevery car on the road today already has an on-board computer. We(and he) need to move on to more important questions: How much morewill that computer be capable of in the not-so-distant future, whowill have access to the data it captures, and what other deviceswill have comparable capabilities?

IPv6 (Internet Protocol version 6) and HTML5 are both being rolledout now, and will bring substantial change to the Internet as weknow it:

The current “IPv4” architecture is beginning to run out of new IPaddresses. IPv6 expands the supply of distinct addresses nearlyinfinitely, which will support the transformation of consumer andindustrial devices ranging from tablets to automobiles to “smartbuildings.” When we have enough more numbers, they can be assignedindividually to a wide variety of appliances, equipment, buildings,etc. What the Europeans have begun to call the “Internet of Things”will enable commercialization of products such as the refrigeratorthat communicates your needs directly to your supermarket, orallows you to check your supply of milk remotely from a smartphone.It will also enable the Smart Grid (the two-way communicating powergrid) to interact with such devices, leading to new privacy issuesinside homes; the electric company will capture information aboutwhat appliances are running and when, and will be able to exercisesome control over the timing of usage of those devices for purposesof managing peak demand.

In parallel, the rollout of HTML5 will expand the vocabulary ofInternet programming. Many newer Internet functions such as videodisplay, audio recording, and database integration are notsupported natively in current HTML. These functions currentlyrequire browser “plug-ins” to be executed, but will be incorporatedfully in HTML5 without the need for plug-ins. That promises notonly the end of the “Flash wars” between Apple and Adobe, but alsovery much more functionality embedded in web-based interfaces forall kinds of devices. We have become accustomed to talking about”devices” in reference to smartphones, tablets, and computers, butincreasingly the relevant devices will be aircraft, washingmachines, dishwashers, automobiles, trucks, and more. How will theyhelp themselves to solve human problems? Consider this descriptionof the safety implications of “Connected Vehicles,” which really isfrom the U.S. Transportation Department:

“Connected vehicle safetyapplications are designed to … reduce or eliminate crashesthrough vehicle-to-vehicle (V2V) and vehicle-to-infrastructure(V2I) data transmission that supports: driver advisories, driverwarnings, and vehicle and/or infrastructure controls. Thesetechnologies may potentially address up to 82 percent of crashscenarios…”

A world of “smart devices” is no longerscience fiction; the transformation has begun and will maturesooner than we can imagine. Cars will find parking spaces on theirown, and will learn not to run into each other (or anything else)because they will have their own “social network” unencumbered byklutzy or distracted humans. I’ll never again run out of milk. Mydishwasher will wait to run itself at “off-peak” rates. Who knowswhat other unimagined wonders will become commonplace?

What’s the cost? Our personal privacy is at stake, to be balancedby our need for progress. “Online data gathering” is already asubject of concern. We need only imagine how much more profoundwill be the risks when virtually every device we use has its own”online” address and its own datafile. And yet, how powerful arethe potential gains, if we can actually prevent thousands of autoaccidents and similar misfortunes, and greatly increase personalconvenience to boot. In order to preserve our personal rights,while capturing the societal and individual benefits, datacollection and aggregation must be regulated and controlled foranonymization, far more effectively than has been the case up tonow in the United States.

The Internet of Things

Click here toread about connected vehicles

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: DebitMerchant AcquiringMobile PaymentsPrepaidSelf Service and ConvenienceSocial Media

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    agentic payments

    Beyond the Click: How Agentic Payments Are Redefining Global Financial Flow

    April 14, 2026
    instant payments fraud

    Instant, Irrevocable Payments Demand a Fraud Prevention Reboot

    April 13, 2026
    samsung p2p

    Making Zelle Work Better for Users—and Banks

    April 10, 2026
    fraud escalate

    As Fraud Escalates, Taking a Beat Becomes a Critical Defense

    April 9, 2026
    privacy open banking

    As Open Banking Fuels Interconnectivity, Privacy Matters More

    April 8, 2026

    ACH Is Thriving, and Banks Are Struggling to Keep Pace

    April 7, 2026
    stablecoins, Klarna

    How Stablecoins Emerged as a Key Element of Cross-Border Payments

    April 6, 2026
    Cross-Border Payments

    How the U.S. Built Its Faster Payments Ecosystem

    April 3, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result