Look, we love our buzzwords as much as you do, but this one has gone on long enough. The Internet of Things (IoT) is one such buzzword that is synonymous with product design, connectivity, infrastructure, and the future. Pretty broad right? To enforce this point, IoT can be simply defined as a network of interconnected digital devices in order to exchange data. Doesn't this sound like the definition for the internet? Effectively the Internet of Things is purely a term of scale, in which the "things" are any device that can be connected to the internet. The issue of scale has resulted in a mass of tech companies -- such as Google, Apple, LG, Samsung, and Huawei -- each building and protecting their own IoT solution vertical with which they compete. An example of such verticals that fall into the scope of IoT include automated temperature, lighting, and security controls for your home, or fleet tracking and driver safety controls for a logistics company. For a consumer, having multiple apps to control the functions of their home is no better than using the analogue controls IoT sought to replace. For regulators, ensuring the safety, reliability, standardization and efficiency of each solution has massively hindered the deployment of IoT across the globe.
The assumption that the future of technology relies on faster, better, newer, and more hardware is debatable. Something that big tech companies like Apple are starting to realize. Rather, the future of technology should be centered around machines working together to make magic. How this is achieved is via the gatekeepers enabling the solutions -- Application Programming Interfaces's (APIs). Essentially APIs store and dispense both data and services for hardware and software. Enabling the data source(s), the data consumer(s), and the tech manufacturer(s) the opportunity to compete within the foreign land of tech platforms (i.e., App stores and e-commerce). This generally means prices fall and economic rents go to fewer winners that have strong APIs, integrations, and a nimble balance sheet. Consumer facing services such as Zapier, IFTTT, and Signalpattern form part of an emerging segment, allowing for consumers and businesses to connect devices and services together to build truly innovative solutions. Similarly, payments Fintech InstaReM launched an API-based digital B2B platform enabling companies to create their own branded credit cards. Via APIs to InstaReM's card-issuing platform, customers are said to have greater control over the creation, distribution and management of card accounts -- a Visa-supported parallel to Brex.
For the network of interconnected digital devices in order to exchange data to succeed device manufacturers need to open their APIs, like items on a menu, and users assemble them together into the perfect meal. The level of inter-connectivity we are talking about here is, for example, when the machinery in a factory stops operating whenever a maintenance person swipes into the main floor, or your car's navigation depended on your calendar, financial well-being/budget, and personal well-being (taking scenic routes when stressed). That is truly an internet of API-enabled things. READ MORE.
Source: Nordic APIs (APIs power the Internet of Things)