In the recent years with the advancements in IoT, there has been an explosion of devices that are not only an accessory or gadget but an extension of our everyday life. From wristbands, keyring, fitness trackers and watches to jewelry, all have which have been created to make our lives more convenient. According to Adam Herson business development director at Barclays Mobile Payments, believes the creation of flexible chips which are now embedded into jewelry is a game-changer as it creates a seamless integration for consumers.
According to a Gartner research, they are projecting that by 2020 21 billion devices will be linked to the internet and by 2021 sales of smartwatches will total approximately 21m units. Majority of devices have been created as a payment mechanism creating an effortless reliant experience. Barclaycard is venturing into this endeavor by partnering with DCK Group and Tappy Technologies to transform fashionable jewelry into wearable contactless payment devices.
Lifesaving?
While the initial intent was payment, there has been an evolving trend that has focused on reshaping healthcare by assisting with some of the healthcare’s most significant problems. Healthcare providers that encourage patients to use wearable devices can collect data from patients allowing them to predict specific symptoms. Furthermore, companies like Apple are developing radical medical solutions like a noninvasive monitors glucose level system(CMG) to be used by their Apple Watch and tools that screen for various illnesses like Autism and Parkinsons.
Is my data safe?
As this new technology evolves and popularity increases, there are several concerns about data privacy and security breaches. Who owns the data? What about if misplace my device? Is the cloud service provider responsible for securing my information or the vendor? Who is accountable for creating governance and policies?
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