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Home arrow Communication arrow Value Creation and the Internet of Things: How the Behavior Economy will Shape the 4th Industrial Revolution
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Latent Value

Most of today's objects and spaces are blind, deaf and mute; however, sensor technologies are increasingly being embedded into their very fabric. This will result in more than just a perceptual extension of ourselves; sensors placed in objects and spaces will potentially become an extension of ourselves, a distributed sensory organ that will read, reflect and respond to us in a way that is beneficial and valuable. The perception capabilities of things will be directly proportional to their ability to read the invisible relationships present in our environment. The Internet of Things is not about the objects, or the spaces themselves, but about their new capacity as socio-cultural barometers, just like letters are not about words, but about the meaning they convey. In this sense, objects and spaces will be active participants in the co-production of meaning.

The Internet of Things will forge new links between objects or spaces in proximity to each other, creating new forms of social capital. When every object, every place and every person will have the capacity to receive, generate, transmit and store data, a communication-ready ecosystem will be shaped as a Link-Enabled ecology. With this expansion capability, the density of participants in the ecology will increase exponentially and reveal new forms of social capital. By expanding the notion of social networks to include Link- Enabled ecologies, we find in the network participants previously not engaged, namely objects and spaces enabled now to store, transmit and receive data. As social objects and social places, these new participants bring with them new sets of relationships; the key to converting this network into net-worth will be the recognition that relationships contain reciprocity, and reciprocity creates value.

This reciprocity between people-place-object will be transformed into net- worth, once the taxonomy and ontology of the Internet of Things is undertaken as a strategic business activity. Understanding the meaning—ontology—of a categorized action—taxonomy—is a mandatory step in the creation of value, and a core capability leading to the monetization opportunities of any social network.

 
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