What the Data Marketplace for Smart Devices Means for Now and the Future
What is happening with the interconnection of devises?
What does this mean for the future?
Join The Our Shawn McBride ⭐️ 🌟💥 (aka R. Shawn McBride)nd Dali Kranzthor, CPA, CVA, CFE for the Financial Transactions of the Future Economy(TM) Show as we explore what we are seeing and what we need for the future.
Here is the YouTube video: https://youtu.be/ICghKkoFJNY
REMEMBER: More videos on the future economy are available at http://futuredoneright.com
Below is a machine transcript of the interview —
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Hey everyone, it’s the are Sean, welcome to another edition of the financial transactions of the future economy.
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They were going to be talking about data. The data marketplace and how the Internet of Things is interconnecting things. And what this means for the future of the future economy in the future of business so
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A lot of stuff happening in tech world, obviously we’re advancing a lot of technologies getting embedded
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With data processing data hardware. So really a changing landscape out there and you know we’ve talked about surveillance on the show. We’ve talked about tracking and now we’re talking about in real time.
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Want to jump into a little more, those of you don’t tune as often on the are Sean I’m a corporate lawyer by training.
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I work with business on everything it touches the ownership and control the business that might be a partnership agreement, it might be a merger.
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It might be a capital raise might be a contract or anything else to touch on ownership and control. I’m also licensed as a CPA.
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My co host dolly crayon store is a fellow CPA yeah acts as a CFO of companies.
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And he’s a licensed as a CVA evaluation analyst and then also a CF EA fraud examiner. So we’re financial guys through and through.
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We read a lot about what the future of businesses what the future economy is and we bring you stories like the one we’re bringing you today.
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So we’re going to jump into this a little bit. We’re going to think a little bit about what’s happening. And we’ll bring you some stories here if you work with us.
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Go through the episode, you’ll have a better understanding of what types of stuff. We’re starting to see in the technology.
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What it’s going to mean for the future of business and what you need to be thinking about for your business and your career. Now based on that.
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I remind you, we have our comment contest going on. We read all the comments, wherever you drop them, whether it’s under our Sean McBride on LinkedIn deli counter on LinkedIn.
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remind you, we do not do investment advice or legal advice on the show. Everything we do is merely for your education and enjoyment you talk to your own advisors to develop your specific plans based on your specific situations. So with that, Dolly. Welcome to the show yet again. Good morning.
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Mr. Shaw, and good morning getting whoa didn’t work in the morning.
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Tuesday in the winter it’s trying to stay warm.
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Up the warm threads on
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Yeah, a lot, a lot of a lot of interconnection going on here. Right. So, you know, we’ve gotten very comfortable carrying our phones with us everywhere and
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You know, we use a lot of data we provide a lot of data, Google, Amazon etc are collecting a lot of data on us and our businesses, as we’ve covered in future episodes here a future done right calm.
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And what we what we expect is even more. That’s right.
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Yeah, I would say, Sean. The data revolution is on. We’ve covered this extensively, but
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What’s also the newer the newer ideas that hardware revolution is on and kind of tie these two together. So we’ve been hearing a lot about the IoT. That’s the Internet of Things, and we’ve been hearing for years.
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That we’re going to be able to control our coffee pot and our dishwasher and all these things with our voice, we have these robust smartphones.
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I started outfitting My home is a smart home back in 2016 that technology was barely there it was getting it’s very expensive. It looked very good on the marketing side.
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That has all changed, Sean, with the advent of these Alexis and Google homes and smartphones and more advanced Internet connections. All of this seems to be coming together and working almost from Bruce Lee without even notice of any
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You know, any bad things. So what’s very interesting, too, is the people creating the hardware.
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Her now creating it in a way that it can update. So when you buy this hardware and might not work super well when you get it, it starts getting better and better and better.
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But what it’s also doing Sean and we all need to remember is the audience is collecting data. So even like a smart light has the ability to connect collect data. What are the favorite colors, people are using
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So what are the times that people are putting lights on compared to
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You know, are they putting them on earlier or later they leaving them all on all the time. Are we efficient as a society so
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Even your light bulb has data about you. And so every little bit of a different smart device kind of gives you a clue of your person. So when we start tying this into your shopping trends and all this other data in your education, your Facebook feeds. We know you very, very well.
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Yeah, I think the old view was you didn’t really worry about this because there was just so much data and practically speaking, you know know Who’s gonna who’s going to sift through all this data, but you know the computing technology now has really changed the the equation.
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Right, yeah, it totally changed on and, you know, again, it’s the IoT. So this is the next revolution. So we keep getting these technology false starts, then that means like. So if we go back to 2014 we get the 3D printing false start, which was
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Things boomed and then they crashed back down. When we realized we just weren’t quite there virtual reality as follows a similar pattern.
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Internet of Things has followed a similar pattern. So we thought everything was going to be connected. We thought we’d have these sensors in our cars and our houses.
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Basically so machines can start talking to machines. But what’s happening now is they are
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All the way to the point where there’s cryptocurrency specifically built for a machine to transact with another machine. So think things like a drone bringing you a package.
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To your house and then you’re actually paying its paying a robot house assistant when it arrives there with that thing. And so all those things are collecting data.
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Again, all this is robust data environments. So we still got to figure out how are we get to protect this data and then also the fear of AI.
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Getting too involved and knowing us again better than we can know ourselves and being smarter than we are. And so that’s our big problem is we just don’t know where we’re going.
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And we need to make sure that where we are going, we are protecting ourselves, our identities and the future human race.
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Yeah, and that’s a theme I keep hearing come up, right, is we, the, the, the data will know us better than we know ourselves right so
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I guess a true in a way because we don’t even think about some of our habits and and yet the computer can correctly point out exactly what your habits are
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I mean, it knows exactly what time you turn the light on the morning what time you fire up your computer. What time you leave your driveway in the morning.
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You know, I remember at one point and I you know I used to it now. Now I work from home a lot with with the way my business has progressed, but at one point I was commuting
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And you sometimes get alerts on Google where it would be like you should leave a little bit earlier because there’s heavier traffic in the neighborhood. Right. I mean, this is this is already happening. And this is just the early stages of this data collection. Yeah.
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Well, in this these new Google hubs that people are putting in their house, they are taking that to the next level. So they’re actually alerting you you’re hearing them.
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You’re actually walking into your, you know, kitchen making your coffee. Maybe it’s already being made, it’s giving you an alert you know that this is
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You know how hot, would you like your coffee. I mean, these are the next question. So the next iterations are more customization again.
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Every time you get more customized you do get more data. So this is going to be an ongoing game to figure out, you know, the balance of protections
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I mean, one of the big problems right now is with the security cameras. So you want to feel protected in your house. What do you put all these security cameras. You can see your kids.
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Well, if you got hacked, so could other people. So theoretically, you could be being broadcast in another country. You don’t even know about it maybe on the dark web
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So the concerns. Now the next iteration of this Sean Is that five g is on the way. So we’re just now seeing that the five g. So remember, we’ve gone from one G with cell phones all the way 3G was when it got started getting really popular with internet
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What that means is
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Then we went into 4G things fourth generation. So now we’re entering 5G, and so what lab tests are showing on the 5G as they use a different latency model. And so we can see speeds up to 100 X faster.
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So, in real life, you’re probably looking at more like a 10 X fast, but we’re seeing this in one more year maybe
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Maybe two years so horizon and Samsung or both coming out with new phones right now that do it my expectation is that we see Amazon Alexa is with it, we see
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Every single device. So if we can get 10 to 100 times more speed and smaller devices we theoretically can connect everything. This is what self driving cars need for those split second decisions.
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And, you know, latency at all between an Internet connection with a person. So this connectivity and this automation is just heating up. So that’s why it’s important. Now to start getting that game plan together.
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Well, yeah. And let’s look. Let’s zoom in on self driving cars. That’s a favorite topic of mine. I do a lot with the auto industry and
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You know a lot of people that are naysayers about self driving cars, say, well, they can’t sense you know potholes, you know, sometimes they can’t sense makes in the road, they can’t stats plastic bags blowing across
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But one thing. A lot of the auto manufacturers and the people are developing a technology you’re talking about is, and I know a lot of the major
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Manufacturer working on is coming up with a protocol so they can share information.
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That changes a lot of this because, you know, as we get one car reporting to another car reporting to another car once one car figures out there’s a pothole or maybe we have some smart technology.
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embedded into the road tells you there’s a pothole, and then that gets transmitted to the entire network of automobiles.
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So unlike today where we’re driving along and there’s a pothole, and you just don’t know.
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That is there, you know, or maybe you have some crew technology like ways or something else says, hey, there’s a pothole ahead where somebody, click the button on their phone. It isn’t exact
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You’re talking about very exact directly to the car. The car and then change lanes or adjust the traffic better or whatever it needs to do.
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Immediately, and we’re talking about very fast. And then we’re talking about creating a network of all these cars or devices, talking to each other so that everybody will know exactly what’s going on.
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Perhaps the car will know what will color the traffic light will be, you know, long before it even gets a traffic light so they can adjust that speed or timing and that will reduce wait times we were talking about a lot of possibilities, because of the amount of data that can be shared.
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I love that example of Sean, I mean, that reminds me of the board without having to be the board. So if we look back at our track you had this weird alien race that was all connected real time if you encounter one the whole race knew you were there.
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So, this what you’re describing is basically our infrastructure as an underlying board where we can still stay human. So I think that’s a really good solution to this interconnectivity problem is we can maintain our humanity.
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Maintain who we are, our creativity but then letting this underlying technology reduce the friction of our ability to create more things for music more ideas engineering solutions, right. I think that’s really, really smart shown
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Yeah. And when we talk about jobs and job creation. That is a big thing. I mean, we’re talking about, you know, potentially with the automobiles, a massive increase in safety. That’s one of the reasons I’m very excited about this. Not only does it
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Open up convenience. You know, I like driving cars. I have a couple antique cars, it’s fun for me.
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But at the same time, I also see the efficiency of just being driven somewhere for your regular daily drives. Right. The computer will take you wherever you need to go.
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Meanwhile, it will know where the potholes are it will know if they’re accidents will be less frequent but when there is a rare occurrence of an accident and we’ll know where that is. Exactly. We won’t have these kind of pile up access that we have
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You know the Rubber necking accidents where we have an accident on one side of the interstate and people are
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Can you hear me, Shawn, sorry.
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Did I cut out there for a second.
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Yeah, you kind of arbitrary beat that real quick.
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Okay, yeah, I’ll switch the microphones, but, um, yeah. So as we’re as we’re driving right the possibility becomes the communication with these technologies between each other will open up
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You know, like Rubber necking accents. Those will become a thing of the past because the computer will be driving past now we have a lot of accidents where there’s
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an accent on one side of the interstate and then people are looking over looking at it and then somebody piles up into somebody else.
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A lot of pileup type accidents will become extremely infrequent because the computer will know that there’s an accident and will direct the car around the accident, so I don’t
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I don’t think the first generation of driverless cars going to be accident free, but I think they’re going to be less frequent and you know it will it will eliminate a lot of common types of access.
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Yeah, that’s very true, Sean, you know, another really good point of all of this is that
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Technology is converging all at once. From all of these different angles. And so we’re seeing like what you’re talking about the IoT Internet of Things, everything’s connected. We’re talking about hardware devices, getting better and better.
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So it’s almost like your remote control on your, your main mainframe that you’re controlling all your stuff. Basically, your own
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AI in some ways as the AI starts getting integrated into your phone you’re seeing the AI get smarter.
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You’re seeing the cryptocurrency digital you know blockchain items kind of start integrating and say, well, if you had a problem over here, maybe this is a solution.
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So my point being is that was all these converge every one of these manufacturers of hardware devices such as phones.
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Has to start integrating the same features. And so you’re able to then grow this ecosystem in real time without actually exchanging devices all the time.
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As long as your main hardware device is updated to do you know do these things. So, you know, so I think we’re actually going to see an acceleration of all of this. I think within three years. Most people will most of their house is going to be controlled by their phone.
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appliances that come out are going to be somehow enabled by an Alexa, or Google or it’s going to be hard to get anything that isn’t connected within, you know, say, five years. So I would say, you know, if you are
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An empty cold or, you know, some of this stuff will become you know rare out there in the world, then you’re going to see some opportunities for some historical items that are not connected and
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50 years from now, a child is going to be like, What is this, it’s not even connected to the internet. How is that possible.
00:14:54.660 –> 00:14:54.960
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didn’t grow up with internet
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Right, I mean we we’ve seen the videos out there on the internet and where, you know,
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Older people have been giving children rotary phones and encouraging them to make telephone calls and then creating videos that people think are hilarious online because
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The concept of dialing and letting it come back around and send the pulses over the networks or they can dial in numbers just doesn’t even make sense to kitchen so that this those types of things are happening.
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I imagine, like you say, more and more this inner connection is going to happen and it’s going to open some power powerful opportunities.
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The question is, of course, surveillance and security. Right, that’s, that’s the question at the end of the day is each one of these opens up a surveillance opportunity.
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And I don’t know what has really been done on security side, you know, there’s a lot of concerns that you know having that refrigerator in your house, you know, could
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Somebody hack into that and use that as a gateway to then hack into other devices, right. So, you know, like the target.
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data breach with the credit cards were breached. My it’s been explained to me.
00:16:02.580 –> 00:16:12.660
That part of that was used through their air conditioning control system. So they hacked the system that controls the air conditioning and the Target stores, which was a low priority security item.
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But once they were inside the target network, they were able to then hack into the credit card database.
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So the question becomes, somebody hack into your refrigerator, something you probably don’t prioritize very much as far as security.
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Pack your refrigerator and then once they hack in your refrigerator then then get get to your laptop or some other device on your network that’s more that’s more information secure
00:16:37.140 –> 00:16:53.220
It’s gone. That is a fantastic point on that is the same thing as we’ve talked about with the Facebook, you know, so you can log into other websites using a Facebook so that all of a sudden you get hacked on one, you may be hacked on everything the same exact thing is
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You know, basically every part of your house. If it doesn’t have a mo built into it into your infrastructure, you are now leaving a
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Safety hole. So this is very similar to the Marriott active just happened 500 million people are affected because they are not an IT company, they don’t have the robust and controls of data. And so any little spots is
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An easy honeypot for hackers. They’re getting smarter and smarter, they find a little loopholes and just to close out what a really good important point and takeaway from here is that as we talk about all these devices. We also the
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marketing machine out there, Amazon, Google, Apple, they’re going to be creating more and more of these devices now that the floodgates have been open and we expect another 3 billion cell phones to enter the market over the next five years, primarily in India and and
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Africa. And so at that happens even more robust systems are going to happen. And you’re going to start seeing hubs like Africa.
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Start coming out with their own technology their own leading companies because they’re going to enter the mainstream markets with 5G and with cell phones and crypto currencies.
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So be on the lookout for that. And that’s going to be a huge development as we kind of covered this over the next five years.
00:18:09.810 –> 00:18:16.920
Yeah. You know, I think that’s a fantastic point and to tie this back to people’s businesses. Let me take it back to the auto industry to give you an example. Then I’m going to
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Tell you what you need to do for your business. So the auto industry. One of the things that’s coming up as as we’re talking about interconnecting all these cars.
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A lot of legacy systems have not been designed with security because they’re closed loops. Right. So you radio doesn’t have, you know, security in it.
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The control systems, you know, the guidance of, you know, the speed up, slow down collision avoidance, all these things have been designed to be closed systems.
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So they don’t have security and on the one of the risks and one of the issues that the auto industry is dealing with right now.
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Is if they’re going to interconnect the cars, then they have to build security into all these various sub segments of it so
00:18:54.390 –> 00:19:02.310
For those of you that aren’t in the auto industry. Think about what you’re making. Now what you’re building what your products are, what your services are
00:19:02.790 –> 00:19:13.320
And how do you build security or protection or the right layers when it’s going to go into an interconnected world. So you can start doing that and building that into your product revisions now.
00:19:14.040 –> 00:19:20.610
So that two, three years from now, and this is commonplace and IT departments at your purchaser start saying,
00:19:21.090 –> 00:19:31.680
What are your security protocols have you built this for IoT internet of things connected world, you’re able to say, Yes, we have. You don’t lose those future sales, because I can see some companies going
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very steady and then if they’re not ready and everybody else moves, they could sales component because it’s may become a standard or a marketplace requirement. So for your business start thinking about how you integrate that
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Our goal folks is always is to wake people up. We ask that you like, comment, share let other business owners that other business leaders know what’s going on here, get them into the conversation about the future so that they can be ready.
00:19:56.190 –> 00:20:04.530
You can drop your comments, wherever you’re watching, whether it’s our Sean McBride on LinkedIn, Dolly Kranz strong LinkedIn financial transaction a future economy.
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We remind you, we do not do investment advice, we do not do legal advice on the show. Everything here is just for your education, golly, a quote for us.
00:20:58.260 –> 00:21:04.170
I do, Sean. What we see depends mainly on what we look for. And that’s by john Lubbock and
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The reason that quote is so important is because all of this is happening right under your eyes, so keep an eye out. If you see IoT devices being connected. How does that affect me. Follow the White Rabbit here, folks. There’s a lot happening under the hood.
00:21:17.250 –> 00:21:23.010
Absolutely. So I think it’s a great, great lesson. I think people do need you to pay attention to them. I think it’s important
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Folks I want congratulation on doing the hard work to stay current to build your future.
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Not everybody’s doing the work that you’re doing. You’re watching the show you’re thinking about things you’re connecting the dots, it’s going to make a big difference.
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In the future of your life and your career. So we’re glad you’re here with us.
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More past videos are available at future done right. COM. That is our site. So go check it out. Log in there, drop some drop some comments.
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See some past videos we’ve had a lot of great guests on here. A lot of shows were Dolly, and I have
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Talked about updates. You can also see our future episodes coming up a lot of great guests coming on there. We post them in advance. You can go in there, click the link and you can RSVP to join us for a show.
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And if you click at the bottom of the page, there’s a there’s an option to join our email list you’ll get some advanced notices of shows
00:22:11.310 –> 00:22:19.110
An opportunity to join us. So, folks, check it out, we’ll see a future down live com thank you for joining us for this episode, we’ll see you again very soon.
00:22:20.130 –> 00:22:27.060
Thank you, Sean. We’ll see you soon get Welker get broke folks seven and 10am 2PM Eastern every day. See you tomorrow. Yeah.