Jason Hope Explains the Challenges facing the Internet of Things
From one of Jason’s favorite movie, Spielberg’s 1993 there is a scenario that Jason meditated on. In that film, Ian Malcolm a talented mathematician was arguing with a mogul and John Hammond, the founder of the park during a doomed first tour of the group in a prehistoric island. Malcolm together with other people showed their uncertainties about the dangers of pushing the limits of nature via technology. Malcolm admitted that there was a success in genetically replicating dinosaurs by engineers although they were so busy with whether they could or not succeed until they forgot to think whether they should have carried out the practice.
These thoughts were triggered when Jason Hope reflected about the impact the technology industry has done in the last five years particularly in the use of IoT devices and the exponential growth of the cryptocurrency. Due to these high impacts caused by IoT and the cryptocurrency, it seems that it will be inevitable for the two sectors to merge since there is a lot of money that gets generated and many people are enthusiastic about them. But as people invest in the two industries, it is prudent and responsible for them to give the right thoughts about the two sectors. It is because both IoT and cryptocurrency industries are facing some challenges that potential investors should consider before they invest. Some of those problems are discussed below.
In the last two years, there has been an increase in IoT attacks through botnets whereby devices are added and controlled to carry out attacks. IoT has been the prime target for such attacks since it contains sensitive data that attract hackers. Although this aspect makes IoT devices convenient, unique, able to store, and easy to operate, it also contributes to the overall weakness of it. Still, computer developers have not developed many devices that can accommodate the computing force that needed for advanced encryption. This poses another risk in IoT.
On the hand, cryptocurrency has been on the subject of public scrutiny. For instance, JP Morgan the CEO of Jamie Dimon criticised Bitcoin. He said that Bitcoin is an ideal thing and speculates that shortly it will close down. He also warned that any of his employees found trading it would be fired. Many bankers have also raised their doubts on cryptocurrency. For instances, just in case somebody steals from Ethereum or Bitcoin the investors would not get protections like in the case of other banks like Wells Fargo.
Jason Hope is a businessman, philanthropist, and futurist who has a desire in technology and supporting the society through donations. He was raised up in Tempe, Arizona. He studied his undergraduate degree at Arizona State University where he pursued a bachelor’s degree in finance. He later enrolled for a master’s in business administration from ASU’S W.P school of business. As a philanthropist, he has donated $500,000 million to SENS Foundation, a research foundation committed to fighting diseases related to age.
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