New Delhi, May 17 (ANI): Internet of Things (IOT) refers to networks of real-world objects linked to the Internet that interact through web services.
As more and more objects join this network, they create massive communication models that could give birth to new business models, improved business processes and reduced costs and risks, according to a March 2010 report by McKinsey and Co.
It is China's prerogative to accelerate the growth of IOT industry in order to pave way for a quicker economic development, said Li Yizhong, Minister of Industry and Information Technology in his opening speech to the forum, reports from English.news.cn.
If all objects of daily life, from a bottle of yoghurt to an airplane, are equipped with sensors, they can be identified and managed by computer systems, thus offering immense potential to consumers, manufacturers and firms.
However, senior scientists gauge challenges in its implementation.
"IOT is nothing but an extension of existing technologies. More attention needs to go toward its applications," Liu Jiren, chairman of China's largest software outsourcing firm Neusoft, said in an exclusive interview with Xinhua on the sidelines of the forum.
China Mobile chairman Wang Jianzhou have said that there is a lack of technological standardization as well as national planning - problems that need to be overcome for successful implementation of IOT.
"There are risks of overcapacity and redundancy, as coordination between local governments are lacking," said Wu Hequan, vice president of the Chinese Academy of Engineering, at the forum.
"IOT represents a major trend in the technological revolution, but we should work to stop a bubble occurring," he added, referring to the dot com bubble that created waves a decade back only to burst after 5 years. (ANI)