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Not IoT but IoCT: The Internet of Commerce Things

By September 9, 2016January 28th, 2021No Comments

Here’s the full article about the Internet of Commerce Things by CardLinx CEO Silvio Tavares:

Unless you have been on an extended vacation in the Antarctic with no access to WiFi, you have by now heard of the “Internet of Things” commonly referred to by its pithy acronym “IoT”. IoT refers to technologies that are supposed to change the world by connecting virtually every object to the internet: your doorbell, your home audio system, your refrigerator, your car.

But is everything in your life being connected to the internet really a good thing? Most of us would actually rather not have yet another aspect of our life monitored by a myriad of digital devices that send our data somewhere to be analyzed and monetized. But what if the IoT actually could do something useful for me… like find and buy things I actually need? It turns out that the killer app for IoT is actually shopping and commerce. It is called the Internet of Commerce Things. And guess what? It is already here and growing very rapidly.

The Internet of Commerce Things is a term I coined a few months back and started using with numerous friends and colleagues of mine. I live in Silicon Valley and work mostly with techie and finance types and I found that the IoCT term caught on fast. It is a simple concept, the Internet of Commerce Things.

Created nearly three decades years ago, the internet began as a way to let researchers find information more quickly and collaboratively. Its growth was slow until companies like ebay, PayPal and Amazon developed easy ways for us to buy things using the internet. The IoCT will take this to the next level: everyday devices will not simply just connect to the internet, they will be able to search for goods and services and enable you to buy them on the spot without having to pull out your wallet or type in your credit card info into an online form.

IoCT is already here, if you know where to look. Examples are everywhere. Need to pick up some milk after your run? Just use your Samsung watch or Fitbit to pay at the grocery store. Fitbit just acquired Coin, a leading Silicon Valley payments company to do just that. Need to replenish your pantry? Just press the button on your Samsung or Bosch refrigerator and your goods will arrive on your doorstep in a couple of days. Or maybe you are playing your favorite new virtual reality game with your Facebook Oculus Rift headset and one of the characters is wearing a pair of sneakers you want to buy, just tap and you bought them with your headset.

No more wallets, digital or actual. Virtually any device can access the internet and become the payment. ┬áThe “thing” that makes this all possible is card-linking. It links your existing credit card to any digital account or device connected to the internet allowing you to pay instantly through a tap, shake or even your face. Innovation that will change the way we use the internet to interact with each other and transform our buying habits is here. It is the Internet of Commerce Things.

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