Original article published on Hub of All Things.
It’s commonly stated that individuals: a) don’t know what their personal data is worth, and b) give it up in exchange for “free” services, which then are powered economically by the value of the large amount of user data in terms of targeted advertising, marketing recommendations, analytics, and so forth. This is the famous two-sided market. In a similar way, the Internet of Things (IoT) has largely evolved a collection of services that often appear to be free, but in fact make this same trade-off. Hence, smart metering for utilities empowers the electricity-generating and grid companies to optimise their price/performance better, just as Tesco’s Clubcard allows the supermarket group to optimise its range and quality of goods.