The IoT might be able to gain a lot in the way of handling big data by following the lead created by the Fintech industry. The reasoning here is that the processing of trading data happens in the same manner as what the IoT is essentially doing. When considering the chain of events in the Fintech space, financial transaction data is managed and stored in basically the exact same way. The delivery of financial market data in nanoseconds fuels trading, investing and real time analysis. It is estimated that in fintech at any one time, as many as 12 million events per second are being processed. It only stands to reason that if fintech players are already successful in delivering the necessary storage and compute power to handle this level and sophistication of transactions, other industries can follow suit with their IoT initiatives.
We are still only scraping the surface of what we have to learn and gain from the internet of things (IoT). Conversely, the IoT also has much to learn from other industries to make its vast task simpler. Collecting, processing, compressing, storing and retrieving data is an intrinsic part of the IoT, yet some industries, such as the financial technology (fintech) industry, have been in the business of carrying out those functions for years, even decades. I believe it is time for the IoT people to talk to and learn from the experience of those other industries.
