The Ultimate Exchange
Improving the Human Connected Experience with Real Time Communications and the Internet of Things
The technology world stands on the verge of one of its biggest waves of disruption. Connected devices are increasing by 30% from just last year to as many as 5.5 million by the end of 2016. At the core of this revolution is the Exchange of Everything, in which Real Time Communications (RTC) technology meets the Internet of Things (IoT) to create a system where large amounts of data and services can be exchanged easily, leading to the development of new services.
This technology has made it possible for the world's most innovative companies to pursue business models that we couldn't have imagined just 10 years ago: Uber doesn't "own" cars, and AirBnB doesn't "own" properties. On the surface these exchanges are fairly binary, "I have a car, and you want to go somewhere, so I take you there in exchange for money". This is a simple transaction model that has been in place for thousands of years. However, it is the back-end systems that have led to the success of these companies, driven by exchange technologies that are becoming more sophisticated every year. The growth in this technology boils down to crucial human interactions, connecting people in a fast, positive and reliable manner so that they can exchange ideas, thoughts, and services.
Driving these exchanges
APIs (application programming interfaces) have become the "digital currency" that is the engine powering and delivering these exchanges. This connectivity, which is enabling the entire online consumption model, allows for mass exchanges of data and communications between devices, machines and humans. And for this information to be delivered in the most efficient, reliable, secure manner increasingly companies are leveraging platforms that allow them to embed real time communications capabilities directly into their applications and business processes.
GENBAND estimates the value of APIs and the broadening communications platform as a service (cPaaS) market to be $40 billion in 2019. The success of recent IPOs and the acquisitions of Nexmo by Vonage and Tropo by Cisco are solid proof that the communications platform market is rapidly expanding and primed for growth and companies are trying to capitalize on the momentum.
API-based ecosystems
The growth of API and communications platforms are also changing current ecosystems from a vertically integrated monolithic business concept to a more distributed business model. API-based ecosystems create exchanges that help companies easily collaborate, offer complementary services and help build virtual teams that can work together to offer services and solutions that improve efficiencies, enhance communications and in some cases help save lives.
For example, this technology combined with Artificial Intelligence (AI) is revolutionizing healthcare. AI cannot provide the personal support patients ultimately need, but it can be combined with RTC to create a potentially life-saving solution that can connect experts and patients securely within seconds. TeleMedCo uses the Kandy.io communications platform for RTC capabilities and is powered by IBM Watson. The company's system is being built for Emergency Rooms and, with the combination – and Exchange – of software, data, AI, protocol, platforms and people, a cardiologist can be found in a heartbeat. Inside this Exchange is a directory of doctors and specialists, with profiles set up and real time communications policies established so a doctor is alerted when his or her patient is admitted.
The doctor receives a secure text message and can click on the link and immediately establish a session with the ER – with both sides looking at the patient's electronic medical record to diagnose and treat them more quickly and accurately. All this is captured in the record, and can be used to continually refine and improve the quality of outcomes.
While this is a dramatic example, the same benefits can be seen in many aspects of business. The combination of IoT and RTC can be used by Communication Service Providers (CSPs), enterprises, systems integrators, enterprises and others to improve the human connected experience, regardless of where you may be.
