tens of millions of cars, and tens of billions of cameras, medical devices, home appliances, industrial systems, and other sensors will come online, enabling the flow of information between devices and consumers, businesses, and even governments. Homes could function more efficiently with connected appliances, entertainment, and security systems; cars could share information to their owner, manufacturer, or other cars; healthcare information could be processed more efficiently to individuals and medical professionals; and smart cities could allow governments to improve infrastructure using data analytics. In fact, a McKinsey report estimated that the IoT could deliver over $11 trillion in economic value by 2025, if businesses and policymakers are able to capitalize on its potential. But there are also risks. How do we maximize value and minimize the potential for harm when this universe of devices comes from thousands of different vendors and use multiple networks across the globe? Several members of Congress have offered constructive ideas on how to maximize the potential of IoT technologies, while keeping them safe.
testify at a hearing of the Senate Committee on Commerce, Science and Transportation. It would seem that so-called public interest advocates would support such congressional oversight, as it ensures that regulators do their jobs and is indicative of the checks and balances provided by the Constitution. But sadly, it appears some oppose it. Indeed, advocates criticized Congress for its hearing of then-Chairman Tom Wheeler and FCC commissioners. That the FCC testifies before the Senate is not unreasonable and seems to be the bare minimum of oversight.
He wrote in “The Wealth of Nations”: “Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.”