What you should know: The Internet of Things will change business models that have extensive legal consequences. Only those insurance companies and banks that adopt IoT will survive. Actually, digitalization, telematics, and connectivity are no longer options but requisites to doing business. Privacy by design and performance of a privacy impact assessment will put businesses in a safer position. The usage of Industry 4.0 technologies will be a long legal negotiation to determine the real owner of data. Blockchain will be useful for IoT. Yet, the market remains hesitant.

Why it is important: The developments in IoT will be beneficial not only to the business world, but to the public as well.

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