How to Manage the World of Connected Devices

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Feb. 7 (Bloomberg) -- Former Verizon Wireless CEO Denny Strigl examines monetizing the Internet with Erik Schatzker on Bloomberg Television's “Market Makers.” (Source: Bloomberg)

Talk to you about the internet of everything.

I think they do a poor job of explaining the world of connected devices.

The vision is real.

If it comes to pass, it changes everything.

Lettuce thing about this.

There are projections that i have read that there will be 30 billion connections to the internet by the end of this decade.

Think about that.

They was just with us -- nick was just with us.

Here is the issue that i have with the internet of things.

If we -- but we are talking about is a sensor that is paste placed -- placed on a thing.

It becomes internet aware.

It can be used for anything from the number of cars that go buy a certain spot in the road of which is great for 70 was to put in a billboard.

You know what that might be worth.

We had talked so many years ago about the machine to machine connections.

This is all part of that.

The key to the success of the internet of things will be the price of that sensor and the cost of the connection to the cloud.

Unless those costs are brought down significantly, it is going to be a tough go in the short term.

Would you say the cost of connected to the internet, internet penetration in this country is pretty high.

In countries like south korea it is almost 100%. white is a connection cost need to drop?

-- why does connection cost need to drop?

If i want my french connected to the internet of things, which i don't, i can do that already.

You can, but it is at a cost.

When you think about the wireless network today, we think in terms of minutes of use.

Now we are getting more to the data and bandwidth, that is a witty to measure.

That is a different pricing scheme than anything the industry is used to.

Is a huge opportunity for companies that make devices.

It is not a huge opportunity for a company like verizon.

They cannot charge what they want for data connection.

It is all or nothing, it is one-size-fits-all.

I think you will see that changing.

If you look at the companies like at&t, verizon, sprint, the fact of the matter is that model is changing.

You will see that there is some competitive prices that will enable the internet of things to grow.

The other side of the equation is the cost of the chip.

30 billion of these things is a phenomenal number.

We used to think about it in terms of all -- open your garage door or turning the tv off.

It is so much more today than what we originally thought about it.

Everything from keeping inventory over that little chip annoyed when a certain part is needed to be ordered.

Those of the kinds of applications that we have in the future.

And will be fascinating when it comes.

Denny strigl is the former ceo

This text has been automatically generated. It may not be 100% accurate.

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