IoT 2017 Payments Tuesday Morning

October 10th

Random comments offered as the various speakers speak at the conference at the Hyatt Regency Austin.

  • MasterCard spoke of the opportunity IoT offers in this connected world and how technology can transform physical retailing.

Prof. Gideon Samid, PhD, PE.

  • Speaks of the use of randomness as the key to the security of the future.
  • The challenge of IoT is the processing capabilities of these devices.
  • Digital Money & Contract you cannot separate identity from the value. Cyber economics and the associated cyber security is all about setting up a scheme where for each action there is a payment for service rendered, hence an audit trail is established for each action.
  • What happens to anonymity in this new world where every action is identified and recorded.
  • Anonymity will be dictated by regulation and the political domain. BitMint embraces the controls inherent in the 4th amendment.

IoT payment landscape

  • A brief wander back through the way back machine as we watch time mover forward.
  • Samsung shared a vision of what this new world of IoT looks like.
  • Cars, washing machines and so much more connected and controlled.
  • Samsung is a Token Requestor post identity and development. The. Samsung Pay technologies now in the phone can easily be transferred into almost any device.
  • Gemalto was asked to address the multiplicity of devices emerging in the market place. There are just a plethora or new form factors.
  • The question is all about getting the key set into these devices. The aggregation model as a Token Service Manager is what Gemalto has developed.
  • There are two basic models the pre-personalized and the over the air personalization.
  • There is then the emergence of the new domestic Token Service Providers. G&D speaks of the breadth of security required for these IoT devices.
  • We now need to think about Life Cycle Management especially when considering payment credentials. Key to this conversation relates to upgrading and replacing the device carrying the credential.
  • How will the consumer figure out where all their payment credentials are.
  • How shall the standards evolve to support all of this new and competitive plethora of IoT objects?
  • We must a careful and embrace standardization to support interoperability.
  • Why can’t this market embraced the device and not cloud model to store the payment credentials.
  • We are layering security onto the existing legacy infrastructure. The payment brands are responsible to define what the rules and technology requirements.
  • Tokenization was created as a means of solving for device limitations by pushing the point of compromise into the cloud.
  • MST is a nice transitional technology, NFC is more than likely the future, at least in some peoples view.
  • The point of interaction bottom line the point of acceptance.

Lunch

Tuesday Afternoon

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