Standardization is very essential for not only IoT but for every new and emerging technology, as it reduces the time and effort for extracting the basic data and deciding the field for experimentation.
Standardization in IoT helps in reducing the overall cost of generating data, securing the system by detecting the security loopholes, and minimizing the gaps between the protocols. Because of standardization, the overall time frame and cost of producing innovative products get drastically reduced, which directly benefitting the industry.
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Also, check out our YouTube video on the Internet Of Things from our experts.