Google Inc. (NASDAQ:GOOG)’s Nest Labs plan to acquire Dropcam Inc. for $555 million continues to elicit mixed reviews with CNBC‘s “Closing Bell” discussing this move. Most of the analysts consider that the move is one of the best, but caution should be taken, especially when dealing with privacy related matters.
Ben Parr, the co-founder and managing partner of Dominate Fund, in the conversation mentioned issues related to the privacy of users of Dropcam, he said:“while Dropcam itself might be a good business for them, if they make missteps or they violate people’s privacy, it will be a big issue”. Dropcam continues to be a hit with many people as it continues to define, the internet of things. With Dropcam products, one can remotely switch on and off electronic goods regardless of where one is, taking convenience to another new level.
Privacy issues continue to be a major concern in the U.S seen by the fact that Google plans to buy Dropcam, but will not collect data for it. The entity is to be controlled as a ‘nest,’ operating as a separate division. One of the correspondents was quick to point out that Google Inc. (NASDAQ:GOOG) should “stick to that commitment because if they ever violate that, that could be a bigger issue on the privacy side.”
Google Inc. (NASDAQ:GOOG) is not the only company that is moving into this space. Honeywell International Inc. (NYSE:HON) is reportedly developing its own smart thermostat that will allow consumers to regulate their homes’ temperatures when going away. This, essentially, is a new wave of consumer evolution as a form of internet of things.
The world has come down to the idea that people want everything directly connected and at the reach of the fingertips. The major concern is the fact that all the data will always be available on the cloud remaining extremely vulnerable to ill motive people always ready for mining.
One of the positive attributes according to one of the correspondents is the fact that the technology will be beneficial for many years to come for home security. With the kind of Dropcam technologies, people will be able to lock their houses and be alerted whenever there is an intrusion. Another use will be for energy conservation as people will be able to turn off their thermostats whenever out of the house.