ICC Policy Primer on the Internet of Everything

As today’s technological advances are happening dynamically, only flexible, globally-minded, and industry-driven policies will continue to fuel innovation.

The paper aims to improve the understanding of how the overarching technological concept “Internet of everything” can be understood. It offers recommendations for governments and businesses looking to harness and benefit from emerging technology. By explaining the existing and emerging elements of Internet of everything (IoE): Internet of things, machine to machine, the industrial Internet, industrie 4.0, and the ecosystem in which they operate (i.e., cloud and big data analytics), this paper evaluates the benefits and risks posed by their application and considers the governance models and industry practices that are emerging to support the IoE.

Emerging technologies are being used in a variety of ways for societal benefit and are strengthening the global economy. As today’s technological advances are happening dynamically, only flexible, globally-consistent, and market-driven policies will continue to fuel innovation. With an improved understanding of how the technology operates in practice, policymakers will be in a position to better determine which policies may be most appropriate to avoid unintended consequences and remove barriers or constraints to innovation.

In light of the growing deployment and application of emerging technologies, the International Chamber of Commerce (ICC) has developed this policy primer to improve the understanding of the overarching technological concept “Internet of everything” and how it is broken down into component and related parts. By explaining the existing and emerging elements: Internet of things, machine to machine, the industrial Internet, industrie 4.0, and the ecosystem in which they operate (i.e., cloud and big data analytics), the statement evaluates the benefits and risks posed by their application and considers the governance models and business practices that are emerging to support the Internet of everything.

Highlighting the cross sectoral ways emerging technology can be leveraged to help reach the United Nations Sustainable Development Goals (SDGs), ICC encourages policymakers to remove barriers to implementation and introduce new regulatory obligations only if necessary and supported by evidence based analysis. Governments should consult with stakeholders when reviewing the adoption of new technologies to consider whether existing regulation facilitates adoption or whether new issues may arise that would require a different policy response.