The Internet of Things (IoT) has the potential to be one of the most powerful technological innovations to date. In fact, its reach will be so extensive—encompassing billions of connected endpoints across the globe—that it will completely change the way companies and consumers connect with one another and share information.

There is still a lot of work to be done before we get to that stage. Right now, for instance, there is a major lack of interoperability between connected endpoints. As outlined in a recent report from the McKinsey Group, as much as 40 percent of the potential value in IoT technology will depend on unlocking interoperability. Devices, in other words, must be able to communicate with one another to drive next-generation IoT interactions (like smartphones connecting with local traffic systems).

Aside from interoperability, the McKinsey Group also mentions the following roadblocks that are restricting the growth of IoT technology: inefficiency surrounding the collection and utilization of big data, expensive hardware like RFID tags and, of course, privacy and security concerns surrounding connected devices.

Overcoming these roadblocks will be no small task. Manufacturers can more quickly circumvent these obstacles than might otherwise have been possible through the use of open source code. When open source code is integrated into the framework of an IoT product, the product becomes open to crowdsourced innovation.

With the help of an intellectual property software audit service, companies can freely integrate open source code into their products’ designs without having to worry about losing track of where the code has been employed. This can help mitigate problems related to software licensing and intellectual property rights.