Apple and Google have an astonishing plan to replace everyone's locks and keys
Locks and keys are physical objects, and the technology behind them hasn't really changed since the first set was invented in the ancient Assyrian city of Nineveh in about 612 BC.
Now, more than 2,600 years later, all that might be about to change. In Citi analyst Jim Suva's new note to investors on the future of Apple, there are three really interesting words: "Work security access."
Suva and his colleague Asiya Merchant have touched on this before, in a note they published last November. They believe that Apple is working on a potentially vast new business in which physical security — locks and keys made of steel and iron — are replaced by electronic locks opened by your iPhone. (The basis of the business is Apple Pay and Passbook, the company's mobile payments and ticketing platforms, coupled with Touch ID and HomeKit, Apple's iPhone fingerprint security device and its platform for letting your phone control household appliances.)
"We have written extensively that we believe Apple Pay and Passbook have tremendous upside potential and have laid out 15 potential future uses of Apple Pay/Passbook," the pair said late last year.