Earlier this week on the second day of TechCrunch Beijing, Engadget’s Richard Lai sat down with an expert panel to discuss the smart hardware industry, in particular touching on the aspects of what the industry is doing right and what it’s missing. The panel’s moderator, Richard Lai, kickstarted the panel by asking what component is lacking in the smart hardware industry, to which Li Zhifei from ChuMenWenWen answered that most so-called “smart technology” devices should not be called as such. Li Zhifei followed by saying that there are a plethora of smart devices on the market now, ranging from shoe inserts, socks, shorts, glasses, and even rings. “Anything that can be worn could become a smart device,” said Li. Rather, eventually all these smart devices will be commonplace and connected to each other, collecting and using the data to improve the user’s quality of life.”