What is IOT and how it will affect economy quickly.

 

What is Internet of Things?

The Internet began with the idea of connecting mankind across the globe using satellites and internet protocols. But this requires a live person to communicate online with one and another to accomplish tasks. For example, when a stock manager in a factory wants to order raw materials, he or she may order their needs online. However, someone needs to see the order and prepare the shipment. But all of this processes within most organizations is about to change.

Today we are entering a new age. An age of machines connectivity and intelligence. Today, we are expanding communication not just between humans but also among machines. Internet of things will communicate, analyze and report real-life situation among appropriate machines and robots. Referring back to factory example, if the factory has an intelligent inventory system in place, this system can talk back to the supplier of raw materials when the inventory runs low. Therefore, the manufacturers can save time and money instead of having people keeping track of inventory. This is more efficient because human make mistakes and have errors. But machines rarely make mistakes unless if there is a glitch. The only downside with Internet of things is that, it might lead us towards automation which will increase unemployment. However, it can help our city with daily operations. IOT can benefit us with information availability for city traffic and therefore, preventing car accidents.

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An example of Internet of Things:

Traffic light cameras for instance, as the date of this blog post, some traffic lights are monitored manually at the City Transportation department. What this means is that someone at the city transportation department helps with controlling traffic. Therefore, if there is delay in information availability, there is a chance for human errors which this could lead to car accidents.

Why is it Useful?

Intelligent data transformation:

Following the traffic light example, we can see that internet of things can help us to keep our roads safe from accidents. For example, analyzing the traffic in our streets and sending traffic data automatically to central traffic department servers for analytic purposes. Because we can now prioritize at what times the light has to be red or green allowing drivers to pass through. In another words, we can create a routine for traffic light system. It is true that we have smart traffic lights which can do this but internet of things will push the boundaries of smart devices. It will allow for the smarter traffic lights to gather more information and try to communicate that information to the server.

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Incident report and analytics:

Traffic lights are one example, but internet of things can have greater uses. For example, incident reports. let’s assume there is a bad accident and the passengers are rushed to the hospital with a helicopter. Well, using internet of things, doctors may learn about the details and situation of the patients long before they arrive at the hospital. This can be done using cameras on the traffic light poles.

Effects on the economy:

economic-worries

In general, if you’re asking yourself: “Are we moving towards a new era of mankind’s way of living?” The answer is yes. We are moving in a faster pace society now where the information is quickly transferred from one point to another almost always without human involvement. Less human involvement, less human errors. However, the downside is when internet of things grows to take over our lives, we may witness economic consequences. Because we will be moving towards more of automation than labor. Most jobs once filled by humans will now be automated because there would be no need to order takers, incident reporters. Off course these jobs were just a few examples but we too much automation is not good.

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