Question

In: Economics

The Internet of Things (IoT) is considered the next industrial revolution that will change the way...

The Internet of Things (IoT) is considered the next industrial revolution that will change the way businesses, governments, and consumers interact with the physical world.

Search online to find out about the latest development of the IoT. What are the benefits of this disruptive technology? What are the possible dangers we should be aware of?

please dont post that's already on the internet.

Solutions

Expert Solution

Answer: Internet of Things (IoT) is a broad term for connected devices that communicate with other connected devices and make intelligent informed decisions and choices.

Technological developments like IOT, big data analysis,cloud computing, Artificial intelligence, block chain technology etc are bringing disruptive changes in the ways things till now are being performed, the ways businesses till now used to run , the ways in which labour market used to work and many more.

There are various benefits of IOT:

Such technologies when they are combined together used to bring various developments in social spheres like education, health care sector etc as well as in economic sphere.

There are various developments have been seen in the field of IOT like EDGE COMPUTING on the rise embryonic i.e.edge computing processes are being upgraded on a regular basis, so it is only a matter of time before edge completely takes over cloud computing, SMART CAR a combination of IOT AND AI example Google introduced its first self-driving car with name WAYMO in 2017, Virtual assistant to manage Health care i.e. robotic arm for operating in U.K.etc.Its use in SPACE TECHNOLOGY by NASA, IRSO, RUSSIAN , CHINA, EU SPACE AGENCY are being analysed.FOR DEFENCE SECTOR also prospects of AI and IOT being analysed.

Government can used such technologies to reduce corruption and effective implemention of Various public policies like Direct benefit transfers etc.

EDUCATION SECTOR will see different prospective and skills in upcoming time as a result of IOT and others.

Having said that, it can not be ignored that such drastic disruption will bring many changes which can be considered as demerits also like:

1.Such technologies will reduce the demand for manual labour, and till now any alternative for that can not be discovered.Which is a concerning issue.

2.Use in SPACE sector and DEFENCE sector by big players can bring another unnecessary competition as well as xan create a great divide between rich versus poor countries.

3.Privacy Issue is there as Individual's privacy will become more prone to exploitation by government as well as private industries for their profit.

Hope it helps!

Please do upvote.


Related Solutions

INTERNET OF THINGS (IOT) 26. After several years of IoT experience as an engineer, you conclude...
INTERNET OF THINGS (IOT) 26. After several years of IoT experience as an engineer, you conclude that IoT solutions are more complex to govern than traditional networks. Defend your opinion to your supervisor with at least five reasons/factors.
INTERNET OF THINGS (IOT) 25. Some argue that Arduino is preferable low power IoT device to...
INTERNET OF THINGS (IOT) 25. Some argue that Arduino is preferable low power IoT device to Raspberry Pi for small scale home projects. Would you agree or disagree? Differentiate between them based on at least three features (i.e. that makes one preferable than the other for a small scale home project.)
Q1. What is Internet of Things (IoT)? Can you describe one IoT application you know of...
Q1. What is Internet of Things (IoT)? Can you describe one IoT application you know of and explain the techniques behind such IoT application? Q2. Now you might have known some advantages of IoT but what about disadvantages? What are the possible issues of IoT and why? Please reference the information
Identify and assess 3 challenges associated with the implementation of IoT ( Internet of Things )...
Identify and assess 3 challenges associated with the implementation of IoT ( Internet of Things ) within the manufacturing system.
Summarise 3 benefits for manufacturers from adopting the IoT ( Internet of Things ).
Summarise 3 benefits for manufacturers from adopting the IoT ( Internet of Things ).
A. The Internet has a huge influence on Logistics; define the Internet of things (IoT), its benefits and use an example of IoT and how it is used in Logistics.
A. The Internet has a huge influence on Logistics; define the Internet of things (IoT), its benefits and use an example of IoT and how it is used in Logistics.B. Discuss the four types of benefits that can be gained from the use of Electronic procurement or E-Procurement.
What are the key activities and resources For Secure Iot( Internet of things) business service.
What are the key activities and resources For Secure Iot( Internet of things) business service.
With the advancements in machine learning, artificial intelligence and the Internet of Things (IoT), what benefits...
With the advancements in machine learning, artificial intelligence and the Internet of Things (IoT), what benefits and challenges exist for organizations relying on artificial intelligence to perform Predictive and Prescriptive Analytics?
INTERNET OF THINGS (IOT) 22. You are lecturing in a seminar regarding the aspects of traditional...
INTERNET OF THINGS (IOT) 22. You are lecturing in a seminar regarding the aspects of traditional BigData analysis that can be directly applied to IoT. What topics would you choose in this regard?
With the advancements in machine learning, artificial intelligence, and the Internet of Things (IoT), what benefits...
With the advancements in machine learning, artificial intelligence, and the Internet of Things (IoT), what benefits and challenges exist for organizations relying on artificial intelligence to perform Predictive and Prescriptive Analytics?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT