Technology The Internet Of Things Is The Next Big Idea
Aug 18, 2022 (DOUGLAS, Isle of Man) — The internet of things is inevitable. The costs of putting compute ability into everyday objects have fallen significantly from what they were.
The Internet of Things (IoT) argues that despite all the changes the computer revolution has caused, it is just getting started.
The first wave of computers brought computing to governments and big corporations. The second wave brought computing to everyday people through desktop computers, laptops, and smartphones. The third wave will introduce computers to… everything else.
Convenience and increased productivity
Computers give machines the ability to calculate, process information, and make decisions for themselves. Chips will soon be incorporated into clothing, buildings, and cities, linking everything through the internet.
This will provide plenty of daily benefits. Convenience is a large factor. There will also be productivity improvements which will drive economic growth.
Chips, everywhere
ARM, a chip design firm, predicts that there may be about a trillion small chips in everyday gadgets by the year 2035; outnumbering humans by around one hundred to one. Yikes. Here is your survival guide for this eventuality.
The costs of such a goal have fallen significantly from what they were fifty years ago, making this future even more probable. Operating costs have also fallen. Now even cheap battery-powered chips can outperform the supercomputers of the seventies.
Internet of Things produces tons of raw data
For the Internet of Things to work, more than a trillion mini chips will be required. These will need to be connected to each other.
Better technology has reduced the costs of telecoms too, from the actual sending of telegrams to measuring speeds by megabits per second. The final piece of the puzzle is a way to gather the data that will be generated to organize and interpret it.
Modern artificial intelligence techniques can extract useful patterns from tons of raw data. This can then be analyzed by more powerful computers.
Why does this matter
Firms are piling into this idea. Big names such as Microsoft, Dell, Huawei, and Intel have promised to supply the infrastructure to computerize factories and supply the computer power necessary to analyze the data. Siemens has been buying up companies specializing in anything from sensors to office automation.
The Internet of Things will take decades to play out fully. However, we have seen large strides towards this reality recently. People should begin to think of what this future might mean, and what the downsides might be. As computers spread, concerns about hacking and security will follow.
Learn more
The best place to start considering the Internet of Things is from inside your own house, which is probably already filled with computerized gadgets. Law firms should consider what this means for their processes, including automation. Read about document automation here.
The Doccly Lender solution
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