Believe it or not, IoT is the transferring of data from one machine to another without any human-to-computer interaction. It is a manifestation that has evolved from micro-electromechanical systems, wireless and internet technologies. This means that technological value can be added to anything that can be given an IP address and has the ability to transfer data.
"The complexity of IoT interconnections rapidly outstrips our ability to unravel them"Andrew Rose
One of the risks that may not necessarily be negative because of usage but negative because of the growth that IoT conveys, is running out of address space to accommodate all of these new IP addresses.
The many conveniences that IoT brings comes with unpredictable data security. Data privacy may be compromised. Not everyone is comfortable with having almost every detail of their life captured and even through the data may be protected, security always poses a threat. The route that the data takes to the provider could be tampered with. Unauthorized access may be granted because of loss due to physical theft. Nothing out of the ordinary for a data carrying device but still very disastrous.
Another question that can be asked is, does IoT increase the gap between the rich and poor? Not having internet access may mean less access to things that may matter most. This could discriminate against people who have little or no access to the internet.
As with many IT developments this idea is not going unchallenged. What is clear is that the benefits out way the disadvantages by a long shot and as with any invention, there is always room for improvement.
If you are a business owner you will be glad to know that this development reduces cost and loss because of the increased accuracy that this development brings. It gives great grounds to the emerging knowledge economy. IoT means business strategies can be more productive and current.
Every field will benefit from better management because of the availability of data and the precision at which it is collected. Dr’s could monitor critical patients and immediately see any changes. People will be able to monitor their home security systems from any location on their personal devices. Appliances will be able to communicate which is important for better energy efficiency and therefore reduced costs in the household. The most widely used example being a fridge that can detect when your milk is almost finished, or is expired, and then orders it for you. AMZAING!
There’s no question about how big data will be affected by this and the benefits customers will reap from customization and personalisation. Suddenly all sorts of data will be available all the time to find out almost anything if you have access to it.
Machines will now have less dependability on humans for information. Can anyone say GOOD-BYE HUMAN ERROR? It seems that this is another challenge for IT to reduce costs, increase efficiency, and provide humans with simplicity.