What is the Internet of Things (IoT), and how is it improving our quality of life?
In the age of analytics, data is king. Until now much of it has gone undetected, but new technology accessibility is enabling a whole new spectrum of data to be monitored and instantly circulated around the globe which can then be analyzed by businesses and governments to improve our quality of life.
The Internet of Things, or more commonly referred to as IoT, has already seeped into our lives quietly, but the true potential is much more significant than you might realize.
IoT can be considered as any network of connected devices. Some of the best examples you would already recognise include smart appliances, health monitors, or your front door security camera which you can view from anywhere in the world and ping alerts when someone is approaching. Remember when things used to only connect to the power socket?
Perhaps the most significant industrial use cases you might not yet be aware of are in things like automated farming, shipping/logistics tracking, carbon tracking and pollution monitoring.
The effect of IoT on the economy and quality of our world can be thought of similarly to the adoption of the electric motor, in which the true benefits were realised with a lag as adoption took time to reach a critical mass. And it's certainly trending that way, with the number of IoT devices worldwide forecast to almost triple from 9.7 billion as of 2020 to more than 29 billion devices by 2030.
Think about how many vehicle manufacturers have gone green while pledging an end to combustion engines.
The flow of money is what will advance IoT into even more mainstream households, with corporate spending expected to rise significantly year on year. The current US $478 Billion market is on track to reach US $2.45 Trillion by 2029. In 2021 alone, the market expanded 22% despite disruptive headwinds from the chip shortage crisis that have now abated.
The exciting thing for the market is that with this kind of investment, the knock on effects for global productivity will compound. Because as an IoT network gets bigger, it gets better, leading to a higher quality of life from data automation that can be collected from IoT devices.
Expect to see continued technological advancements in the IoT space as businesses harness the power of data automation to gain an edge on each other, leading to raised standards in global health, pollution, security and education. All of which will be particularly felt in the least technologically advanced regions where current internet infrastructure is poor.
One of Blockmate’s ventures has developed an innovative way to be a part of the IoT revolution, by offering internet bandwidth in return for financial rewards.