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5 Things You Need Know Before Investing in the Internet of Things

IoT is the next massive technology, but before you decide to invest in any IoT-based product or business, there are five things to keep in mind.

The Internet of Things (IoT) is quickly becoming the newest buzzword in technology. With everything from health trackers to appliances embracing IoT, many of you might be thinking about investing in this emerging technology. But before you do, you should fully understand what IoT is and how this new concept is expected to grow over the next few years. Simply put, IoT is the connection of all things (such as cars, devices, and even appliances) which have never been connected before.

Here’s an example.

If you take an ordinary watch and connect it to the internet, you would have a “smartwatch.” Unlike a standard watch, this new smartwatch can track everything from your location, the number of steps you take in a day, and even notify you of incoming text messages and emails. By simply being connected to the internet, this new watch has an entirely new purpose. This is why IoT is so important – it takes a seemingly mundane device and makes it much more advanced and “in tune” with your daily life.

IoT is the next massive technology, but before you decide to invest in any IoT-based product or business, there are five things to keep in mind. Use the following checklist as a gauge to see if your investment in IoT is worthwhile or not.

  1. The first thing you have to keep in your arsenal of knowledge is what the Internet of Things is actually worth. By the year 2020 this massive technology is expected to be worth more than $7 Trillion, and this is a conservative estimate. Some IoT experts are even predicting that IoT is going to double this amount in the next 10 years. When you consider the number of items and devices that can be connected to the internet, such as cars and household goods, the number of devices could easily reach beyond 50 Billion in the next 4 years. Gartner predicts one out of every five vehicles, or 250 million total, will be connected to the internet by 2020.
  1. The next thing to keep in mind is that there is always a trial and error period with any new technology. While many companies and marketers are gearing up for a major IoT takeover, there is always the potential for a severe crash. There are some technologists that are already predicting that IoT will burn out sooner rather than later, citing that the market predictions are too lofty. Privacy and security are another thing to consider. Before investing in any IoT product or business, be sure to find out how the company is planning to take these two elements into account. With the predictions of how big IoT is expected to get over the next few years, this could end up being a massive vulnerability. Any connected device with poor security can lead to hacks and privacy issues. If you happen to invest in IoT with vulnerable security, this could be disastrous. Simply put, the bigger the idea, the harder it can fall.
  1. Also be aware that many subsectors are already tapping into the IoT concept, which can have both successful and disastrous consequences for anyone involved. While large corporations like GE can invest and walk away with $6 Billion, smaller companies and individuals might not be as lucky. Subsectors only represent a small portion of this developing technology, so be aware of your risks before investing in such companies. IoT offers both large and small companies a huge opportunity, just make sure you fully understand the business’s capabilities and overall goal.
  1. The key to understand IoT and getting involved is narrowing down your investment opportunities. It’s wise to only be in business with a few companies involved in this technology. As IoT becomes more mainstream, you will find more companies trying to cash in on this new trend. As with any investment opportunity, it’s important to do your own research to find out where and how you can get the most return. Investing in a new technology it just like anything else, it’s best to understand the risks and proceed accordingly. Play it safe by varying your investments and not putting too much time or money into a single entity.
  1. The last thing to keep in mind is your approach. Remember that when investing in technology you are making a long-term commitment. As IoT technology continues to develop and mature, it will begin finding its way into every aspect of our lives. Soon IoT, and connectivity in general, will become commonplace. It’s just going to take some time and investments from individuals like you for it to come to fruition. Before we know it, IoT will change the way we grow and buy food, commute to work, and even manage our home’s energy usage. Remember that when you invest in IoT, you are making an investment in the future.

Regardless of whether you invest in a large corporation or a small start-up, technology always takes a few years to reach its fullest potential. This is why the short-term way of looking at things needs to be thrown out the window.

Keep Reading: 4 Predictions for the Internet of Things in 2016

 

 

 

Longterm survival of mankind via /r/Futurism


Longterm survival of mankind

Hi all. Im new to reddit, and wanted to ask this community a question that might be really hard to answer :). I'll try anyway.

I want to adress a couple of things regarding to the longterm sustainability of mankind together with our environment on earth as we know it. Id like to take two paths and talk about both of them, both relate to longterm survival of not only mankind but also civilisations in general across the universe. 1. Right now, we are coming to a point in time where technology will reach a certain point where the fundamentals of our society will be built upon 100% renewability, so we can, in theory, live on this planet with all the needs that we have as long as we need to. Getting to this point is obviously not a matter of if but more of when. One day, we'll have to, to survive, and to let our earth survive too. Elon musk has set goals to enable such things to happen. He wants us to create a civilisation that will harness all its energy from resources that will last for 'eternity' or at least tens of thousands of years, without harming the environment. This is where my second thought comes into play. 2. How likely are we to succeed this longterm survival goal of ours? As almost everyone knows, doomsdays are not just hollywood blockbusters. They are in fact reality, and may sooner or later strike the earth, wrecking all of mankind and other species, sending us back into the stoneage, IF we even survive as a species. A lot of these things might even happen today. Yellowstone should erupt every 700,000 years or so. We're currently at 700,000. Soms scientists even claim that we might see it erupt within 80 years. We'd most likely not survive as a species, and as i stated, even IF we were able to survive such scenario, we'd be sent back into the stoneage, a new ice age, and probably less then 1% of humanity left. This is just one of many doomsday scenarios that could wipe us out. Since these things are naturally caused by the fact that this is how the universe works, by changes, waiting to happen when time progresses in a ever expanding, limitless universe, what if this actually is one of the reasons for the fermi paradox, and one of the theories stated as; 'the great filter theory'. What if civilisations have had many chances to become a space faring, 100% sustainable civilisation, but there were just too many filters that caused them to be wiped out of existence. If that is the case, our destiny is around a 100% likely to be the same, it will just be a matter of time. This really gives a chilling thought. The universe knows no rules, no humane laws that save planets and its inhabitants. It completely takes out the idea of a caring upper being like 'god' who makes sure earth will be allright. Coming to the point, what im worried about the most is that mankind progressed at the wrong time, and will never be sustainable untill we reach the far corners of our milky way, because stuff like super volcanos are, right now overdue. What if it was never meant for any intelligent species to develop itself into something as big as a space faring civilisation. Im sure there have been many who were at our level or further who were wiped out by some event that destroyed all life, it might really be about having the most luck. My question is, how likely are we to achieve this kind of civilisation without being wiped out in the progress, and im talking about long longterm. Not a thousand years, im talking at least tens of thousands of years.

19 year-old guy who loves science.

Submitted March 23, 2017 at 06:37PM by Mrjnvrj
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