Estate Living Magazine Connection - Issue 43 July 2019 | Page 52

L I V E S M A R T THE IMPACT OF THE INTERNET OF THINGS ON OUR DAILY LIVES The Internet of things (IoT) has become a hot topic of conversation with technical, social and economic implications. It is a concept that not only has the potential to influence how we live, but also how we work and play. Projections for the impact of IoT are notable, with some anticipating as many as 100 billion connected IoT devices, and a global economic consequence of more than US$11 trillion by 2025. What is the IoT? Simply put, this is the concept of connecting any device with an on/off switch (objects, sensors and everyday items not usually considered computers) to the Internet (and/ or to each other), and allowing these devices to generate, exchange and consume data with minimal human intervention. How the IoT can transform our lives A growing portion of IoT devices, including connected vehicles, home automation, wearable technology, cell phones, headphones, connected health, and appliances with remote monitoring capabilities, are created for consumer use: • Improved safety – smart homes/home automation: You’ve probably heard of smart fridges telling you when you’ve run out of milk, or that self-driving cars will soon be commonplace. IoT devices in homes can include lighting, heating,