The Internet of Things or IoT for short aims to keep us connected a lot more to each other and a zillion more devices. The Internet of things is a network of devices, vehicles, and home appliances that contain electronics, software, actuators, and connectivity which allows these things to connect, interact and exchange data.
With the constant development in this sphere, it affects us and our daily lives as well. IoT might completely blur the line between connected and disconnected to technology for us. At present, 20 billion things are connected to the internet, and by 2020 this number is expected to jump to 50 billion.
Hence, like a coin has two sides to it, so does this. There are certain pros and cons associated with it.
PROS
Automation
Every business can increase their profitability with the help of automation along with reducing production cost. Since automation is precise and repeatable, it ensures that there is uniformity is product manufacturing. Overall, automation helps to improve the quality of service and control day-to-day tasks without human intervention.
Efficiency
A machine-to-machine interaction helps to maintain a certain level of transparency in the entire process, thus improving efficiency. This actually enables the people to focus on other, more important jobs.
Cost Savings
IoT has led to significant reduction in expenditure. It provides the highest throughput with the least amount of spending. Problems associated with bottlenecks, breakdowns and system damages can be reduced by incorporating IoT.
Communication
IoT places quality control in our hands, making the whole process smooth for us. It does so by allowing physical devices to stay connected, thus improving communication between them too. Nowadays you can even tell Alexa to order something for you online or turn off the lights.
Instant Data Access
With IoT, more and more data can be saved in a classified format for easy access later on. This helps in simplifying the decision making process. Also, it makes life easier to manage for us.
CONS
Privacy and Security
Every day more and more of our personal appliances and machines, as well as services, are becoming connected to the internet. This means they collect data round the clock. This information is readily available on the internet or with a little digging. Thus, it becomes virtually impossible to keep any of it confidential. Hackers and unauthorized users pose an even greater threat in such a situation.
Compatibility
Since IoT is still in a nascent stage, there are no international standards of IoT devices yet. This can make it difficult for devices from different manufacturers to communicate with each other. But with collaborations happening, we can expect this problem to solve in the future.
Complexity
The IoT is a vast and diverse network umbrella encompassing multiple devices under it. A single minute failure in the software or hardware could have catastrophic consequences on the entire network due to the interconnectivity.
Fewer Jobs
With rising automation, there is a steady decline in the need for the unskilled workforce. This could lead to a certain level of unemployment in the unskilled labor sector. Organizations will have to come up with suitable replacements to avoid this from becoming a problem.
Technologically Dependent Life
We are becoming dependent on technology with each passing day. This is affecting basic human interaction social skills. People prefer virtual interactions to real-life ones, and this is already becoming a cause of lower self-esteem as well as rising depression in individuals. Parents are worried about the future of their children as technology is causing a permanent level of damage to them.
Our lives are already controlled by technology, the extent of it is still in our hands. We need to take a call regarding how much of our daily life are we willing to mechanize and be controlled by technology. Just like any other technology, IoT too has its set of advantages and disadvantages. We need to ensure that we are well-informed to leverage its power while not letting it control us.