The Internet of Things will transform industry, agriculture, and our cities. But we need to consider carefully the risks as well as the rewards.
The Internet of Things (IoT) is already all around us. Online devices have become essential in industries from manufacturing and health care to agriculture and environmental management, not to mention our own homes. Digital consulting firm Ovum estimates that by 2022 Australian homes will host more than 47 million IoT devices, and the value of the global market will exceed $US1 trillion.
The IoT presents great opportunities, but it brings many risks too. Problems include excessive surveillance, loss of privacy, transparency and control, and reliance on unsafe or unsuitable services or devices.