How the IoT will boost our economy?

The worldwide network of communication is becoming the nerve system of the world. Sensors and objects can be connected to each other and to this complex system to solve difficult essential problems.

Kevin Ashton is the father of the RFID and the author of the term "Internet of Things". On 4 May, he was in Liège for a unique evening and an inspiring speech: How the IoT will boost our economy?

The basement of Kevin’s thinking is the creation of a worldwide network of communication available for most people everywhere during the last 50 years. This network is following Moore’s law for its power and its speed and an inverse law for its entry cost.

This network is becoming a nerve system of the world.

As this network is present and powerful, sensors and objects can be connected to each other and to this complex system to solve difficult problems linked to our demographic evolution.

According to Kevin Ashton, sensors and decentralized hubs will allow the economy to decrease waste of any human activity. A reduction in waste of energy, waste of time, a decrease in loss of information and trash will allow enterprises to reduce their human foot print, maximizing output in terms of money and sustainability.

The revolution is already well engaged, as a lot of IoT systems are already present. From RFID tags in logistics, in trade and in industrial applications, and from sensors in machines to robots, today the benefits for the economy have already been proven well.

Of course, major issues, such as security, will have to be reinforced and will play a crucial role in the development of the technology but Kevin doesn’t see it as an inextricable problem.

On the contrary, the IoT could be a lever for innovations and success in countries historically less oriented towards the “computer” economy. Thanks to the network, the advantage of geographic location has never been so weak and Belgium with its high education system and start-up building ecosystem has a solid chance to play an active role in this revolution.