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IoT devices, connected societies, exciting possibilities and ethical dilemmas

A recent Gartner report projected 20.4 billion Internet of Things (IoT) devices in use by the year
2020. This will represent approximately 3 connected devices per person in the world with major
implications for industries, societies and individuals.

Examining some of these:

Data is the new raw material: Industries of the previous age used and continue to use raw
materials such as iron, cotton, coal and crude oil. As we enter the fourth industrial revolution, data
becomes the important raw material processing into actionable insights.

Privacy is the new currency: Technology is evolving faster than regulation. Knowingly or not,
every time we use or wear a connected device, we continue to create a digital twin of ours in the
cyber world that can be mined, hacked, tinkered, and monetized. Our digital twins will outlive us.

Barriers of entry get higher: Network effects play a big role in this age where word of mouth
spreads at the speed of internet. Now, regulation is increasingly becoming a factor that is favoring
scale in addition to the network effects. European Union enforced GDPR imposing extremely stiff
penalties on companies conducting business in EU on non-compliance. As the economic value
of the personal data increases, such regulation will become increasingly common.

Brand loyalty has a whole new connotation: As we let Amazon access our cars and homes
without us being present, as we let Google Home or Alexa listen into all our conversations, and
as we share some of the most intimate details of our lives through Facebook or Instagram, brand
loyalty has a whole new meaning than when you are buying a soft drink or a shampoo. With the
proliferation of IoT devices, cyberspace increasingly is becoming the new battlefront and is a
matter of national security.

Creation and concentration of wealth: This wave continues to churn out millionaires and
billionaires at an exponential rate. A major contributing factor is that data is not bound by the laws
of physics. Acquisition, processing, replication and distribution of data can happen in near real
time as compared to physical goods and materials. the pools of money are moving towards those
in the information and automation business. On the downside this creates severe imbalances in
the societal wealth distribution which can be destabilising.

On the whole, the new age is creating some exciting possibilities for the connected societies and
individuals alike. However, it is also opening up unforeseen ethical dilemmas in the areas of
privacy, ownership of data, imbalances in wealth creation.

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