IoT is tagging our day-to-day objects with machine-readable identification tags. Sensors may be a couple with these tags to collect more information about the condition the everyday objects and those present around them. The same applies to various companies wherein the computers would keep track of the stock available and resources and maintain them to optimum levels, thus saving a lot of time and money.

Before we understand the impact IoT can have on our way of living, it’s important to go through its advantages and disadvantages:

ADVANTAGES

1. Data: The more the information, the easier it is to make the right decision. Knowing what to get from the grocery while you are out, without having to check on your own, not only saves time but is convenient as well.

2. Tracking: The computers keep a track both on the quality and the viability of things at home. Knowing the expiration date of products before one consumes them improves safety and quality of life. Also, you will never run out of anything when you need it at the last moment.

3. Time: The amount of time saved in monitoring and the number of trips done otherwise would be tremendous.

4. Money: The financial aspect is the best advantage. This technology could replace humans who are in charge of monitoring and maintaining supplies.

DISVANTAGES

1. Compatibility: As of now, there is no standard for tagging and monitoring with sensors. A uniform concept like the USB or Bluetooth is required which should not be that difficult to do.

2. Complexity: There are several opportunities for failure with complex systems. For example, both you and your spouse may receive messages that the milk is over and both of you may end up buying the same. That leaves you with double the quantity required. Or there is a software bug causing the printer to order ink multiple times when it requires a single cartridge.

3. Privacy/Security: Privacy is a big issue with IoT. All the data must be encrypted so that data about your financial status or how much milk you consume isn’t common knowledge at the work place or with your friends.

4. Safety: There is a chance that the software can be hacked and your personal information misused. The possibilities are endless. Your prescription being changed or your account details being hacked could put you at risk. Hence, all the safety risks become the consumer’s responsibility.

CONCLUSION :

Although IoT has quite a few disadvantages, its advantages of saving the consumer time and money can’t be ignored. So the time isn’t far when the Internet Of Things will be commonly seen in both households and companies. Efforts will have to be made to find ways to combat its disadvantages.