Blockchain technology: a new frontier
The next frontier of the crypto world is blockchain technology.
According to research conducted by a group of researchers at the University of Texas, the internet of things (IoT) could be one of the most disruptive developments in the world for the foreseeable future.
In a report published this week, the researchers from UT Austin and the University the University at Buffalo (UBC) claimed that IoT has the potential to change everything from how we communicate to the way we build and manage our products.
The report said IoT is “a fundamental building block for a much broader set of industries” and it could have a “massive impact” on the way business and society function, according to a news release.
The UT Austin researchers said that IoT is already a “real opportunity” for companies to make money, but that there is an enormous potential for the technology to disrupt industries as well.
For example, if you have an IoT device, it can communicate with your entire ecosystem in real-time, allowing you to do business without needing to have an entire database.
That could be a huge opportunity for the healthcare industry, the UT Austin report said.
This is what the IoT could look like:In a nutshell, IoT is a technology that allows companies to remotely control devices from afar, allowing them to perform actions such as controlling a car’s lights or a thermostat without ever physically touching the device.
The researchers say that this could potentially be used to automate a variety of tasks, such as setting a timer, sending a text message, or setting a specific time of day.
“With the IoT, we see the power of technology as a tool, not as a weapon,” said Dr. Michael Sacks, an associate professor at the UT School of Law and the lead author of the report.
The University at Bills study also found that IoT could allow for a lot of new forms of business, including one where a person could send and receive texts from their smartphone while walking down the street.
The study also said that companies that develop and operate smart meters, smart homes, smart vending machines, smart parking meters, and other smart technology could see an explosion of revenue as people who are using IoT devices get connected to the internet.
“We think that IoT technology is the future of our business and we think that it will transform our business models,” said University at Rochester’s Dr. Josephine McDaniel.
“It’s an exciting time to be a business owner in the digital world.”
This is how the UT and UBC report described the IoT:A real-world example of what the technology could look in action:The UT researchers said the IoT is not yet ready for widespread use, but they are optimistic that it is on the path to becoming a reality.
“While it is a long way off, there is a lot to be excited about, and we hope that this report will spur others to take the same approach,” Dr. Sacks said.