Eitan Beinstock says technology will make its most profound impact in the areas of health, transport and agriculture – all of which will make the nation’s economy prosper like never before.
“We are in the midst of the biggest and most rapid business transformation in history that will affect us all,” said Mr Beinstock, CEO and founder of Everything IoT. The industry group recently brought together researchers, entrepreneurs and experts for a summit aimed at accelerating technical innovation.
So what is the ‘Internet of Things’ (IoT)? Put simply, it’s any device that connects to the internet and we’re already seeing its transformational effect – you don’t have to search far to find a device or gadget to control some aspect of how we live.
It’s estimated there are five billion items currently wirelessly connected to the internet worldwide and this number is projected to soar to 50 billion in three years and generate up to $US11 trillion in economic value globally in the process.
If Australian businesses don’t jump on board, they risk closing down, Mr Beinstock warned.
“Many traditional corporate leaders will be unnerved to realise that if they don’t evolve quickly their companies may face a rapid extinction,” he said.
“We have to make sure people are IT literate. Every company must build big IT teams to survive.”
IoT has gained momentum since 2016 and there is now a growing number of startups in Australia harnessing the sort of technology that is revolutionising the way we live.
But is that revolution at the cost of local jobs? Not so, said Mr Beinstock.
“There will be job losses but there will also be lots of gains. Every revolution has had its shift and at this point it’s about reskilling people. We need people to do data science and to understand how to use these technologies.
“We actually have a shortage of jobs in disciplines like artificial intelligence and scientists; that’s where the jobs will be in the future.”
The most profound difference technology will play in the future is in health care, agriculture and transport, Mr Beinstock said.
“We can put devices on people now that measure their vital signs, their heart health, whether they are hydrated but in the future technology will focus on treatment. Medicines will be customised for the individual.
“Think about Alzheimer’s disease. Normally people take their pills at a certain time but with technology, that capsule can be implanted, the dosage can be adjusted to the condition and there’s no concern about forgetting to take that pill.
“On a farming level, we’re already seeing automated tractors, sensors that can detect humidity and moisture levels in the soil and drones that hover above to give precise data on crops. All of this can optimise the supply chain from field to plate.”
And smart cities aren’t far away either, Mr Beinstock said.
“Uber is a glimpse of what transport will be like in 10 years. There will come a day when you will check the calendar on your smartphone, know where you have to be, walk out the door and an autonomous car will be waiting to pick you up and take you there. It will completely change the way we move.”
With more than 20 years of technology development experience in Israel, Mr Beinstock moved to Sydney and founded Everything IoT which is aimed at accelerating IT in
Australia. He said “good things are happening” but the pace has been slow.
“We’re behind,” he told Access on the eve of the two day summit, saying while technology was growing exponentially, Australia could no longer use its geographical distance as an excuse for lagging behind. To explain, he said leaders in tech spaces like Israel were home to about 500 research and technology development centres while Australia could lay claim to only a handful.
“We are a bit far from everywhere else but in today’s world innovation is developed everywhere, we can’t use that as an excuse anymore.”
