David Cameron, the Prime Minister of the United Kingdom announced in the CeBIT 2014 technology trade fair that the "Internet of things" will receive an additional £45 million funding to spearhead a new "industrial revolution."
The prime minister firmly believes that the 'Internet of things' can bring another technological breakthrough. It can transform people's lives by creating a pattern of communication between objects like locks, refrigerators, or boilers-allowing them to send or receive data from one another or to the people who manipulates them.
"I see the "Internet of things" as a huge transformative development - a way of boosting productivity, of keeping us healthier, making transport more efficient, reducing energy needs, tackling climate change." Cameron said in the Guardian report.
"Electricity meters that talk to the grid to get you the best deals. Health monitors that keep an eye on your heart rate. Water pipes that warn of a fall in pressure." Cameron added. He explained that the new technology would allow billions of objects communicating.
Cisco Systems estimates that "Internet of things" could amount to £8.7 billion when launched worldwide according to Telegraph UK. It is promising return of investments, and at the same time can bring a better "connected" generation.
Meanwhile the "Internet of things" is not only the project that both countries are working with. In his speech, the British Prime Minister also tells about the UK and Germany's endeavour to develop a 5G network, which will increase internet speed and usability for both countries by combining "British ingenuity" with "German engineering."
The 5G network reportedly could allow a download speed of an 800 megabyte movie in a second.
In 2013, the European Commission contributed $77 million for the development of a 5G network in 2020. Three leading universities are working collaboratively to bring the project into completion, namely, the University of Dresden in Germany, the Kings College of London, and the University of Surrey.
South Korea, on the other hand is quite aggressive to reach this technological achievement, investing $1.5 billion to be launched in 2020 and a pilot network to roll out in 2017.
CeBIT is one of the main technology trade exhibits in Europe and the event is held in Hanover, Germany this 2014 starting March 10 to March 14.