Innovations are the drivers of the economy across the globe. Throughout history, countries have accomplished marvelous economic feats that have improved the lives of humans. However, this economic progress for the average citizen cannot be credited to government policies or mere fortune. Instead, Todd Lubar demonstrates how the inventions of savvy entrepreneurs trigger massive changes. For example, the invention of the steam engine revolutionized ground and water transportation. In addition to rapid travelling capabilities, the new technology created thousands of new high-paying jobs. This situation repeats itself every time a new technology disrupts the market. Old jobs are eliminated, but they are replaced with high-paying alternatives.
Innovation and Disrupted Markets
It is important to note that the jobs created by new technologies are not among the most beneficial products of innovation. The goods and services that consumers can use due to technological innovation improve society. Throughout history, these products in the market place have improved the health and satisfaction of people in Europe, Asia, and the Americas. Developing areas of the globe are quickly catching up with the West as they adopt institutions that encourage creativity and entrepreneurship.
Innovation is not limited to the advances of the steam engine. The modern world is a golden age of creativity. The Internet, electric cars, and rapid computing technologies are all products of the modern age of innovation. While innovation occurs in nearly every competitive industry, the real estate markets have slowly adopted new methods. However, clever investors like Todd Lubar incorporate ideas from the tech sector to evolve real estate practices.
Smart Homes Revolutionize the Housing Market
The most recent innovation in the real estate industry is smart home technology. As its name suggests, smart home technology is a category of devices and home furnishings that pair with smart devices. This grants home-owners the ability to control their home from anywhere on the globe.
Smart homes entered the fray when the Internet of Things became a vast network of devices that can access the Web. When did this happen? It is impossible to isolate this event to a single moment. This is because the Internet of Things expanded in an organic fashion as thousands of entrepreneurs independently introduced new products to the open market. The Internet of Things simply refers to all the products that rely on the Web to communicate with other devices. For example, a virtual assistant that controls home appliances is part of the Internet of Things.
Smart homes use a wide array of devices that are connected to the Internet of Things. The base of a smart home is a standard mobile device or desktop computer. To understand this concept, home-owners can think of the mobile device or desktop computer as the smart home’s control center. Owners can control every element of their smart homes through these centralized devices.
If a house is equipped with smart home devices, owners can use their control center device to command all the devices within the home. Smart locks, smart lights, and virtual assistants are common features of smart homes. Several builders are implementing these seemingly futuristic features in homes across the United States. Consumers are experiencing numerous benefits from the new technologies.
Smart Homes Offer New Accessibility Options
Throughout history, disabled consumers were often forgotten in markets. Throughout the 20th century, governments across the globe attempted to correct this market failure with regulations about building structures and other problems for people with accessibility problems. However, the recent innovations of the market may make some of these regulations obsolete. With smart home technologies, disabled people can safely interact with buildings.
Consider the example of a man in a wheel chair. The man enters a dark room, but he cannot reach the switch to turn on the lights. Instead of dangerously reaching for the switch, he realizes that the room is equipped with smart lights. He uses the voice command protocols to brighten the room. With innovations like this, disabled people can comfortably enjoy their lives.
Smart lights are not the only accessibility features provided by new smart home technologies. Disabled people can also benefit from hands-free controls for speakers, locks, and cooking appliances. This allows disabled people to control their entire home with minimal difficulties. Virtual assistants can also be useful for people with disabilities. For example, a man who cannot type on a keyboard can use Apple’s Siri or Amazon’s Echo to search for information.
Limitations of Smart Homes
While smart homes offer plenty of optimistic possibilities to many people, it is not an elixir for all the problems of disabled people. To understand this, one can imagine the difficulties of a person with a speech impediment. People with speech impediments often stutter. Since smart home devices are programmed to respond to scripted voice commands, a speech impediment could eliminate the usefulness of smart home technology. This limitation is due to the weaknesses of current AI.
The virtual assistants and scripts in current smart home technologies can be classified as weak artificial intelligence. This kind of AI is not capable of intelligent action. Instead, weak AI is programmed for particular tasks. Devices with this kind of AI simply respond to the commands of humans. To understand the commands of people with speech impediments, technologies must be equipped with strong AI. Strong AI is capable of cognition and reasoning. This kind of AI would be able to determine the commands.
Popularity of Smart Homes Is Expanding
The benefits of smart home technology have been recognized by numerous commercial and residential builders. In Seattle, Quadrant Homes will include smart technology in all new home packages. This will include digital locks, keypad interfaces, automated window shades, and security features.
The growing popularity of smart homes can attributed to media attention and reduced costs. Investors should expect all new homes to be outfitted with smart home technologies within the next 30 years.
About Todd Lubar
These smart home trends were predicted by Todd Lubar. Todd Lubar is a skilled real estate entrepreneur who aims to combine innovative technology trends with trusted real estate practices. In addition to real estate investing, Lubar is interested in technology and growth. He has followed smart homes since the beginning of the trend.
Todd Lubar was educated at Syracuse University. He regularly shares his knowledge with entrepreneurs and investors. Lubar is currently the president of TDL Global Ventures, a large investment firm.