International travelers who are tired of waiting in line at customs, we have good news. Artificial intelligence and the Internet of Things are making crossing borders much easier. With technology like x-rays and automatic plate number recognition, Norway has created an almost seamless border with Sweden backed by AI and the IoT. This “frictionless” border allows for expedited customs checks for large shipments, even for highly-regulated goods, and could soon be applied to everyday travel as well.
The implications of borders powered by the Internet of Things
If this technology was implemented around the world, crossing borders would be much less cumbersome, making international business and travel easier. How does it work? Like advanced airline check-ins, travelers can register their vehicles and license plate numbers before crossing into another country. As they cross, AI-powered x-rays and licence plate cameras verify vehicles and immediately recognize them.
The long-term goal is for all vehicles to cross borders without ever needing to stop—unless there’s an issue—and this technology already in action in Norway and Sweden proves that AI and IoT will have a major impact on the world economy sooner than later. Once other countries decide to take action as well, it will be possible for them to have this advanced customs technology up and running in as few as 18 months.
Shipments will be more efficient, both domestically and internationally, with the help of seamless border technology. However, the implications of better, more widespread IoT and AI technology are much bigger than that and will reach more industries relevant for commercial real estate.
How IoT automation affects CRE
Just as IoT and AI technology can be used to monitor movement of people and inventory across borders, it can be used by retailers to better understand consumers, their experiences and preferences in-store.
While this is already happening with e-commerce, where sellers are able to analyze data all the way down to the movement of a cursor to make product recommendations and optimizations to maximize sales, the seamless border demonstrates there’s also a potential application for this same level of data when it comes to brick-and-mortar. As Buildout CEO Vishu Ramanathan recently discussed in a blog for Commercial Property Executive, soon, brick-and-mortar retailers will be able to use IoT and AI technology (like the tools that monitor borders) to analyze customer movements and choices to more effectively turn in-store data into sales. These improved sales can save the brick-and-mortar retail market.
If you’re interested in learning more about the IoT’s impact on retail, industrial, multifamily and office CRE, you can access our resource, “The Internet of things meets CRE: what’s happening and what’s coming.”