David Fuller's view Previously, the internet has been primarily about communication between people. As such, it has had a profound effect on the lives and careers of most of us. Now the internet is embarking on its second huge advance, monitoring and analysing the performance of increasingly sophisticated machines.

This is a huge evolutionary step which tests the very boundaries of our imagination. Consider all major engines, including those which fly planes and propel ships. Each moving part can be embedded with miniature, wireless sensors, which all send performance data to the cloud where it can be analysed to show areas of stress and other potential problems, before serious difficulties occur.

This will considerably lower costs over time by improving the performance and reliability of machines well before serious breakdowns occur. It will also identify potential flaws and weak points enabling the reliability and safety of engines to be improved during the manufacturing process. The potential benefits from effectively imbedding intelligence into other machines, and also services, and eventually even people, is enormous.

Note: the Fullermoney Archive contains four other items on Marco Annunziata from his days as chief economist at UniCredit Group in London.