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The rapid development and implementation of smart and Internet of Things (IoT) based technologies have allowed for various possibilities in technological advancements for different aspects of life. The main goal of IoT technologies is to simplify processes in different fields, to ensure a better efficiency of systems and finally to improve life quality. 

"Digitalization has allowed ‘‘smart’’ to become the epicenter of already ongoing technological developments. IoT technologies are now considered a cornerstone of the fourth industrial revolution, owing to their immense potential for innovation and the valuable benefits they offer to society."

The Internet of Things (IoT) can have both positive and negative impacts depending on how it is implemented, managed, and integrated into society. Below are the issues and challenges of Internet of Things:

1.1 Increased Reliance on Fossil Fuel 

The widespread adoption of IoT technologies could lead to an increased reliance on fossil fuels to ensure the necessary energy supply for IoT production lines wherein the production of electronic equipment is causing potentially unbalanced waste of limited metals and resources in general, which could become a critical issue in the long run. As stated by Thebalancesmb (2020), the recycling rate of electronic waste is low and currently in the amount of about 20% which makes matters questionable regarding the available resource capacity to produce IoT products when taking into accounts the rising market demands. On the other hand, the production of electronic gadgets has led to the consumption of various chemicals, water and finally fossil fuels that have all left negative environmental impacts like the minimization of energy consumption.

1.2  Replacement of Job in Healthcare

Healthcare systems can also be significantly improved with the application of IoT devices like  the E-health concept. An improved quality of services and patient safety could be enabled with an advanced IoT supported monitoring system. However, it can replace certain jobs by automating tasks that were previously done manually or by enhancing processes that require minimal human intervention such as certain administrative, routine monitoring, and data collection roles may be replaced or reduced, IoT will create new opportunities for specialized roles in data analysis, cybersecurity, and system management.

1.3  The rise of electric vehicles in transportation  

The transportation sector is currently in gradual transition where a mix of transportation vehicle technologies is expected in upcoming decades , particularly the rise of electric vehicles, alongside hybrid and hydrogen-powered vehicles. The main advancements of IoT in transportation are the support of the smart car concept where different vehicle operating parameters can be monitored in an efficient manner and the main advantage is early detection of severe failure like improvement of safety , regular maintenance and improved fueling. However, the most challenging application of IoT in transportation lies in the realm of autonomous vehicles, where safety remains the top priority. As a result, significant research and development are anticipated in the near future to address these challenges.

 1.4    Infrastructural Issues in Smart Cities

The smart city concept is one of the most rapidly advancing applications of IoT since cities have been vastly populated, which leads to severe infrastructural issues. The main benefit of IoT technologies in the smart city concept is to bridge severe infrastructural challenges in highly populated cities. Additionally, these technologies are expected to enhance the quality of life by improving the efficiency of various traditional urban services and early detection of common daily problems in cities could be efficiently solved with IoT as with transportation issues, security issues,  energy and water shortage supplies. On the other hand, the greatest challenge in the smart city initiative lies in the effective integration and operation of various sensing technologies, which requires proper education and awareness.

1.5 Other issues and challenges of IoT

► IoT technologies can cause social impacts in specific industrial branches or businesses since working labor could be reduced and direct social contacts have also been reduced. In that sense, the application of IoT technologies should be carefully considered taking the raised issues into account.

► The rapid development of IoT technologies causes fast consumption of raw materials to produce different electronic devices where unfortunately some of raw materials are already rare or becoming.

► Electronic devices are becoming more economically acceptable where a potentially large population would be affected. High production volumes are expected which can finally cause a rebound effect and a more rapid unwanted utilization of already limited resources.

►  The sustainability aspect and long-term effects of IoT technologies are not clear and insufficiently investigated. A noticeable amount of energy would be needed to operate IoT devices and the electronic industry is leaving different unfavorable environmental footprints that also need to be carefully investigated.

Each technology that is rapidly progressing has got specific potential drawbacks that need to be carefully analysed and addressed. Since IoT devices are measured in billions, and with large potential impacts on the population, specific challenges need to be addressed, which were detected based on the herein conducted review. The main goal is to secure a sustainable and balanced development of IoT technologies.

In conclusion, the profound understanding of Internet of Things (IoT) has the potential to revolutionize industries, enhance daily life, and drive innovation. However, negative impacts must be minimized to have a balanced approach such as careful consideration of the environment regarding raw material consumption, electronic waste, and energy use. Additionally, the social implications, such as job displacement and reduced human interaction, should be thoughtfully managed to ensure that the implementation of IoT technologies does not lead to adverse societal consequences. Furthermore, sustainability and awareness must be prioritized by improving recycling systems, developing energy-efficient devices, and promoting responsible consumption to ensure that Internet of Things is used in a way that benefits both people and the planet in the long run. - Electronic waste will become one of the major issues caused with the planned rise of IoT products. Recycling rates must be improved and better e-waste management should be secured.