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The discussion on the impact of the Internet of Things (IoT) in theory / practice is increasing. While some proponents envisage that the IoT will bring about positive radical change in the modern society, others argue that the IoT will introduce more disadvantages in the long run (mainly in terms of job losses) than advantages. The aim of this study is to arbitrate this controversy by examining the impact of the IoT on the Japanese, German, and Australian societies. This will be done by providing empirical evidence of the changes brought by the IoT in the everyday life and businesses in these societies. The results presented in this study show that the IoT improves research funding, and business process efficiency while improving job creation. Furthermore, the future prospects and projected diffusion of the IoT show that by 2023, it will become a dominant technology leading social change in the society.