GPS outage could cost $1 billion per day, study finds

The big picture: It shouldn’t surprise anyone to know just how dependent on technology the American economy is, but what you should be thinking about is how poorly these systems are protected. Last April, a basic mistake nearly crashed old GPS systems as their 20-year timers reset themselves, providing a chilling reminder of the Y2K bug. Severe space weather or hackers could also take out the entire GPS network pretty quickly – but what are the consequences?

A state-sponsored study into the use of GPS in the US can answer that question. In the first day, not much would happen. The second day, cellular networks start falling out of sync and shipping, mining, and agriculture industries grind to a halt. By the third day, most networks are down and the problem is inescapable, causing losses of almost $1 billion. Each day more networks fail, communications are severed, navigation errors delay more shipments and more money goes down the drain. Over the course of a typical month, damages would be in the ballpark of $1 billion per day, or up to $1.5 billion during key months in agriculture.

Since 1984, when the GPS network was opened up to commercial use, its value in the US economy has increased exponentially. While GPS technology has generated (very) roughly $1,354 billion from 1984 to 2017, over $300 billion was created in 2017. Approximately 90% of its value has appeared since 2010.

GPS outage could cost $1 billion per day, study finds 1

The largest user has been telecommunications, which employed the GPS network to “improve reliability and bandwidth utilization” to make $685,990 million. Next was telematics, which is everyone that uses GPS to increase efficiency and save money in otherwise unrelated areas, which made $325,182 million. Third was you and I, who’ve made companies like Google $215,702 million by using GPS in our smartphones and devices.

GPS outage could cost $1 billion per day, study finds 2

The ubiquity of GPS technology, and its foreign competitors is not to be understated. While only some industries rely on it heavily, such as telecommunications which require it to sync and control their networks, it has replaced almost every other positioning and timing technology due to its convenience. Even the maritime industry, which could use other technologies just fine, is now completely dependent. Let’s just hope that the unthinkable doesn’t happen, and the GPS network stays switched on and without fault.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

What Are E-stablecoins And How Do They Operate?
What Are E-Stablecoins And How Do They Operate?
August 11, 2022
How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin24,065 0.05 % 1.34 % 6.12 %
Ethereum1,899.1 0.11 % 0.38 % 17.78 %
Tether1.001 0.14 % 0.10 % 0.01 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB322.83 0.08 % 1.39 % 3.84 %
XRP0.3737 0.23 % 1.95 % 0.23 %
Cardano0.5325 0.05 % 1.63 % 5.99 %
Binance USD1.002 0.02 % 0.16 % 0.06 %
Solana42.12 0.56 % 2.22 % 3.81 %
Polkadot9.360 0.44 % 0.03 % 15.45 %

Bitcoin (BTC) $ 24,052.00
Ethereum (ETH) $ 1,897.77
Tether (USDT) $ 1.00
USD Coin (USDC) $ 1.00
BNB (BNB) $ 322.91
XRP (XRP) $ 0.373904
Cardano (ADA) $ 0.532013
Binance USD (BUSD) $ 1.00
Solana (SOL) $ 43.16
Polkadot (DOT) $ 9.37