What is IoT?
Over the past few years, you may have
heard of the latest buzzword ‘IoT’ or “Internet of Things”. It seems to
have started as a whisper but now there is a lot of noise about it. But what is
IoT? And what makes it so special? Read on to know about the Internet of
Things.
What is Internet of Things?
The Internet of Things or IoT is
the process of connecting everyday objects to the internet as a way to control
them. It is a simple concept, wherein software, sensors, and other such
technologies are added into the hardware of the objects so that they connect to
the internet as well as to other devices.
How common is the use of IoT?
There is an extraordinary amount of
objects that are a part of the IoT revolution. It is likely that there is
something you currently use that is part of the IoT. One of the most popular
wearable IoT is the fitness tracker smart band that tracks and measures
people’s health. IoT is used in agricultural equipment connected to satellite
systems that allow for ‘precision farming’. It also enables smart home security
systems that connect to your smartphone allowing you to monitor your home
efficiently from afar. Today, IoT is present in every sphere of technology and
industry.
What is the history of the IoT?
The IoT may seem like a recent phenomenon
so it may come as a surprise that the term ‘Internet of Things’ was coined in
1999 by technology pioneer, Kevin Ashton. The idea of connecting objects to the
internet is not a new one and there were rumblings of it from the 1980s and
perhaps, even earlier. The technology had not yet made it possible then.
Computer chips were initially too big and too expensive. It took the
availability of low-cost and low-power chips along with the wide availability
of wireless and cellular networking and broadband internet to make IoT more
than just a pipe dream.
How big is it?
IoT is a hidden revolution taking over the
world. As of 2020, there were over 50 billion IoT devices. Those devices were
estimated to generate 4.4 zettabytes of data. For the uninitiated, a zettabyte
is a trillion gigabytes. That is a staggering amount of data. And while IoT has
its biggest implications in industry, there has been an increasing adoption of
IoT on a personal front with wearable devices and smart home technologies.
Experts state that utilities will be the highest user of IoT because of smart
meters. And security devices will be the second-biggest user of IOT. Automation
is considered to be the fastest-growing sector using IoT, followed by
automotive, and healthcare.
What is the Industrial Internet of Things?
The Industrial Internet of Things (IIoT)
is the implementation of IoT technology in industrial settings. It is also
called the fourth industrial revolution or Industry 4.0 because of the way IoT
has revolutionised industry. Here, a combination of sensors, artificial
intelligence, big data, analytics, and wireless networks are used to transform
and optimise industrial processes. The keyword for IIoT is machine to machine
communication (M2M). The idea is to reduce the need for human intervention and
human error as much as possible so that automation could be achieved at the
highest level.
What benefits does IOT offer for business?
The use of IoT in business can be broadly
categorised into two groups—industry-specific products and cross-industry IoT
(products that can be used by all industries). Here are some of the benefits
that IoT has for business:
- Invaluable real-time, comprehensive data collection and
analysis
- Heightened responsiveness and efficiency of production
systems and supply chain
- Can help create new revenue streams and business models
- Can provide data that help businesses analyse and understand their
consumers better
- Reduction of operating costs
- Increased work safety
What benefits does IoT offer for
consumers?
IoT has made smart homes the latest
buzzword. Google Home or Amazon’s Echo are examples of IoT at home. IoT allows
consumers to unite a wide range of home appliances into one network, allowing
them to communicate with each other. Today, IoT home automation helps keep
older and disabled people independent by allowing them to manage their homes
more efficiently and easily.
World-famous Tesla cars can be considered
a part of the IoT. Indeed, any connected car that connects to the internet and
allows its owners to operate them remotely is a part of the IoT revolution.
Security, privacy, and IoT
Security, privacy, and the collection of
sensitive data are the biggest concerns related to IoT. Too often, IoT devices
do a poor job of encrypting the data they receive. The prevalent use of
IoTdevices with flaws in their software has left them vulnerable to hackers.
Hackers have been able to track user location, listen to conversations as well
as communicate with users via internet-connected smartwatches. The implications
when it comes to the industry are even worse as security flaws leave businesses
exposed to potential industrial espionage. Hackers could target industrial
equipment and infrastructure with catastrophic results endangering both life
and business.
WiFi-enabled products are edging out
‘dumb’ products that do not connect to the internet. It is becoming
increasingly difficult to purchase products that are not trackable. It does not
occur to most people that the seemingly harmless device on or near them could
be monitoring them closely. IoT products can give a shockingly detailed picture
of user’s lives. Consumers and businesses must demand greater privacy and
security protection so that their data, devices, and equipment aren’t at the
mercy of hackers, data breaches, and corporate surveillance. Technical and
security standardisation for IoT is a must.
The bottom line
For all its advancements, IoT is still in
its nascent stages. But there is no doubt that innovation will bring IoT to the
forefront of technological advancement. And it is exciting to see where it will
take IoT in the future and the impact it will have on our lives.
Sources:
- https://www.zdnet.com/article/what-is-the-internet-of-things-everything-you-need-to-know-about-the-iot-right-now/
- https://www.oracle.com/in/internet-of-things/what-is-iot/
- https://www.networkworld.com/article/3207535/what-is-iot-the-internet-of-things-explained.html
- https://priceonomics.com/the-iot-data-explosion-how-big-is-the-iot-data/
- https://innovalabs.tech/news-updates/5-key-benefits-of-internet-of-things-iot-to-your-business
- https://scand.com/company/blog/internet-of-things-in-smart-home/
- https://www.acko.com/car-guide/connected-cars-features-benefits/
- https://priceonomics.com/the-IoT-data-explosion-how-big-is-the-IoT-data/
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