The Internet of things (IoT) is the network of devices such as vehicles, home appliances that contain electronics, software, connectors which allows these things to connect, interact and exchange data. IoT extends Internet connectivity beyond standard devices, such as desktops, laptops, smartphones and tablets, to any range of traditionally dumb or non-internet-enabled physical devices and everyday objects. Embedded with technology, these devices can communicate and interact over the Internet, and they can be remotely monitored and controlled.
When a device becomes a part of IoT, it becomes greater than itself as it gets connected to surrounding objects and data. IoT has three important parts : machine learning, cloud and chip miniaturization technology.
Machine learning is a type of artificial intelligence. Cloud is the vast internet cloud available globally. Control chips are the size of pinheads these days. So it is extremely easy to embed these chips in any device. IoT is one huge cloud. The tiny chip in your device becomes like a supercomputer because its computing power increases simply because it is connected to highly intelligent devices on IoT. It is like you are able to borrow Stephen Hawking’s brain for a few seconds.
IoT promises to transform a wide range of fields. In medical field, connected devices can help doctors monitor patients inside or outside of the hospital. Data from IoT helps doctors to adjust treatments accordingly.
IoT helps in urban planning. Devices placed under a busy street can alert drivers about upcoming delays or accidents. "Intelligent Dust Bins" can automatically notify authorities when they become full.
In business areas, IoT enabled devices can track inventory, energy consumption and optimize consumption. Consumer behaviour and patterns can be tracked in real time, accurately and in specific details. IoT makes machines talk to each other directly rather than through humans. Now some factories basically run themselves, with machines telling each other what they need and when. Robots will impact the labour market strongly and will be part of IoT technology. Once a product is in a consumer's home, that product can be used to alert the owner of upcoming service schedules and even prompt the owner to book the appointment.
Since lot of personal data flows in IoT, privacy concerns need to be addressed. Being wired up all the time an IoT device is at risk of experiencing a serious informational overload. By letting an IoT device in your home, you’re basically installing a bug, one that can gather data from other digital devices, maybe even hear and see you. IoT has advanced much faster than the regulatory environment. Hence there are potential regulatory risks facing companies that are continuing to expand the range of internet-connected devices. Since cyber criminals can mess with technology on the open net, consumers should be cautious of blindly embracing IoT without knowing about all the risks.
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