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Over the past few decades, the Internet of Things, or IoT, has grown from a conceptual idea to an integral part of both our personal and professional lives.
Simply put, IoT refers to the network of physical objects embedded with electronics, software, sensors, and connectivity that allows these everyday items to connect, collect, and exchange data.
While still in its relative infancy, IoT has already demonstrated its ability to increase efficiency, enhance experiences, and maximize value across many industries and use cases. As more devices become "smart", the possibilities for IoT only continue to expand.
Coined in 1999 by computer engineer Kevin Ashton, the term Internet of Things describes the ability for both tangible and intangible assets to communicate and interact in a self-configuring manner via embedded sensors and network connectivity.
Some common internet of things examples include home automation systems, smart thermostats, security cameras, wireless light bulbs, fitness trackers, connected appliances, autonomous vehicles, and industrial machinery integrated with monitoring sensors.
Join us in this guide as we explore the history, technologies, types, and future direction of the Internet of Things while highlighting its pros, cons, and overall importance.
While IoT has become increasingly mainstream in recent times, its origins date back to the 1980s. Researchers at Carnegie Mellon University created one of the earliest known Internet of Things (IoT) devices in 1982.
A soda machine that could send online reports about its inventory and whether new products were cold or not. This machine laid the foundation for what we know as the first widely used IoT system: automated teller machines (ATMs).
Throughout the 1990s, more industrial machines and home appliances became networked. However, British technologist Kevin Ashton only recently coined the phrase "Internet of Things" to describe a new type of internet networking where even non-digital objects could communicate regarding their status.
Several now ubiquitous technologies have enabled the proliferation of IoT over the past two decades. Widespread WiFi connectivity and the adoption of smartphones led to affordable hardware like sensors.
The rollout of 4G LTE cellular networks facilitated remote connectivity for devices anywhere. Low-power wireless standards like Bluetooth Low Energy and Sigfox reduce battery consumption. Chips have grown exponentially more powerful yet cheaper.
Cloud platforms provide scalable storage and processing of IoT data. Improvements in big data analytics extract insights. Cybersecurity, which enables the security of crypto assets, is stronger thanks to encrypted networking.
Development frameworks simplify programming IoT solutions. Advances in artificial intelligence are automating tasks. Now, with 5G and edge computing, IoT ecosystems are becoming faster, lower in latency, and massively scaled up.
Like most disruptive technologies, IoT provides both opportunities and challenges that must be well understood. Let’s explore in detail!
On the plus side, IoT enables increased efficiency through real-time process monitoring and automation. It facilitates predictive maintenance that can prevent downtime. Remote management of devices from any location is possible. Data capture also creates opportunities for deriving valuable insights.
However, many IoT devices have limited processing and storage capacity. Integration between incompatible systems can prove difficult.
Moreover, IoT devices currently have inconsistent levels of cybersecurity, which makes them vulnerable targets. This could allow bad actors to compromise networks and data. Privacy is another concern if personal details are exposed.
At a basic level, there are three main components that work together to support IoT functionality:
To summarize, the four fundamental and interacting parts that make up IoT systems are:
Environmental sensors capture data from simple temperature measurements to complicated video feeds. They can be bundled or part of a multitasking device. The cloud receives data by cellular, satellite, WiFi, Bluetooth, LPWAN, gateway/router, or Ethernet.
Simple or complex software processes data, such as detecting objects with computer vision. Users receive alerts, notifications, or a user-friendly interface to use the data. IoT applications and user needs determine connectivity options. Users can remotely change temperatures or report intruders.
IoT can be broadly categorized into four main types based on usage scenarios:
With billions of devices already online and the number forecast to surge exponentially in the coming years, IoT enables new means of value creation that were previously impossible. Some key benefits that have spurred its rapid adoption across organizations include:
Most significantly, IoT drives the large-scale digitization of manual processes while advancing automation capabilities across various sectors. It is estimated that IoT could contribute up to $11.1 trillion annually to the global economy by 2025.
Leveraging IoT, organizations across all industries have been able to achieve strategic competitive differentiators and operational excellence through enhanced:
Ultimately, IoT empowers businesses with agility, higher revenues, and lower operational costs while elevating customer and user experiences. It is a key driver of digital transformation and Industry 4.0 megatrends.
Since core IoT technologies and related computing paradigms are always getting better, the future will see even more connected devices and more ways to use them in our daily lives. Some experts project a future with:
EURK is a secure, audited, and 1:1 euro pegged stablecoin built on multiple blockchains, empowering innovation with reliability and efficiency in this regard.
Overall, IoT will continue redefining how we live, work, and interact by merging the digital and physical realms through smart, interconnected devices running increasingly human-like algorithmic processes behind the scenes.
The technology landscape is constantly changing, yet some shifts have more profound and long-lasting effects. Such is the case with the Internet of Things, which has snowballed from a niche topic to a mainstream phenomenon impacting nearly every sphere imaginable.
While still evolving, IoT is already well-positioned to create new business paradigms, enhance productivity across sectors like manufacturing and supply chain, improve healthcare and urban infrastructure, and put individuals in control through real-time decision support and experiences.
The future looks primed to take these capabilities to an even greater scale by further embedding intelligence and seamless perceptive abilities into our surroundings.
It's an exciting time to witness the dawn of a truly connected world where trillions of interconnected devices will shape how we innovate, operate, and engage with both technology and one another.
Stablecoins also have a transformative effect on both the global economy and digital finance. As a euro stablecoin, EURK is a promising future of money.
If you want to adapt to the future via reliable stablecoins, you can trust EURK. Become a partner and step into the future with EURK!
