And What Exactly Is The Internet of Things?
The Internet of Things (IoT) describes the network of physical objects — “things” — that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet. IoT enables companies to automate processes and reduce labor costs. It also cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods, as well as offering transparency into customer transactions.
A Brief History of IoT Technologies
The concept of adding sensors and intelligence to physical objects was first discussed in the 1980s, when some university students decided to modify a Coca- Cola vending machine to track its contents remotely. But the technology was bulky and progress was limited.
The term ‘Internet of Things’ was coined in 1999 by the computer scientist Kevin Ashton. While working at Procter & Gamble, Ashton proposed putting radio-frequency identification (RFID) chips on products to track them through a supply chain.
In 2000, LG announced the first smart refrigerator, in 2007 the first iPhone was launched and by 2008, the number of connected devices exceeded the number of people on the planet. In 2009, Google started testing driverless cars and in 2011, Google’s Nest smart thermostat hit the market, which allowed remote control of central heating.
Businesses use IoT to optimize their supply chains, manage inventory and improve customer experience, while smart consumer devices such as the Amazon Echo speaker, are now ubiquitous in homes due to the prevalence of low-cost and low- power sensors. Cities have been deploying IoT technology for more than a decade — to streamline everything from water meter readings to traffic flow.
The range of potential IoT applications is “limited only by the human imagination” — and many of these applications can benefit the planet, as well as its people. A 2018 analysis of more than 640 IoT deployments, led by the World Economic Forum in collaboration with research firm IoT Analytics, showed that 84% of existing IoT deployments address, or have the power to advance, the UN’s Sustainable Development Goals.
These include promoting more efficient use of natural resources, building better, fairer “smart cities”, and developing clean, affordable energy alternatives. IoT smart roads that connect with self-driving cars could improve driver safety and optimize traffic flow, potentially reducing the average commute time by 30 minutes. Emergency responder times could also be cut significantly.
Top Internet-of-Things (IoT) Examples to Know
• Connected appliances.
• Smart home security systems.
• Autonomous farming equipment.
• Wearable health monitors.
• Smart factory equipment.
• Wireless inventory trackers.
• Ultra-high speed wireless internet.
• Biometric cybersecurity scanners.
Top 8 IoT applications and examples in business
• Connected vehicles. Autonomous vehicles are one of the most notable examples of IoT in action. …
• Traffic management. …
• Smart grids. …
• Environmental monitoring. …
• Smart buildings and smart homes. …
• Smart cities. …
• Supply chain management. …
• Industrial, agricultural and commercial management.
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