T is for Tell me what does Internet of “Things” (IoT) mean exactly?

Internet of Things Concept

 

“The Internet of things has the potential to change the world, just as the internet did. Maybe even more so.” — Kevin Ashton

The Internet of Things or “IoT” is a phrase that describes the merging of connected devices and applications which participate together on the internet. All of these connected devices are being processed by automatic systems over a wireless network. They can communicate with people, applications and each other; take for example a smart house, it can adjust its temperature, lock the doors, turn on lights, send you alerts, etc. These devices or “things” are allowing people to retrieve information and control functions effortlessly without having to sit at the computer.

Over a billion people are using the internet today, and it is expected to double in the next decade.  Each year, more and more devices and applications are being linked up and transmitting data on the internet, making more “things” on the internet than people. According to an analysis by Gartner, there will be 6 billion connected things requesting support, by 2018.

The IoT movement is more than smart homes, smart cars, smartphones and connected appliances, it is creating enormous shifts in business practices and individual behaviors, and it will continue to change our world.

Smartness is now everywhere, and there are virtually endless opportunities and connections taking place in the hopes of boosting productions and efficiency. There’s no limit to an overwhelming procession of “things” that will appear on the IoT in the future. Many of its consequences are difficult to foresee, but as IoT continues to evolve we will need to be mindful of the need to cultivate a balance between machine and people. The idea of having smart devices make decisions without our input will continue to evolve,  but what our future will look like is hard to imagine and how we respond is yet to be seen.

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About Ann Zuraw

Ann Zuraw, the voice behind "Chicks, Chat and Change", is a Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), and Certified Divorce Financial Analyst (CDFA™).If you have comments on this post contact Ann Zuraw

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