What is Internet of Things? - IoT

The Internet of Things has the ability to gather and share data, allowing it to interact with real life objects and the internet simultaneously, integrating reality and the virtual world, but how?
by Yoaquim Boom
January 25, 2023

What is Internet of Things?

The Internet of Things (IoT) refers to the interconnection of physical objects, cars, buildings, and other items embedded with electronics, software, sensors, and communication.

These objects have the ability to gather and share data, allowing them to interact with one another and with other systems in order to increase efficiency, automate operations, and give new insights and services.

Where can IoT be used?

The healthcare business is one example of an industry that is utilizing IoT.

Wearable gadgets and remote monitoring systems, for example, offer real-time data gathering and processing, allowing healthcare practitioners to better follow patients' health and deliver more individualized treatment.

For example, a patient with diabetes can wear a continuous glucose monitor which sends the data to a cloud and the data is analyzed by the doctor, who can adjust the patient's treatment plan in real-time.

Manufacturing is another area that is utilizing IoT. Sensors and devices with IoT capabilities may be utilized to monitor and improve machine performance, minimizing downtime and boosting efficiency.

For example, a corporation may install internet-connected sensors on their machinery to measure machine performance, forecast when maintenance is required, and even automatically purchase spare parts when needed.

IoT is also being used in the logistics and transportation industries to enhance efficiency and save costs.

GPS trackers and sensors, for example, may be installed on vehicles, ships, and cargo containers to monitor their position and condition, enabling for real-time tracking and optimization of logistics and supply chain activities.

For example, a company can monitor the temperature of a refrigerated truck and make sure the goods being transported do not spoil, also making sure that the truck is not wasting fuel and taking the most efficient route.

The retail industry is also using IoT to enhance the customer experience and improve sales.

IoT-enabled sensors and devices can be placed in stores to track customer behavior, provide personalized recommendations, and even automatically restock inventory.

For example, sensors can be placed on the shelves and the data can be analyzed to see which products are selling the most and when they are running out, thus allowing the store to restock and make sure they have enough stock when they are needed.

The smart home industry is also using IoT to improve the way people live and interact with their homes.

IoT-enabled devices and sensors can be used to control lighting, temperature, security, and other aspects of the home, allowing for remote control and automation.

For example, a person can control their home's temperature and lighting with their smartphone, or even use voice commands to control their smart home devices.

What is the Future for IoT?

Many analysts believe that the number of IoT-enabled devices will continue to expand at a rapid rate in the coming years.

According to some estimates, there will be more than 75 billion IoT-enabled devices in use worldwide by 2025.

We should anticipate to see many more IoT applications and use cases across numerous sectors as the technology evolves and improves.

The usage of IoT in cities and urban regions is one area that is predicted to increase significantly in the future.

Many cities are already implementing smart city efforts that use IoT to improve transportation, energy management, and public services.

Additionally, the integration of Artificial Intelligence (AI) and IoT is also expected to be a key trend in the future.

As more data is collected and analyzed, AI algorithms will be able to learn from the data and make more accurate predictions and decisions, further improving the performance and efficiency of IoT-enabled devices and systems.

In conclusion, the Internet of Things (IoT) is a rapidly growing technology that is already being used in a wide range of industries and applications.

The future of IoT looks bright, with many experts predicting a significant increase in the number of IoT-enabled devices in use worldwide.

Additionally, the integration of AI and IoT is expected to play a significant role in the future development of the technology, leading to even more accurate predictions and decisions.

The future of IoT is exciting and it will be interesting to see how it continues to shape our world.

Future Projections for IoT (IoTAnalytics)

IoT in crypto

There are several cryptocurrencies that are focused on the Internet of Things (IoT) and aim to provide solutions for the integration of blockchain technology and IoT devices.

Some of the best IoT cryptos include:

  1. IOTA (MIOTA) - IOTA is an open-source distributed ledger designed specifically for the Internet of Things (IoT).

    It uses a unique consensus mechanism called the Tangle, which allows for fast and fee-free transactions. IOTA has partnerships with several major companies in the IoT space, including Bosch and Fujitsu.

  2. Helium (HNT) - Helium is a decentralized network that aims to provide a secure and low-cost way for IoT devices to connect to the internet.

    The network uses a consensus mechanism called Proof of Coverage, which rewards users for providing network coverage. Helium has partnerships with several IoT companies, including Afero and Rigado.

  3. Chainlink (LINK) - Chainlink is a decentralized oracle network that aims to provide reliable data feeds for smart contracts.

    The network allows for the integration of external data sources, such as IoT sensor data, into smart contracts, making them more useful and versatile.

    Chainlink has partnerships with several major companies in the blockchain and IoT space, including Google and Oracle.

  4. AION (AION) - Aion is a multi-tier blockchain network that aims to enable the creation of a decentralized internet.

    Aion allows for the creation of private, consortium, and public blockchain networks, and its protocol enables cross-chain communication between these networks.

    The project is working on creating a bridge between the existing internet and the decentralized internet, making it easier for IoT devices to connect to the blockchain.

  5. WAVES Platform (WAVES) - WAVES is an open-source blockchain platform that aims to provide a simple and user-friendly way for developers to create and deploy their own blockchain-based applications.

    The platform includes a built-in decentralized exchange (DEX) and smart contract functionality, making it ideal for creating decentralized applications for IoT devices.

Alot happening in IoT, keep an eye out!