Precursor: The term “Internet of Things” was forged by British entrepreneur Kevin Ashton back in 1999…

The “Internet of Things” (IoT) is a platform in which people, animals or objects have unique identifiers, as well as the ability to initiate data transfers over a network without requiring human-to-human or human-to-computer interaction.

The physical network of objects or “things” implanted with electronics, software, sensors, and network connectivity, enables data collection and exchange by these objects. The IoT permits objects to be sensed and controlled remotely across existing network infrastructure, which in turn creates opportunities for more direct integration between the physical world and computer-based systems. As results, it improves efficiency, accuracy, and economic benefit. Each thing is uniquely identifiable through its implanted computing system but can interoperate within the existing Internet infrastructure. Experts approximate that 50 billion objects are estimated to consist on IoT by the year 2020.

IoT is expected to provide advanced connectivity of devices, services and systems that goes past the machine-to-machine communications (M2M) it covers a variety of protocols, domains, and applications. The interconnection of these embedded devices is ushering in automation, in all fields permitting applications that are advanced: like a Smart Grid and expanding to the areas such as smart cities

More efficient, real-time operations

IoT can connect more devices to the internet, thereby equipping businesses with the greater knowledge and the power to strengthen its efficiency and operations quality.

Business Options

IoT offers great efficiency, and also opens to door to many new business opportunities and revenue streams that entrepreneurs can benefit. The possibility of changing the way companies and consumers approach the world is definite since the navigation changes new device and services that ultra-connect the online landscape.

More cybersecurity and privacy concerns

One drawback to this ultra-connected world is cyber security. Hackers rely on the ever gaining momentum of data collected online; so as to access your valuable and sensitive information. Privacy advocates also concern themselves with the way companies obtain information or data. According to a recent article at Tech Radar, small and mid-sized businesses will have to consider how they secure their data collection methods when it comes to utilizing IoT.