The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. These devices use Internet protocol (IP), the same protocol that identifies computers over the world wide web and allows them to communicate with one another. The goal behind the Internet of things is to have devices that self-report in real time, improving efficiency and bringing important information to the surface more quickly than a system depending on human intervention.
The Internet of Things promises to transform a wide range of fields. Medicine, urban planning, automobiles, waste collection to the consumer’s home. This all comes with privacy concerns. The technology has advanced much faster than the regulatory environment, so there are potential regulatory risks facing companies that are continuing to expand the range of internet-connected devices. But the tide has turned and we are in the midst of The Internet of Things (IoT) which is rapidly disrupting markets and transforming business strategies. The rapid expansion of devices creates opportunities to gain faster insights by connecting the unconnected. This new wave of creation is driving efficiency, engaging customers, and developing new businesses with greater insights with an intelligent edge.