What is the IoT?

Mar 21, 2018 | BEGINNER, INVESTING 101

The term Internet of Things (IoT) was coined in 1999 by Kevin Ashton, co-founder and executive director of the Auto-ID Center at MIT, but the concept had been around for years before that.

IoT refers to the connectivity of any and all electronic devices, including household appliances, medical devices, automated vehicles, etc. to each other and to the internet. Anything you can turn on can potentially be connected to the IoT.

Imagine your alarm clock, coffee pot, shower, all communicating with one another and turning themselves on at the appointed time. You’d never again have to stand at the coffee pot waiting for that cup of joe to finish brewing.

Sounds like Science Fiction, right?

It’s reality. And it’s right around the corner.

The IoT enables devices to collect and share data. The benefits are innumerable. The risks, well, they are still being analyzed. Security is an obvious hurdle. Companies will need some way to ensure that the data collected and shared between devices remains private and secure.

But with advances in AI technology and autonomous vehicles, as well as smart appliances and houses, the tech market is booming.

Companies from a variety of industries are working to bring IoT compatible products to the market in order to increase convenience to consumers.

No doubt the industry will be working hard to ensure that IoT is not only successful but also safe.

Here Dr. John Barrett explains the IoT in a TED talk.