Benefits of IoT. What Is The Internet Of Things?

We’ve already talked about the Internet of People, let’s move to IoT. Over the past few years, IoT has risen to one of the most important technologies in the twenty-first century. The internet of things, also known as IoT, describes the billions of digital, physical devices around the world connected to the internet, all sharing and collecting data. By combining the connected devices with automated systems. It makes it possible to gather information from other devices, analyses, and create an action. An action to assist someone with a certain task or gain knowledge from the process. So let’s talk about the benefits of IoT.

IoT brings the networks of devices on closed private internet connections together, allowing the devices to communicate across different networks and create a more connected world. Thanks to the innovation of super-cheap computer chips and the ubiquity of the wireless network. IoT is making the world fabric around us more responsive and smarter, merging the physical and digital universes.

Internet of Things History

Internet of Things History is pretty interesting. The discussion of adding intelligence and sensors to basic objects was ongoing since the 1980s. However, other than some early projects. Such as internet-connected vending machines, the progression was slow because the technology was not yet ready. Chips were too bulky a big, and there was no way for devices to connect and communicate effectively.

The term ‘Internet of Things’ was first coined in 1999 by Kevin Ashton, a British technologist, although it took about another decade for the technology to actualize the vision. Before then, the technology was way behind the vision. Each internet-connected device required a processor and a way to communicate with other devices, if possible, wirelessly. These factors levied power and cost requirements making the IoT rollouts impractical. This was until the invention of Moore’s Law in the mid-’00s. One of the vital milestones was adopting RFID tags, low power chips that can communicate wirelessly to the broader internet world. The availability of 4G cellular internet and omnipresent WI-FI allowed designers to assume wireless connectivity anywhere. The adoption of IPv6 that offers enough IP addresses for each device globally was also a huge step for the IoT to actualize.

Benefits of IoT

Let’s talk about the benefits of IoT. IoT’s ability to offer sensor information and enable device communications is providing lots of benefits and applications. IoT is continuing to expand its horizon with pace from finance and healthcare to retail and manufacturing. Cost reduction is one of the benefits of IoT. IoT devices help businesses and companies to streamline operations, increase efficiency, and increase profitability.

Sensors help to keep the machines at high efficiency hence reducing maintenance cost. IoT is also effective in offering advanced business analytics that gives insights on the performance needed to offer the value their customers want. This helps businesses deliver new or updated products and services to their customer base while improving customer experience. Also, IoT technology allows business employees to do their work from virtually any location.

IoT Trend

IoT trend is surprising. One of the major expected trends is the combination of artificial intelligence with IoT. AI involves amalgamating of human intelligence and action in a machine which thinks and mimics exactly like humans. Also combining AI and IoT will enhance its abilities and make this smart feature more exciting. Automated home help for the disabled and elderly to telemedicine, sensors, smart wearables, and connected devices is expected to enhance healthcare delivery. In the retail industry, IoT will help in using RFID tags to track customers’ movement around stores to help make decisions over stock replenishment and placement and in the development of contact-free payment methods.

IoT Chain CoinMarketCap

CoinMarketCap is the place people go to find accurate information about any cryptocurrency. IoT Chain CoinMarketCap refers to a popular cryptocurrency that trades with the ITC symbol. It was founded in December 2019 and has seen significant growth and popularity. The cryptocurrency operates on the Ethereum platform. ITC trading is currently available in several exchanges. Moreover, you can purchase it on trading platforms for any major cryptocurrency. Like BTC, ETH, and XRP, or fiat currency such as the Canadian dollar, US dollar, and Euro. The IOT Chain price today is about $0.07.

As the price of communications and sensors continue to go down, it is becoming more cost-effective to add more devices to the IoT. And as the number of connected devices continues to rise, our working and living conditions will be filled with smart products to make things easier and more efficient. Today, there are more than seen billion connected IoT devices, with experts expecting the number to rise to about twenty-five billion by 2025. Finally, we should hence be ready to welcome the new era of smart things.