What do we mean by IoT? We can turn on the plug sockets in our houses from a chair in a remote workplace. Our refrigerator’s built-in cameras and sensors allow us to track our food and know when it’s about to expire. The temperature in our home can be set to the perfect condition based on our preferences, ready for when we return
These sentences are not extracts from a fictional dystopian future. They are just a few of the millions of frameworks that make up the Internet of Things (IoT) that are now in use.
IoT has changed how we connect, communicate, and go about our everyday tasks. The network of gadgets is making our society more innovative and more efficient, from homes to maintenance to cities.
In the early 2000s, IoT was just a notion, but as we approach 2022, statistics demonstrate that this technology is here to stay. According to reports, 35.82 billion IoT devices will be installed globally in 2021, and 75.44 billion by 2025.
This article discusses what IoT means and provides some typical real-world applications.
What Is the Internet of Things?
All physical items that link to the internet and other devices are referred to as “things” in IoT.
The phrase “internet of things” is evolving incrementally with increased use to describe devices that interact and “talk” to each other, enabling efficiencies in our lives.
IoT devices are characterized by their capability to accumulate data about their environments, exchange that data with other electronic devices, and, consequently, assist us, the ultimate users, in obtaining information, resolving a problem, or completing a job.
As a simple example, most of us have walked into a room where the light has turned on by itself. An IoT sensor detects your movement and connects to the light fitting, turning it on. Perhaps the most popular devices are Amazon Alexa, Google Home, and other intelligent equipment that many people use to connect everything they own.
How Does IoT Work?
Sensors are a critical component of IoT, as they allow linked devices to communicate with one another. These sensors detect temperature, pressure, motion, sound, and light. IoT is made possible by intelligent sensors that measure, assess, and collect data. Following the collection of these events, cloud-based apps are used to analyse and communicate the data supplied by the sensors.
Because data is stored in the cloud and not a physical server, users may access it through applications at any time and from anywhere.
Applications of IoT in 2022
Several industries are benefitting from IoT in 2022.
Integrating IoT technologies into agriculture can enhance productivity and keep it in sync with the global population boom. Precision farming–the use of analytical data to understand soil moisture levels, climate changes, plant requirements, and so on–can come from IoT applications, boosting productivity, and encouraging resource efficiency.
For example, having adequate knowledge of climates is pivotal for optimizing the quantity and quality of crop production. IoT allows farmers to monitor weather conditions in real-time through sensors placed in the fields. Environment data will enable them to select the best crops that will grow and sustain in the climate conditions. The need for a physical presence is eliminated, which is particularly important in areas with unpredictable situations.
Smart home technology automates our lives using sensors, connected devices, IoT, AI, and machine learning. The devices are controlled through apps, laptops, or other technology that is connected to the internet. For example, the Nest Thermostat learns user behaviour and controls the temperature in the home according to their preferences.
There are countless smart home devices available on the market at affordable prices in 2022. The three main functions they carry out are:
· Monitoring and controlling smart homes remotely
· Making decisions based on user behaviors and preferences
· Providing users with real-time data from anywhere
The products are primarily designed to save users time, money, and be innovative. For example, smart sprinkler systems can be controlled remotely to save water. Refrigerators can moderate temperature and reduce energy consumption. Cleaning robots can vacuum the floor autonomously to save you time. Name a task, and there is probably a smart device out there that can do it.
Following the Covid-19 pandemic and its impact on supply chains, IoT is more essential than ever within logistics. The likes of Amazon already track the delivery of goods, but there are other ways that IoT can influence supply chain efficiency.
Using sensors, companies can understand attributes such as the condition, location, and environment of goods in transit. Real-time access to data keeps you informed, allowing better decision making and the opportunity to take corrective actions should something be wrong. IoT removes manual processes such as emails or phone calls, negates the likelihood of blind spots, and provides complete chain transparency.
Some organizations are taking this a step further and combining IoT with blockchain technology. For example, IoT sensors can detect a problem with a product in transit, such as being stored at the wrong temperature. Imagine a smart contract is set up on a blockchain that guarantees a specific temperature between the two parties. As soon as that term is broken, it activates the blockchain and alerts all parties that the contract has been breached.
Toyota, Volvo, Tesla, and Ford are a few examples of significant automobile manufacturers aiming to deliver completely autonomous vehicles to the mainstream market. Tesla already has a car with self-driving capabilities.
Self-driving cars operate using IoT. For example, the vehicle is connected to an IoT-based technological system that communicates information about the road and the car itself as it is moving. These systems collect an enormous amount of data on traffic, roads, navigation, and more, which is then evaluated by the car’s computer systems to drive itself.
There are many prospective applications of IoT in financial services. First, institutions may use IoT devices to improve the security of their branches. Banking and financial institutions may avoid money losses by installing IoT-enabled devices such as cameras and mobility sensors and connecting them to the internet.
Thanks to constant data collecting facilitated by IoT solutions, attending to consumers’ demands and requirements have become considerably more straightforward. IoT allows businesses to access real-time datasets, providing services almost instantaneously.
In banks, customers may check online to see how long the queues are at the branch or arrange a cash withdrawal and perform the transaction at any nearby ATM.
Businesses use IoT to collect data for credit risk assessment. Asset management organizations can receive relevant data across various industries such as retail and agriculture for better decision making thanks to modern IoT technologies like D2D (device-to-device) communication protocols and sensor installation.
Since the pandemic, the number of devices connected to the internet has soared, and that will continue throughout 2022 and beyond. Going forwards, as technologies such as blockchain, 5G, and edge computing become more prominent, there is a vast amount of scope for enhancing IoT devices.
IoT technology can offer green solutions for businesses, cities, and communities as the focus on establishing a green economy and mitigating climate change intensifies. These applications, which include lowering energy costs, enabling remote installations, monitoring failure spots, and many more, will quickly transition from niche appliacations to IoT growth drivers.
Naturally, one of the IoT community’s primary goals should emphasize the incorporation of IoT into any realistic model of a sustainable global economy.
Disclaimer: The author of this text, Jean Chalopin, is a global business leader with a background encompassing banking, biotech, and entertainment. Mr. Chalopin is Chairman of Deltec International Group, www.deltecbank.com.
The co-author of this text, Robin Trehan, has a bachelor’s degree in economics, a master’s in international business and finance, and an MBA in electronic business. Mr. Trehan is a Senior VP at Deltec International Group, www.deltecbank.com.
The views, thoughts, and opinions expressed in this text are solely the views of the authors, and do not necessarily reflect those of Deltec International Group, its subsidiaries, and/or its employees.