The Internet of things (IoT) is turning many imagination and fiction work into a reality.

With just a clap, you can switch on your living room’s lights or close the fridge with a button while sitting on a couch.

With the surge of several device usages, now you can connect them and send information across. 

What makes it possible to connect?

The Internet of Things (IoT) 

IoT, in simple words, is connecting things through the Internet. Connecting hardware items, sensors, or devices to the Internet brings efficiency to the user.

The name “Internet of Things” was coined by Kevin Ashton in 1999. Now, IoT is used in almost every industry.

IoT’s prominent applications are cars, voice-activated assistants like Alexa, Siri, health-monitoring devices, security devices, smart meters, fitness and health trackers, road sensors, and many more.

The devices work using sensors by exchanging data to a computer or software, allowing them to perform the required task.

Due to the “smart” utility and increasing automation level, there’s a surge in IoT use among various devices.

It’s been reported that around 127 objects are synced up every second.

Perks of Internet of Things (IoT)

Devices connected to the Internet allow data collection, transmission, and automation.

For instance, devices can collect information, send it to the user, receive information, and act on it. If not, IoT can help with doing both of these things.

Here are some of the substantial benefits of IoT:

1. Access to More Data, Leading to Better Decision

Due to the built-in sensors, the devices can collect large amounts of data in different areas.

For instance, apart from knowing which food has expired in your smart refrigerator, you can also know additional information like power consumption, average time spent on opening the doors, temperature, and much more.

Not just for the customer, IoT can help companies to analyze a particular device design based on the data for improving features.

IoT allows farmers to understand when’s the right time to water the plants while also informing the soil’s state.

This is possible through an automatic watering system with added sensors put in the soil to measure its moistness and convey other information, helping harmers to act better.

Companies have started to realize this technology’s power, leading to a significant increase in the market.

The market value of IoT is suspected to increase to over $3 trillion annually by 2026.

2. Efficient Ability to Track and Monitor

Data is the new oil. Tracking the customers’ data helps the company understand its consumers better and create items based on their buying patterns.

People can track the quality of the goods at their home, and by monitoring its state, they know when to replace an item. You can efficiently use the resource by tracking your assets.

Businesses also benefit significantly by active tracking and monitoring, especially in the MRO industry.

The manufacturing industry uses expensive machinery, where single damage can result in high downtime.

By real-time insights and visibility of your assets, IoT helps improve predictive maintenance on critical machinery, ultimately enhancing the production quality.

3. Effective Resource Utilization and Cost Savings

IoT allows excellent use of assets and results in cost savings.

For instance, whenever you leave your room, the lights will automatically turn off, keeping your electricity bill pretty light.

Connected devices come with various benefits and implementations.

The IoT system helps with machine-to-machine (M2M), Machine to physical Entity (M2E) communication, causing better and more durable efficiency for both the company and user.

So, a physical bridge can tell, traffic status on the bridge, weather condition near the bridge, the health of bridge & whether this requires immediate attention or that can be done later.

Also, all devices will be able to talk with each other and exchange useful information.

In the case of self-driving cars, each car can communicate and suggest which route to take, avoid accidents etc.

In offices, earlier there was always a problem of, improper usage of air-conditioner, lights. On a floor, these devices, used to run, even if no employee is there.

Even at home, there is laziness to switch off fans, once we move between rooms.

Now with IOT, these devices will sense, whether anyone is there in room, floor and switch off accordingly

IoT Still Needs Work : 

With the plethora of perks, IoT is proven to possess severe safety and security vulnerability.

Due to widespread connectivity, almost every device is susceptible to attack or misuse.

A minute attack can bring down the entire system, causing significant loss.

Another major issue with large amounts of data storage can also result in personnel misuse.

If every device stores data it’s collecting, then there’s a chance for someone to access all this data and use it for their means.

Hackers can violate the right to personal privacy.

With IoT, everything will be connected to the Internet, so every bit of information stored in each device is easily accessible to the hacker.

What you keep and eat in your fridge, what’s your heartbeat through your smartwatch, and what’s on your phone can be under anyone’s reach.

The infamous ransomware attack called Wanna Cry affected computers in 150 countries.

People have expressed the detriment of how easy it is to hack and exploit devices nowadays.

Researchers have also illustrated how simple it is to hack cars, power plants, and even voting machines.

Safety violations and security vulnerability are the most significant issues for every individual. And there’s no real solution offered by IoT yet.

Also, as now everything is connected, a virus can bring down, the whole system.

During COVID time, the virus spread to all countries as each country is connected & everyone was traveling and hence, spread the virus.

The same can be true for IOT. A virus, on one device, can infect other connected devices & bring down the whole system.

Although several security methods are released to put an end to such issues, the biggest challenge for IoT is strengthening its security and safety level.

Also, we still don’t have, one standard protocol, by which each device, will talk with others. It’s like a toothbrush. Everyone needs it but no one wants to use the toothbrush of others.

Lack of an agreed common standard will create a lot of siloed clusters in the future.

Presently, the Institute of Electrical and Electronics Standards Association lists many standards available and being worked on for several different devices.

Microsoft, too, considered these issues and built up its system – IoT Central. The system allows businesses a central platform to set up their IoT device.

Conclusion

Lastly, by all means, IoT is a revolutionary technology that is capable of significantly impacting people’s lives.

However, being aware of IoT’s challenges and issues can help us only to improve and fix those problems to leverage its advantages without any risk.