From Internet Of Things To Banking Of Things
BANKING FINANCE|September 2021
Introduction The concept of the 'Internet of Things [IoT]' emerged in the early 1980s when technology started to influence business processes.
Chithra Rajagopal and D Kadiresan

The earliest example of a machine connected to the Internet was a Coca-Cola vending machine, located at Carnegie Melon University. The programmers connected the machine by the internet, to check and see if there was a Coca Cola available and if it was cold, before making the trip.

The term 'Internet of Things (IoT)' was coined by Kevin Ashton in 1999. It comprises of Hardware, Software, Sensors, Devices, etc. that enables real times collection monitoring and analysis of data which can be translated into meaningful actionable piece of information and help to automate the manual process.

IoT is a way in which devices can connect and share information by connecting to internet. With higher fast and cheaper access of internet facilities all over the world, IoT has become one of the major technological evolution in recent times. In simpler terms, the electronic device that is connected to the internet is termed as 'Internet of Things [IOT]. 'Internet' here refers to connectivity and 'Things' means devices or 'The Thing' [living/non-living] which connects.

The Three questions to be answered in IOTs are

1. What to measure or What is being sensed? [Sensor]

2. Which device is connected to the internet? [Gateway]

3. How are sensors connecting to Gateway? [Applications]

Applications of IOT

There are quita lot of applications of IOT in various fields.

1. Health care - smartwatches, glucose monitoring device, heart rate monitoring device, etc

2. Smart cities - for eg, in the city, Palo Alto in San Francisco, drivers are guided to an unoccupied parking slot by the smart sensors connected in the parking slots.

3. In agriculture, a smart greenhouse, where data about the health and growth of the pants are being sensed which helps to control the climate inside the greenhouse and provides required nutrients for the plant growth.

4. Smart home appliances- for eg, a refrigerator which give shopping alerts about items needs to be purchased, a washing machine which alerts about the mixing up of colored laundry with the white ones, and also many other home automation concepts.

5. In industries, smart machines that give alerts about repairs, wear and tear etc.

There can be a lot more examples.

The following diagram is an illustration of the applications of IOT

Source: http:/www.designworldonline.com/tips-ondesigning-for-the-internet-of-things/

Some statistics

  • China is the biggest spender in IOT [168 billion US Dollors] in the Asia Pacific Region

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