Fintech

How IoT is influencing our lives: 3 perfect examples

You have probably heard of this term and wondered what IoT is all about? In a fast pace of life, sometimes we miss the important stuff that could have a significant influence on how we live. IoT is technologically a very complex area and we will give you the basics to get a better understanding of this remarkable idea.

Understanding IoT

The term is known since 1999 thanks to the British entrepreneur Kevin Ashton, whose concept is to be able to connect any device if it has an on and off switch to the internet or each other. This would include any device, from headphones, cell phones, coffeemaker to washing machines or wearable devices. Almost anything you can think of! It is also estimated that by 2020 there will be over 100 billion connected devices in the world. You might not know it yet, however, it will also significantly influence your life too. IoT is the idea to facilitate communication between the devices themselves and between the devices and humans. Let’s see just how!

Would you live in a Smart home?

Most people’s first experience with IoT comes from their homes. There are hundreds of devices available to buy which can help you stay on a budget at home, such as smart thermostats, garage doors, leak detection sensors, smart watering systems or smart home security cameras. Not to mention that we can already control appliances like ovens, refrigerators, television through a single device via the internet. You can quickly switch off the lights of the room from your cell phone connected to the internet.  Also, people can now use their voices to control their surroundings, making their homes and lives more connected than ever before. In the next few years, you will probably have an alarm clock that wakes you up at 6 AM and notifies the coffee maker to prepare your coffee. Good century to live in, isn’t it?

Wearable Technology

Speaking of wearable devices, there are so many options for users: from smart watches, smart glasses to VR headsets as some of the most popular devices in wearables.

Some of these devices are already hugely popular among users, while some will still have to be perfected in order to get to that level. The most popular wearables are Fitness trackers that enable consumers to record their exercise and health statistics but no doubt that wearable technology will also lead to advanced data analytics that will give an opportunity to businesses and brands to create and provide their customers with personalized products and services.

Smart cities 

Similar to how brands learn about their users through wearable technology, thanks to IoT, smart cities use devices such as connected sensors, lights, and meters to collect and analyze data so that they can improve infrastructure, public utilities and services. Those who are building in the cities are now relying and incorporating IoT solutions into their plans. IoT in smart cities has a great potential with lighting (LED bulbs saving money and energy) and smart grids, which help greatly with resource conservation. It is expected that over 70% of consumers in Europe will have smart electricity meters installed in their homes by 2020. Amsterdam is leading the way right now experimenting with home energy units and solar panels connected to the city’s smart grid.

The world of IoT is moving forward very fast. Have you already joined in?

 

Manigo Team, May 2017

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