(This answer is taken from my book ‘Innovate the Next: Success Frameworks to Innovating Products in Any Revolution’). IoT is multiple objects or devices connecting over the internet to exchange and process data with other devices.
Basically, it is the convergence of these devices to create or process whatever utility is being chased, e.g. refrigerator, phones, TV, microwave, kettle, washing machine, car, etc.
Imagine a case where you get into your car to head to a meeting. Both your phone and car have internet, i.e. internet of things. Your phone’s calendar then prompts your car to provide a map to where you are going for the meeting.
It is your refrigerator which is connected to the internet telling you, while you are at work, that you are running low on beer, and asking whether it can order it for you or not.
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Click here for the explanations of the other components of the 4IR (5G, Quantum Computing, Biotechnology, Autonomous Vehicles, 3D Printing, Decentralised Consensus, Iot, Nanotechnology, AI And Robotics).
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