cryptocurrency - what is internet of things
IoT is a network of physical devices

What is the Internet of Things – IoT?

IoT is a network of physical devices, vehicles and generally everything that can be connected to each other and communicate between them. To name a few examples of IoT technology, this could be: the phone, the car or your lamp. It can also be a jet engine or other components of a machine. From 2016 to 2017, the number of such devices (IoT) increased by 31 percent to a registered number of 8.4 billion. It is estimated that by 2020, it will increase to about 30 billion.

“In this network, people communicate with people, people with things and things with things”

Communicate among themselves

What is the point that so many connected devices should be able to communicate? Is not it possible to use the phone to turn on the light or start the car?

Let’s look at how this can affect you in the future:

  • The alarm goes off at 6:00 pm and your alarm clock tells the coffee machine to start brewing coffee at the same time.
  • The refrigerator detects that you will soon run out of milk and eggs, and order it at your doorstep.
  • You are on your way to a meeting and the car has access to your calendar, which means that it selects the fastest route.
  • The car detects that there is a lot of traffic and therefore sends a message to the one you are about to delay.

    If you look at this, the network can be used to make public transport more efficient and co-operated with both bus, tram, subway and airplanes. There are endless possibilities for such a network that we probably do not fully understand today.

Safety Risk

But if someone hacks into your toaster, they will get access to all your information and your network?

The Internet of Things opens up for many opportunities, but also for more security risks. It is here that certain cryptic currencies such as Ethereum or Cardano come into play.

Decentralized and safe

As Ethereum works today, this will be able to seal the security hole just because it is decentralized and that no third party has the ability to influence how things are controlled or driven. Cardano is under development and aims to be an even better solution to provide a safe and secure basis for apps and applications, so the information that the user uploads cannot be stolen or hacked.