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Deltec Bank Bahamas

Basically, IoT is a network in which physical objects are connected to the internet through network devices or routers and exchange data.

IoT allows objects to be controlled remotely across the existing network infrastructure. IoT is an amazing and intelligent technique that reduces human effort as well as provides easy access to physical devices. One of its super features is an autonomous control feature that allows devices to be controlled without any human interaction.

The Internet of Things (IoT), as intelligent interconnectivity, that works between the real and the digital world is set to rapidly transform every aspect of how we work and do business. By connecting apps with their integrated systems, businesses are able to transform their industry significantly.

According to technology giants IBM, today almost 90% of all data generated by tablets, smartphones or connected appliances are never acted upon. Using this data, companies, businesses, and retailers are set to be able to use this information for a wealth of opportunity. This big data will connect systems and services by creating intelligent tools that will allow optimization and accelerated business processes.

“One of its super features is an autonomous control feature which allows devices to be controlled without any human interaction.”

Now that we have seen how IoT is set to revolutionize the way we live, let’s take a look at its history and what kickstarted this concept.

Where did it start?

In early 1982, the idea of the network of smart devices was discussed, with a modified Coke machine. This coke machine was modified at Carnegie Mellon University and was one of the first Internet-connected appliances. This machine was able to report its inventory and whether newly loaded drinks were cold.

“IoT is a network in which physical objects are connected to the internet through network devices or routers and exchange data.”

In a nutshell…

According to industry experts, an IoT system is made up of four main parts:

• Sensors and devices
• Connectivity
• Data processing
• User interface

The first part involves sensors or devices that must gather information from their external environment. For example, a smart thermostat might receive a temperature reading of your home.

The second step in this system, connectivity, requires this information to be sent to the cloud via an internet connection, such as Wi-Fi.

After the data is sent to the cloud, the third step is processing that data. During this process,  the information is then analyzed to see if it fits certain criteria, for example, the temperature of your home might be too high.

The last step in an IoT system is the user interface. After the data has been analyzed, the IoT device’s user interface will either automatically make adjustments to respond to its environment, or it may send a smartphone alert to the user to let them know that know their home temperature is too high and prompt them to remotely adjust that temperature.

And finally…

As the Internet of Things gathers momentum, the implications for business model innovations are vast.

Today’s existing, and new enterprises will be required to totally rethink their strategy, as the Internet of Things begins to develop many, many new opportunities. Expectations are already very high, with around three-quarters of businesses exploring ways in which the IoT can improve their internal processes and services.

Moreover, an estimated one in six companies plans to create an IoT-related product in the future.

Disclaimer:  The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

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