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Crypto Terms:  Letter I
Jun 19, 2023 |
updated Apr 02, 2024

What is Internet of Things?

Internet of Things Meaning:
Internet of Things - a global network of devices and software that is interconnected via the internet and can exchange data in real time.
2 minutes

Let's find out Internet of Things meaning, definition in crypto, what is Internet of Things, and all other detailed facts.

The Internet of Things (IoT) is a massive global network of various devices, software, and sensors that are interconnected via the internet. A large variety of devices – from smartphones and computers to smart fridges and even some toys – can be connected to the internet and learn to interact with each other via data transfers, forming the IoT network.

Internet of Things is a growing research field in multiple aspects, from the development of new network-friendly devices to the analysis of the relationship between humans and technology. The network offers an immense amount of use cases in a number of industries, such as healthcare, manufacturing, transportation, and energy, among others.

According to some predictions, the number of IoT devices worldwide is expected to reach 75 billion by 2025, growing nearly four times from 20.4 billion in 2020.

A smart home device such as Alexa can connect to the internet to form personalized profiles of users, and collect data on shopping preferences that can be passed on to Amazon or third-party retail providers. It can also connect to smartphones or gaming consoles, thus increasing its data pool and building the network further.

Although the connection of IoT with the crypto industry is limited, maintained primarily via mining equipment and hardware wallets, some cryptocurrency projects have been developed with the functionality of the IoT in mind.

One of the largest IoT-adjacent projects is IOTA, an open-source distributed ledger that aims to create a blockchain supporting duty-free microtransactions and regular transactions, thus allowing IoT devices to share value alongside data.