Internet of Things (IoT)

The Internet of Things, often just called IoT, is all about connecting everyday objects to the internet so they can communicate with each other. Think about your smart thermostat, your fitness tracker, or even industrial machines—they’re all part of the IoT. These devices collect data and can make decisions or take actions based on that data, which can make our lives easier or processes more efficient. For instance, your smart fridge might remind you to buy milk when you’re running low, or an IoT sensor in a factory might automatically reorder supplies when they’re needed.

But IoT isn’t just about convenience; it’s also about creating new opportunities for automation and efficiency, especially when combined with blockchain technology. Blockchain can provide a secure and transparent way for these devices to interact with each other without needing a central authority to manage everything. For example, smart contracts on a blockchain could automatically execute transactions or trigger actions based on data from IoT devices, making systems more autonomous and less prone to human error. This could be a game-changer in areas like supply chain management, where tracking and verifying goods can be streamlined and made more reliable.