Page 48 - Banking Finance September 2021

ARTICLE

FROM INTERNET

OF THINGS TO

BANKING OF

THINGS

Introduction IoT is a way in which devices can connect and share
information by connecting to internet. With higher fast and
The concept of 'Internet of Things [IoT]' emerged in early
cheaper access of internet facilities all over the world, IOT
1980s when technology started to influence business
processes. The earliest example of a machine connected to has become one of the major technological evolution in
Internet was a Coca Cola vending machine, located at the recent times. In simpler terms, the electronic device that is
Carnegie Melon University. The programmers connected the connected to internet is termed as 'Internet of Things' [IOT].
machine by the internet, to check and see if there was a Coca 'Internet' here refers to connectivity and 'Things' means
Cola available, and if it was cold, before making the trip. devices or 'The Thing' [living/non-living] which connects.
The Three questions to be answered in IOTs are
The term 'Internet of Things (IoT)' was coined by Kevin
Ashton in 1999. It comprises of Hardware, Software, 1. What to measure or What is being sensed? [Sensor]
Sensors, Devices, etc. that enables real times collection 2. Which device is connected to internet? [Gateway]
monitoring and analysis of data which can be translated into 3. How are sensors connecting to Gateway? [Applications]
meaningful actionable piece of information and help to
automate the manual process. Applications of IOT
There are quita lot of applications of IOT in various fields.
About the author 1. Health care - smart watches, glucose monitoring
device, heart rate monitoring device etc
Chithra Rajagopal
Senior Manager (Faculty) 2. Smart cities - for eg, in the city, Palo Alto in San
Union Bank of India Francisco, drivers are guided to unoccupied parking slot
Staff Training Centre, Aluva by the smart sensors connected in the parking slots.

3. In agriculture, a smart green house, where data about
D Kadiresan the health and growth of the pants are being sensed
Chief Manager (Faculty) which help to control the climate inside the green house
Union Bank of India and provide required nutrients for the plant growth.
Staff Training Centre, Aluva
4. Smart home appliances- for eg, a refrigerator which give

48 | 2021 | SEPTEMBER | BANKING FINANCE