Page 39 - Banking Finance September 2022

ARTICLE

systems over the internet. These devices range from Gateway - This type of bridge allows data to be trans-
ordinary household objects to sophisticated industrial tools. ferred using wired or wireless technologies such as
Examples of Internet of Things are connected appliances, Ethernet and Wi-Fi. In terms of bandwidth, connection
smart home security systems, autonomous farming range, and power consumption, the approaches differ
equipment, wearable health monitors, and smart factory slightly. However, it is advisable to choose one that is
equipment. A light bulb that can be switched on using a compatible with the IoT system.
smartphone app, by using voice command or by a motion
Controlling Units - A controlling unit is a device or gad-
sensor is an Internet of Things (IoT) device and system.
get that receives alerts, checks the network, and allows
users to make necessary adjustments. This, however, is
History: contingent on the system's complexity, which aids in the
The Internet of Things (IoT) is a rapidly evolving field of implementation of required adjustments.
technology, but its roots have been decades in the making.
Cloud-based services - To maintain control between
The Internet of Things (IoT) has not been around for very the controller and the device, IoT technologies rely on
long. It was only 1999 that the term "Internet of things"
cloud-based services. Furthermore, cloud-based data
was used by Kevin Ashton during his work at P&G which later
warehousing is simple to use with mobile devices.
became widely accepted. Ashton used the phrase as the title
of his presentation for a new sensor project he was working
Advantages of Internet of Things in
on. Later on, this term was mentioned in the famous
publications like "The Guardian, Boston, Globe and Scientific Banking:
American" in their respective articles. In 2005 UN's
Improved Financial Practices for Customers
International telecommunication union (ITU) published its
Utilizing Internet of Things (IoT) devices, can enable
first report on this topic. According to Cisco Internet Business
bank customers to change their financial habits and
Solutions Group (IBSG), the Internet of Things was born in
tackle the over-expenditure problem. For example, if a
between 2008 and 2009 at simply the point in time when
user has set a credit card limit, the wearable will
more "things or objects" were connected to the Internet
monitor the customer's spending daily, weekly or on
than people.
monthly basis as set by the user. An alert will be
elevated as the limit approaches. If the user ignores the
Working mechanism:
The Internet of Things (IoT), consists of all the web-enabled
devices that collect, send and act on data they acquire from
their surrounding environments using embedded sensors/
devices, connectivity,data processors and communication
hardware. The Internet of Things (IoT) platform connects
devices with built-in sensors, which are used to collect data
and analyse it. The data-specific appliance receives the
information according to the address. Internet of Things
(IoT) technology works meticulously to ensure that no data
is inaccurate or deceptive. This is so that different patterns
can be discovered and recommendations can be made.

The various Components of Internet of
Things (IoT) system are:
Sensors - The Internet of Things uses sensors to detect
any disturbance in internet communication between de-
vices, appliances, and automobiles. This allows for col-
lecting data in the environment, such as temperature,
location, and other helpful information.

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