I o T - The Internet of Things
Chris Buddin, Global Head of the Clean Technology and Renewables Group and Internet of Things at Goldman Sachs, explores the possibilities at the intersection of the IoT and clean technology.
As more and more devices connect to the Internet – everything from trains to air conditioning units to smoke alarms – the potential for the Internet of Things (IoT) to drive efficiencies, increase productivity and promote economic growth is becoming reality.
In particular, the IoT is fueling innovation and creating opportunities in the development of clean technology, and helping redefine what a sustainable world will look like.
British entrepreneur Kevin Ashton first coined the term 'The Internet of Things' - connecting devices and vehicles using electronic sensors and the Internet, in 1999 while working at Auto-ID Labs (originally called Auto-ID centers, referring to a global network of objects connected to radio-frequency identification, or RFID).
Typically, IoT is expected to offer advanced connectivity of devices, systems, and services that goes beyond machine-to-machine (M2M) communications and covers a variety of protocols, domains, and applications. The interconnection of these embedded devices (including smart objects), is expected to usher in automation in nearly all fields, while also enabling advanced applications like a Smart Grid, and expanding to the areas such as smart cities.