My son is 13 years old and is studying in VII Standard. He gave a talk on AI as part of his Science Talk recently. You can find it below:
What is Internet of Things [or IoT]: It is a network where objects, animals or human beings are provided with Unique Identifiers [UID] with data transfer capabilities. With wireless technologies, sensors etc, IoT has evolved over the years. A person with a heart monitor implant or an animal with biochip transponder or an automobile with built in sensors could be possible “things” in this IoT network. IPv6′ increase in huge space will make it possible to assign an IPv6 address to each atom on earth. Products built with Machine-to-Machine [M2M] capabilities are referred to as smart. [Adapted from: http://whatis.techtarget.com/definition/Internet-of-Things]
What does all this mean to us ? This means, using data [big data] we will be able to streamline a number of things – like for ex, we will be able to know when things need to be replaced or repaired. We can then move from being reactive to proactive to predictive. This can be used not only by consumers but also by manufacturers to predict the sales / demand and manufacture accordingly. So, we are essentially moving towards a more connected world and a more efficient world.
This will help us reduce waste, loss and cost and we would be able to track and count everything and also maintain everything at peak performance at all times. But on the flip side, there is a possibility of hackers hacking into these networks causing dangerous mischief. Hence, manufacturing companies are not connecting these sensors to the Internet at least not all the sensors. [Adapted from www.appliedmaterials.com :http://bit.ly/1SjmWVa]
Application of this is certain in almost every field: environment sensing & monitoring – air quality, water quality, soil conditions, movements of wildlife and their habitats, earth quake or tsunami early warning systems, urban planning, intelligent shopping systems, energy management, infrastructure management – bridges, railway tracks, wind farms and any changes in structural conditions that can compromise safety and increase risk, manufacturing, health care, building, home care etc. [Adapted from https://en.wikipedia.org/wiki/Internet_of_Things]