The “Bank of Things”: The Application of IoT in the Financial Sector

The “Bank of Things”: The Application of IoT in the Financial Sector

Source: www.cy-ot.com

Put simply, the Internet of things (IoT) is the network of interrelated computing devices that connect and exchange data with one another via the Internet.  Comprised of billions of devices that transcend every major industry and shape each aspect of our lives, facilitating everything from credit card payments to the reduction of pollution in major cities, it is not hard to see why the IoT has become such a hot buzzword in recent years.

By 2020, it is predicted that there will be 26 billion connected devices globally- a 30-fold increase from 2009. This exponential increase in the number of IoT devices will produce an incalculable rise in the number of interactions, transactions and exchanges, and a virtually endless number of possibilities and opportunities, which we may not be able to fathom or control. However, herein this limitless exchange of information and data lies comparably limitless challenges and vulnerabilities.Read More