From the course: Foundations of Business Banking

Unlock the full course today

Join today to access over 24,900 courses taught by industry experts.

Internet of Things

Internet of Things

From the course: Foundations of Business Banking

Start my 1-month free trial Buy for my team

Internet of Things

“

- The internet of things called IoT is the interconnected network of electronic devices, such as energy monitors, GPS sensors, and web cameras used to exchange information and initiate actions such as financial transactions without direct human involvement. We all have experience with the financial connectedness of the IoT. For example, it is common for people who drive over toll bridges to have an electronic sensor in their car. The electronic device at the toll bridge communicates with the electronic sensor in your car, and the amount in your toll account is automatically reduced. Now when I was a boy, employees of the gas, water, and electricity companies regularly came to our house to read the meter to determine how much we owed for those utilities. Now, those usage numbers are automatically transmitted to the utility companies. This is part of the internet of things. At my home university of Brigham Young…

Contents