/biz/ - Business & Finance

We all know that IoT is changing industries across the board – from agriculture to healthcare to manufacturing and everything in between – but what is IoT, exactly? In the broadest sense, the term IoT encompasses everything connected to the internet, but it is increasingly being used to define objects that "talk" to each other. "Simply, the Internet of Things is made up of devices – from simple sensors to smartphones and wearables – connected together," Matthew Evans, the IoT programme head at techUK, says.
The IoT industry is estimated to grow from $157 billion dollars in 2016 to $457 billion dollars in 2020 attaining a Compounded Annual Growth Rate (CAGR) of 28.5% each year. Large corporations, like Samsung, Vodafone and DHL have already delved into IoT with research and development (R&D) and the subsequent launch of smart products.
One expample is IoTeX's Pebble Tracker which employs Nordic’s nRF9160 SiP long range wireless solution for global asset tracking. The nRF9160 SiP sends environmental and GPS data securely across mature global cellular networks to blockchain-based backend services and applications. There the data is used to determine if smart contracts have been satisfactorily fulfilled. For example, the trusted tracker data can reveal if, when, and where an asset has been mishandled—perhaps due to excessive vibration or temperature—and if damage has occurred, the blockchain contract can automatically penalize the courier company and compensate the customer.
Source; https://www.nordicsemi.com/News/2020/02/IoTeXs-Cellular-IoT-based-tracker-delivers-environmental-and-condition-data-for-assets-in-transit