BDO Whitepaper : Introduction to the internet of things (IOT)

The exponential growth of technology, leading to the fourth industrial revolution, encompasses a variety of new emerging technologies changing life as we know it on a day to day basis (World Economic Forum, 2020). The Internet of Things (IoT), Quantum Computing, Blockchain and Artificial intelligence are few of the many technologies shaping the future of how business is conducted in the modern world (TechRepublic, 2020). This paper explores IoT and its development in recent years which has led to the creation of financial opportunities, along with a multitude of security threats. IoT encompasses technology embedded into a multitude of items, including household (every day) items, which enable connectivity between these items, and the internet. The devices are assigned an IP address and functionality is enhanced. Responsive devices include, but are not limited to, cars; thermostats; security systems; appliances, such as toasters and fridges; lights; alarm clocks and vending machines (Elon.edu, 2020).