Rise of the «Internet of Things

But what exactly is the Internet of things, and how might the emerging technology change our lives?
The Internet of things is a concept that aims to extend the benefits of the regular Internet-constant connectivity, remote control ability, data sharing, and so on-to goods in the physical world. Foodstuffs, electronics, appliances, collectibles: All would be tied to local and global networks through embedded sensors that are "always on."
Sometimes called the "Internet of everything," the term Internet of things was coined in 1999 by Kevin Ashton, a British technology pioneer who helped develop the concept. Proponents say the benefits to consumers are substantial, although critics raise concerns about privacy and security, National Geographic informs.
In order for objects to interface with the existing Internet, they must have some means to connect. This is being done largely via radio-frequency identification (RFID) chips, although other means are also being used, including old-fashioned barcodes, QR (quick response) codes, and wireless connection systems like Bluetooth and Wi-Fi.
Ashton co-founded the Auto-ID Center at the Massachusetts Institute of Technology in 1999, which developed a global standard for RFID. That technology grew out of earlier iterations invented in the 1970s and early 1980s.
In the mid-1990s, Ashton worked for Procter & Gamble, where he saw that RFID chips could help the company keep track of its massive array of products. Today, RFID chips are used by many companies to manage their inventories. They also make passports scannable by Homeland Security, and enable farecards to be read at subway terminals. Farmers use the chips to keep track of livestock.
In 2011, the world spent an estimated $6.37 billion on RFID chips, but that market is expected to balloon to more than $20 billion by 2014, according to RFID World Canada , a website that follows the industry.
ABI Research, a market research firm, says that more than 30 billion devices will form an Internet of things by 2020. But what does that mean?
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