IoT is the inter-networking of physical embedded devices with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data without limitations. The system created by IoT has greater transparency, control, and performance. In a nutshell, IoT is a concept that connects all the devices to the internet and let them communicate with each other over the internet. By doing so, each of your devices will be learning from the experience of other devices, as humans do. IoT is trying to expand the interdependence in human- i.e interacts, contribute and collaborate to things.
