Abstract
The history of the development of the Internet of Things (IoT) covers the last twenty years. Despite the short of time, the concept and implementation of the Internet of Things have widely spread all over the world. The impetus of the dissemination of the concept has exponential speed. In the near future, billions of smart sensors and devices will interact with one another without human intervention. The early impact of the Internet of Things has been observed and discussed in the areas of technology, transportation, production, and marketing. The prospective effect of the Internet of Things on the finance sector has been discussed recently. In this study, the development of the concept of the Internet of Things and it is effect on the finance sector and specifically the insurance and banking sectors and future expectations have been evaluated.
Highlights
According to a general definition made by International Telecommunications Union the internet of things is the global infrastructure for the information society, enabling advanced services by interconnecting things based on existing and evolving interoperable information and communication technologies
Under the conditions of those days when internet did not exist, the camera system established by almost 15 academicians in 1991 in Cambridge University sent the image of the coffeepot to the computer screens three times in a minute and took its place in the informatics history as the first example of the “internet of things” due to real-time image
In order for the institutions in the finance industry to survive in the future, it is required that they should be susceptible to financial innovations and they should always have active reflexes to shape the future
Summary
According to a general definition made by International Telecommunications Union the internet of things is the global infrastructure for the information society, enabling advanced services by interconnecting (physical and virtual) things based on existing and evolving interoperable information and communication technologies. Under the conditions of those days when internet did not exist, the camera system established by almost 15 academicians in 1991 in Cambridge University sent the image of the coffeepot to the computer screens three times in a minute and took its place in the informatics history as the first example of the “internet of things” due to real-time image. Following this path-breaking development, in 1999, engineer Kevin Ashton used the concept of internet of things for the first time in his study showing the benefits of radio frequency identification. Together with the progress of the process, a broad literature started to develop
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