The Internet of Things (IoT) is the network of things (physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators) connected through internet which enables these things to exchange data. This creates opportunities for more direct integration of the physical world into computer-based systems, resulting in efficiency improvements, economic benefits, and reduced human exertions.

In simple terms we can say IoT is a system of things integrated with sensors, softwares, electronics which are connected to each other & can exchange data or Information with other connected devices.

The main pillars of IoT projects or IoT solutions areSensors/DevicesConnectivityData Processing. IoT platforms are the support software that connects everything in an IoT system. An IoT platform facilitates communication, data flow, device management, and the functionality of applications.

we can say IoT platform is a multilayered technology, that connects the sensors/devices, provision them, manage them & can automate the connection of the devices in the Internet of Things. With IoT platform its easy to connect to the devices to the cloud & data processing. It connects remote devices to user applications and manages all the interactions between the hardware and the application layers.

IoT stack architecture consist of 4 layers as below.
Sensors/Devices - Sensors and devices are placed in field and capture the information.

Gateway - Gateway provides the bridge between IoT devices in the field, the cloud, and user equipment such as smartphones. The IoT gateway provides a communication link between the field and the cloud and can provide offline services and real-time control over the devices in the field. Simple IoT gateway definition we can say IoT gateway aggregates sensor data, translates between sensor protocols, processes sensor data before sending it.

Communication/Protocols - Internet Protocol is the principal communications protocol in the Internet protocol suite for relaying datagrams across network boundaries. Its routing function enables internetworking, and essentially establishes the Internet.The interconnected devices communicate by using lightweight IoT gateway protocols like bus-based (DDS, REST, XMPP) and broker based (AMPQ, CoAP, MQTT, JMI) that don't require extensive CPU resources.

Cloud and Analytics - IoT collect data from multiple sources and store it in their cloud network for further processing, analyzed using data analytics.

Regulations and Standards:
One of the key drivers of the IoT is data. The success of the idea of connecting devices to make them more efficient is dependent upon access to and storage & processing of data. Companies working on the IoT collect data from multiple sources and store it for further processing.Lack of proper Reguation and standards will open up the possibility for for privacy and security dangers. IoT regulation depends on the country. Several standards for the IoT industry are actually being established relating to automobiles because most concerns arising from use of connected cars apply to healthcare devices as well. Lack of standards and documented best practices have a greater impact than just limiting the potential of IoT devices.These are because of still early days for IoT in government and unclear business models, despite strong value proposition.Without the right standards to guide and regulate manufacturers the developers may design products that operate in disruptive ways and If they are configured or designed poorly, these devices may have huge consequences on resources they connect.

Existing and upcoming privacy laws, including the European General Data Protection Regulation (GDPR), will dramatically impact an organization’s strategy, purpose and methods for processing personal data in IoT.

Lack of Interoperability:
Another one of the main internet of things challenges is IoT devices lacking interoperability.With numerous vendors, OEMs, and service providers in IoT business, it has become really difficult to maintain interoperability between different IoT systems.Sensors and connectivityare the integral components of IoT. But not every IoT soutions are equipped with advanced sensors and networking capabilities to effectively communicate and share data between different builds and manafucturers. It will be really challenging to identify a easy solution for this. However from end user perspective this is a really needed capability in a IoT devices.

Author's Bio: 

I am a freelance blogger on IoT and Project management

Follow me @ www.thetips4you.com