Internet of Things (IoT)
The Internet of Things (IoT) is a term used to refer to the interconnection of physical devices, such as vehicles, home appliances, and other items embedded with electronics, software, sensors and network connectivity. This allows these objects to collect and exchange data between each other in order to automate processes or tasks. It has been estimated that by 2020 there will be over 20 billion connected devices worldwide.
The use of IoT technology enables cryptocurrency transactions that are faster and more secure than traditional methods due to its decentralized nature. Cryptocurrencies can be exchanged directly between two parties without the need for intermediaries such as banks or credit card companies. In addition, cryptocurrencies are often immutably recorded on public ledgers using blockchain technologies which makes them far less prone to fraud when compared with traditional payment networks.
As a result, many businesses are looking into utilizing IOT technology combined with cryptocurrency payments in order to provide customers with an improved experience while also reducing costs associated with processing fees from third-party payment systems like VISA or Mastercard. For example, merchants could allow their customers to make purchases via near field communication (NFC) enabled smartphones instead of having them swipe a debit/credit card at the point-of-sale terminal thus eliminating any merchant transaction fees associated with those cards. Additionally this type of technology could be used for automated billing applications where people can pay for services on a recurring basis via their smartphone without needing human intervention .
Overall the introduction of IoT technology along side cryptocurrencies provides users both convenience and security when making financial transactions online which may eventually lead it becoming commonplace in our daily lives .
