I have found that the term IOT (internet of things) is pretty vague. I am wondering if a mobile device, a cell phone, is this considered a part of the IOT realm?
It is a thing, and its connected to the internet.
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The Internet of Things is a pretty vague definition which covers an emerging collection of items that can be assigned an IP address and connected to the internet.
Typically, up to this point, the Internet has consisted of servers, routers to interconnect everything and endpoints such as computers, mobile devices, remote SCADA devices and other business related things you might want interconnected, etc.
The IoT just expands that to refrigerators, remote controlled beer kegs, flashing light displays, cameras and any old thing that you decide to concoct that you want remote access and/or control including your local nuclear plant.
The big issue is that things like remote WiFi connected Barbie Dolls have a certain price level that they can be produced at, and so as is often the case, all attention to security is thrown out the window as an excessive added cost. Something I might add, that you don't want happening when you've included internet connected industrial process control into the IoT.