What is the Internet of Things?
The Internet of Things, more briefly known as IoT, is a term commonly used in the technology industry but do you really know what it means?
The Internet of Things is an intelligent system of interlocked computing devices, mechanical and digital machines provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
The definition has continued to evolve over the years as more and more innovative technologies are being developed and adopted.
IoT has many useful applications, including wearable devices, one of the earliest applications of IoT. Apple Watches, FitBits and Garmin devices seem to be on nearly every wrist as the services are deployed more.
When thinking about IoT, the first application that most of us think about is smart home devices, devices that track your use of electricity to save you money and to help fight the battle against climate change.
IoT technology encourages communication between devices which allows devices to stay connected and work more efficiently. The innovative technology provides us with more information which can aid decision making, whether it being what supplies to buy or knowing what stock is low.
In addition, the innovative technology allows for you to save time which can benefit you in many ways especially in this busy day and age, it can allow you to divert your attention to other, more important tasks.
However, it is not all positive. The Internet of Things is a complex system and we all know that with complexity comes with a higher likelihood of failure. In addition, with the higher volume of data being transmitted, data leaks could be more prone to occur. Data will need to be encrypted which could be a lengthy process, defeating the advantage of time saving earlier in the process.
Whilst there are some disadvantages to the technology, its benefits far outweigh them, what system does not have some downsides? Its time saving abilities for consumers can not be matched.
Bukalapak raises $1.5bn in record Singapore IPO, say sources
Bukalapak, currently the fourth largest Indonesian ecommerce company, is said to have raised $1.5 billion in the first IPO by an Indonesian tech unicorn.
Three unidentified, but likely reliable, sources told Reuters the order books for Bukalapak’s IPO were covered by multiples, with one source claiming the issue attracted more than $6 billion in demand despite being listed at the top of its indicated price range.
Bukalapak's 50x growth
Bukalapak was looking to raise just $300 million just a few months ago. The figure grew to $800 million before rising to $1.5 billion as investors jockeyed for a piece of the company.
Covid-19 has had a positive impact on many ecommerce operators, and Bukalapak also has strong investment lines via Singapore sovereign investor GIC and Microsoft, among others. The company focuses on micro, small and medium-sized enterprises.
Indonesia is Southeast Asia’s biggest economy.
Indonesia’s four biggest ecommerce companies
Tokopedia is an Indonesian technology company specializing in e-commerce. It was founded in 2009 by William Tanuwijaya and Leontinus Alpha Edison.
Shopee was first launched in Singapore in 2015, and later expanded its reach to Malaysia, Thailand, Taiwan, Indonesia, Vietnam, the Philippines, Brazil, Mexico, Chile, and Colombia.
Lazada is a Singaporean multinational technology company which focuses mainly on e-commerce. Founded by Maximilian Bittner with the backing of Rocket Internet in 2012, it is currently owned by the Alibaba Group after its acquisition in 2016.
Bukalapak is an Indonesian e-commerce company. It was founded in 2010 as an online marketplace to enable small and medium enterprises go online and has expanded to support smaller traditional family owned businesses.