Yes, you read correctly. "The Internet of Things" is actually a thing. This term describes the interconnection of embedded computing devices within the existing infrastructure of the internet. What the IoT means for most people is the ability to remotely operate a physical function or device. Take the Nest thermostat, for example. This product allows users to control their home thermostat from their mobile device, or from the web. The purpose is not just convenience, but also to save energy and money. Many of the "things" within the IoT encompass areas such as energy management (i.e. the Nest), environmental monitoring, infrastructure monitoring, industrial, security, medical, transportation, and much more. The IoT is relatively new and continues to grow and evolve alongside technological developments and discoveries. One of the main goals of this concept is to unify all devices through one control source. On a smaller scale, think of the multiple remotes in your home: TV remote, cable box remote, DVD player remote, etc. But what if you could access all your media with one device? That's the IoT.
Sounds great, right? Well, there are some downsides. There could be negative ramifications due to the evolving of the IoT. Many of these smart devices can self monitor, adjust, etc. and some argue that a certain intelligence could grow within the IoT. Skynet, the computer system that become sentient in the Terminator series, is even listed as a related article on wikipedia. Okay, so we haven't come to that yet, but there are real security concerns with this concept. Accessing devices remotely through the internet could cause a breach in security in the accidental sharing of sensitive information.
Here's a video describing all you need to know about the IoT: