Define IOT. Also Write the merits and demerits of IOT.

IOT, or Internet of Things, is a system of interrelated physical devices, vehicles, buildings, and other objects embedded with sensors, software, network connectivity, and necessary electronics that enables these objects to collect and exchange data.

Merits of IOT:

1. Efficiency and Productivity: IoT can automate tasks that are done on a daily basis, avoiding human intervention. Machines communicating with each other or with an IoT platform can help in bringing valuable information to light.

2. Saves Time: The machine-to-machine interaction provides better efficiency, hence; accurate results can be obtained fast. This results in saving valuable time. Instead of repeating the same tasks every day, it enables people to do other creative jobs.

3. Saves Money: Optimal utilization of energy and resources can be achieved by leveraging IoT in certain areas. Also, the amount of money saved can be quite substantial.

Demerits of IOT:

1. Security: As IoT creates a network of interconnected devices, it also opens up several doors for security breaches. With so many connected devices, it's easy for potential hackers to find a weak spot and exploit it.

2. Privacy: With devices being able to communicate with each other, there's always the risk of losing privacy. Personal information stored on IoT devices could potentially be exposed.

3. Complexity: The IoT technology is quite complex to manage sometimes. If the system fails or crashes, it can cause severe damage. Also, there might be difficulty in integrating and maintaining all these systems.