It would surely be fascinating to see everyday physical objects being able to communicate to each other through the internet. A world where anything and everything can be connected to the internet and not just our computers, smartphones or tables but even the simplest everyday objects like a light bulb or a lamp. A computing concept that can and does make this a reality is Internet of things (IoT). It refers to the devices or the objects that are connected over a network and these objects communicate to each other through the electronics and sensors embedded in them. Each of the devices in this network can be uniquely identified and can simultaneously interoperate within the existing internet infrastructure. With so many devices working together, data from diverse locations can be collected at a very high speed which leads to a much faster collection, processing and storing of data. These objects now not only interact with us but also the objects surrounding them and when these objects act together then they are known as ambient intelligence. This concept first came into existence in the year 1982 at Carnegie Mellon University where a Coke machine was operated using the internet becoming the first internet connected appliance. This concept is not merely a future prospect but a reality. Many companies have sensors on their equipment that can detect in advance whether repairs are required. IoT finds its applications in nearly every field. Such systems could be used in collecting information in any geographical setting, be it any natural ecosystem or buildings and even factories, thereby finding its potential in environmental sensing and urban planning. On the other hand, IoT systems could be used for monitoring a specific user purchasing habit by tracking them through their mobile phones and suggesting them products that they might need or like and special offers on them giving rise to a unique internet shopping system. Since these devices are integrated with the internet, they require an IP address as a unique identifier. However, due to the limited address space of IPv4, objects in the IoT will have to use IPv6 to take into account the extremely large address space. The future of the Internet of Things greatly depends on IPv6 and consequently, the global adoption of IPv6 in the coming years will be critical for the successful development of the IoT in the future. One of the criticisms of IoT is that it is being developed without taking into the considerations the security challenges. There is a possibility that this technology will lead to increased cyber attacks. These internet based devices could be misused to spy on people in their homes through any electronic device like a television or an appliance in the kitchen. Computer-controlled devices in automobiles such as brakes, engine, locks and dashboard have been shown to be vulnerable to attackers who have access to the onboard network. In spite of all these concerns, it seems to be a great way to empower our worlds with faster means of data gathering and processing techniques making our world one big information system.