Marty McFly and the Internet of Things

As Back to the Future II predicted, the 2000s have been a breeding ground for faster, more interconnected, more cutting edge technology. Most family homes have three or more -mostly flat screen- televisions, and the ability to video chat amongst themselves from wherever they are using computers, tablets, or mobile devices. These same people are also employees who are working from different offices, cities, and even continents but are still collaborating together in real time to get work done by interacting with other people and devices to share information. So, what is what is the state of IoT today and why is it important to harness?