Electronic components have become more ubiquitous in the last few years. Thanks to technological advancement, they are finding their way into more product categories and industries than ever before. One such recent advancement is the Internet of Things (IoT), which is a network of interconnected systems that communicate using a network protocol. The difference between the current internet and IoT is the heterogeneity. Systems of different functionality, technology and applications will belong to the same communication environment. The mantra that every component and system manufacturer is adopting these days is to make things “smarter.” What started with smart phones is now evolving into the smart watch, smart home, smart city, smart grid, smart retail, smart farming and the list goes on.