The Internet of Things (IoT) is a revolutionary technology that aims at embedding everything we interact with or use with the capability to share and receive information over the internet. By everything, we mean all plausible things, from the refrigerator in your kitchen and washing machine to a soil moisture sensor on a farm and sprinklers in a stadium field. It has limitless applications in every field, including medical, industrial/manufacturing, security, etc., to name a few. This myriad of applications makes IoT a difficult concept to comprehend. To tackle this issue, we present this work which aims at defining the loosely bounded concept of IoT comprehensively with related examples and lesser technical jargon than usual. Slowly, we will dwell into technical aspects and real-life applications by talking about Wireless Sensory Networks (WSNs, a subset of IoT), Distributed Ledger Technology (or Blockchain), another revolutionary technology that is merging with IoT to give rise to an even more secure and robust range of applications. Then, we will discuss the third pillar, Artificial Intelligence (AI), that, when paired with the aforementioned systems, breathes life into the devices we interact with daily. Finally, we will weigh the challenges and prospects of the field.