The smooth exchange and sharing of data across networked physical and virtual objects is made possible by the Internet of Things (IoT), a fast expanding and inventive field. It does away with the necessity for human intervention and provides cutting-edge services for many real-world uses. IoT envisions a world in which computing is pervasive and offers improved connection for a variety of applications around the globe.The 3- layered and 4-layered IoT designs that are now in use, however, have limits when it comes to fulfilling certain specifications for real-world applications. To solve this problem, we offer a 5-layered IoT architecture that emphasises useful and intelligent applications while properly interpreting IoT features. The development, definition, five-layered structure, technology, and applications of IoT are all covered in this architecture overview.In addition to its advantages, IoT is vulnerable to security vulnerabilities that jeopardise data sharing and exchange. To provide a secure environment, it is essential to solve these security challenges. The main privacy and security issues that each layer of the IoT architecture presents are highlighted in this study. We can create IoT solutions that prioritise data security and privacy by taking these issues into account.