What are smart sensors and actuators and their characteristics, and how can they facilitate the development of IoT, IIoT, and Cyber-Physical Systems applications? This session focuses on a suite of distributed architecture-based smart transducer interface standards for sensors and actuators, designated as IEEE 1451. These standards specify communication protocols and metadata in the form of transducer electronic data sheets for networked digital smart sensors and actuators suitable for wired and wireless sensing and actuating applications. The concept of IEEE 1451 is based on a distributed architecture, which means intelligence is decentralized and is pushed down to the sensor module level. This arrangement is well suited for edge-computing and remote monitoring and control applications, e.g., machinery health monitoring and condition-based maintenance in manufacturing and production environments. It also builds the foundation for artificial intelligent-based applications that utilize networked sensors and actuators.