The Internet of Vehicle has an Intelligent Vehicular Grid consisting of the sensor platform, which continuously processes the data gathered from the surrounding of the vehicle and feeds it to the infrastructure. This data is further utilized by other vehicles to assist in traffic management, vehicle localization, pollution control and safe navigation. In this paper, we have suggested the ways through which we could attain a high data rate, seamless connectivity, security, improved quality of service and scalability. The first section of the paper consists of the proposed architecture and its benefits, and the latter consists of the scope of improvement with results using sensor dataset its application and challenges. Communication between the infrastructure and other vehicles can create privacy and security violations; hence, we also address ways to ensure the location privacy of the user.