Embedded potentiostats enable electrochemical measurements in the Internet-of-Things (IoT) or other decentralized applications, such as remote environmental monitoring, electrochemical energy systems, and biomedical point-of-care applications. We report on Freiburg's Potentiostat (FreiStat) based on the AD5941 potentiostat circuit from Analog Devices, together with custom firmware, as the key to precise and advanced electrochemical methods. We demonstrated its analytical performance by various cyclic voltammetry measurements, advanced techniques such as differential pulse voltammetry, and a lactate biosensor measurement with currents in the nA range and a resolution of 54 pA. The FreiStat yielded analytical results comparable to benchtop devices and outperformed current commercial embedded potentiostats at significantly lower cost, smaller size, and lower power consumption. Decentralized corrosion analysis by a Tafel plot using the IBM Cloud showed its applicability in a typical IoT scenario. The developed open-source software framework facilitates the integration of electrochemical instrumentation into applications utilizing machine learning and other artificial intelligence. Together with the affordable and highly capable embedded potentiostat, our approach can leverage analytical chemistry toward increasingly important, more widespread and decentralized applications.