Blockchain IoT market overview and outlook report, by applications, by opportunities and by challenges 2019- 2026
Internet of Things (IoT) has been progressing on a fast track owing to emerging technologies and infrastructure developments. Most electrical devices are getting connected, whether it is a fridge at home or a printer in the office. It is helping in developing an ecosystem for blockchain IoT market.
The upcoming 5G deployment is going to accelerate IoT growth. The 5G deployment has already been started this year on a trial basis in selected areas. Indeed, faster data transmission will play a key role in helping IoT. However, one of the key growing concerns is around IoT network security. Therefore, some of the key areas that need to be addressed include a wide range of interconnectivity, the security of communication and safety of data backup.
In the IoT ecosystem, hardware and software need to be secured at the same time. Both platforms and applications providers have been trying to make sure that their ecosystems are fully secure. A number of provisions have been maintained for that purpose. Recently blockchain has started emerging a key technology which can be used for various functions including network security. All major IoT platform providers have already started R&D on blockchain technology for further exploration.
The blockchain technology is still in a nascent stage, and the development work is going on for various industries and various applications. Most of the development work is at a pilot stage and will require time for deployments. The implementation of blockchain is expected to revolutionise the IoT industry by making it more secure and safe.
Some of the potential areas include asset tracking and supply chain, smart building, insurance, inventory management, and connected cars. Meanwhile, DreamzIoT, Ambrosus and Modum are working on asset tracking and supply chain while Concentric and Hdac formed a partnership to work together on the development of smart building through IoT and blockchain. PICC (People’s Insurance Company of China) is working on insurance and Filament is working on the development of connected cars. Some companies such as IBM Watson, Waltonchain, Weeve, NetObjex, Viant and VeChain are providing platforms services to businesses.
Key Questions Answered
- What are the major issues around IoT system?
- How will blockchain bring changes to existing IoT system?
- How will blockchain integration with IoT help industries?
- Which companies are working on developing blockchain based IoT products?
- How blockchain can ensure better cybersecurity for IoT?
- Companies providing platforms for businesses and organisations
- Security of IoT platforms and applications
- Market assessment and forecasts of more than nine applications: Assets tracking, automotive, consumer electronics, health care sector, insurance, smart homes, smart industries, smart utilities and others
- What are the key drivers and restraints of combining blockchain with IoT?
Key Areas Covered
- Key players in the industry
- Drivers and restraints
- Trends and developments in the blockchain IoT industry