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Blockchain Is the Perfect Solution for the IoT

Blockchain Is the Perfect Solution for the IoT

We’re headed toward a world where most of our tech will be interconnected.

The smart home assistants that go on sale around this time of year are proof enough of this concept.

Amazon’s Echo and Google Home let you control lightbulbs and appliances with a simple voice command.

But this network of devices called the Internet of Things (IoT) isn’t just for your home.

IoT networks are crucial in shipping and logistics, for example.

Sensors, cameras and scanners can track the status and location of goods.

But in its current form, this tech faces limitations in terms of security, costs and speed.

Fortunately, there’s a solution in the works for these problems.

Blockchain Isn’t Just for Cryptos

Blockchain has applications that go beyond the world of cryptos.

It can create decentralized networks. That’s perfect for the IoT.

Most of today’s IoT systems are on centralized networks. That makes them vulnerable to cyberattacks.

If a key point is compromised, it could disrupt the entire network.

But a decentralized network has no key points. This makes it more robust.

Blockchain also reduces costs and increases speed.

The info on an IoT network requires validation. And currently, humans have to manually review the data across devices.

This can be costly. And it can slow down the network’s speed.

On the other hand, blockchains check data automatically.

This takes humans out of the network, making it faster and less expensive.

Blockchain Solutions are Already Being Applied to the IoT

IoT Analytics estimates there are 13.8 billion IoT devices in the world.

And that number should double by 2025.

Number of Active IoT Connections

Number of Active IoT Connections

(Source: IoT Analytics.)

Blockchain will play a crucial role in building out the IoT’s networks.

MarketsandMarkets expects the blockchain IoT market to be worth $2.41 billion in five years.

That’s a 6X increase from current levels.

And I’m not just talking about small crypto startups.

Major companies are already bringing blockchain to their IoT services.

IBM is one such example.

It’s working to combine IoT blockchains with its Watson AI to offer solutions in fields like freight transportation.

Ian King’s New Era Fortunes service has another company that’s expanding into this field.

This data company has an IoT network that it’s improving with blockchain tech.

Regards,

Andrew Prince

Research Analyst, Strategic Fortunes

 

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