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
(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.
Research Analyst, Strategic Fortunes
From open till noon Eastern time.
Digital World Acquisition Corp. (Nasdaq: DWAC) is the SPAC that is set to take Donald Trump’s social media platform public. It is up 20% on the news that the social media group would appoint Republican Rep. Devin Nunes of California as its CEO when he retires from Congress at the end of 2021.
RLX Technology Inc. (NYSE: RLX) manufactures and sells vaping products in China. It is up 19% this morning on the announcement that the company will be buying back up to $500 million of its shares.
Paysafe Ltd. (NYSE: PSFE) provides digital commerce solutions to online businesses, small business merchants and consumers. It is up 15% on the news that the company’s CEO and other executives and directors bought up $2.8 million in shares during its recent downtrend.
Roku Inc. (Nasdaq: ROKU) operates a TV streaming platform and is up 15% this morning. The move came after the company reached a multiyear agreement with Google to keep YouTube and YouTube TV on its streaming platform.
Epam Systems Inc. (NYSE: EPAM) provides a digital platform for engineering and software development services. It rose 13% on the news that it is being added to the S&P 500 Index starting Tuesday next week.
Embark Technology Inc. (Nasdaq: EMBK) develops self-driving software solutions for the trucking industry. It is up 12% after Citigroup initiated coverage on the stock with a buy rating.
KE Holdings Inc. (NYSE: BEKE) operates an integrated online and offline platform for housing transactions and services in China. It has no specific news of its own to report; rather, it is up 12% along with other Chinese stocks as they rebound from the news that Didi Global is delisting in the U.S.
KWG Group Holdings Ltd. (OTC: KWGPF) is a real estate and property development company in China. It is up 11% on the bounce in the Chinese markets today despite the growing concern of Chinese property developers defaulting.
DocuSign Inc. (Nasdaq: DOCU), the provider of e-signature solutions, is up 10% this morning. The stock is continuing its recovery after a sharp sell-off on earnings news thanks to the CEO of the company and Ark’s Cathie Woods buying up the stock at its lows.
PagerDuty Inc. (NYSE: PD) operates a digital operations management platform. It is up 10% after reporting strong results for Q3 with both a top- and bottom-line beat as the company posted record revenues.