The advancements in the blockchain and Internet of Things (IoT) have been on everyone’s list for a few years now. While we understand blockchain and IoT separately, however, combining these two into a single technology would suit a number of situation in the business operations.
If you go by the stats,
IoT market will grow to $457 billion by 2020 from $157 billion in 2016.
Blockchain will create over $176 billion of business value by the year 2025, and keep on increasing till $3.1 trillion by 2030.
Blockchain and IoT now have an intricate relationship. The joint system providing business entities to develop and record a cryptographically secured dataset that is protected against alteration and theft. In the near future, the businesses that adopt the blockchain-IoT approach will be more successful. How?
9 Ways Blockchain-IoT Impacting Your Business Value
At first glance, the duo may seem like helping build transparency and accountability while moderating business development mechanisms. However, you can also expect a powerful way to build scalable, decentralized security IoT devices, applications, and platforms, which are distributed and decentralized.
#1 A suitable blockchain-IoT app can help you understand the consumer requirements and give you useful insights for the market trends through data analysis.
#2 Blockchain-IoT provides transparency and allows users to make the best use of interconnectivity to the networks of smart devices, which will help in gaining more clear info of customers data.
#3 Businesses can now track almost everything about the users without any data leakage. Using blockchain IoT makes your company data more safe, tamper-proof, and fully encrypted that help improves data privacy standards.
#4 The transactions made by IoT devices can be automated using blockchain technology and without any human interference.
#5 The use of blockchain-IoT enabled data encryption and distributed storage make your data to be more trusted by the parties involved in the process.
#6 With blockchain IoT, it’s impossible to write-access to your data without private keys and no one will be able to overwrite or record your data with the inaccurate access or information.
#7 The technology based on the blockchain like Ethereum allows you to create smart contract agreements which will be executed when all the conditions are met. It is helpful in situations when it’s about making a payment or when delivering a service to your client.
#8 Lastly, blockchain and IoT offer your business with the benefit of improving the overall security in a transaction-based environment.
#9 Business and organizations investing in blockchain and IoT also give you the benefit of safety from data breach by criminals or foreign hackers.
Real World Examples of IoT-Blockchain
NetObjex has introduced a smart parking solution using the Blockchain with IoT. This platform helps you find out a vacant place in the parking space and also automates the process of making payments using crypto wallets.
Golden State Foods (GSF) is a renowned manufacturer of food products working in collaboration with IBM to improve its business processes by making use of Blockchain IoT. GSF has created a transparent ledger system that is accessible to stakeholders in real-time.
Telstra a telecommunication and media company provide blockchain IoT enabled smart home solutions that allow our home security systems to be easily managed using a remote control.
Hyundai the Korean company is using blockchain-IoT for their startup brand HDAC (Hyundai Digital Asset Currency), which is building its own private blockchain designed specifically for IoT.
The business startup like Filament using a chip designed to enable industrial IoT devices to work with multiple blockchain technologies. The chip provides a secure platform for decentralized interaction.
Companies Working on the Blockchain-IoT Approach
Besides the benefits and use cases, there are companies working on blockchain-IoT projects. Have a look:
The Chain of Things (CoT) is a smart hardware infrastructure platform built on blockchain technology. The platform aims to introduce more improved transactions, interactions, and transfers with the IoT technology in its hardware system.
In the field of cryptocurrency, IOTA project has gained a lot of attention in the past few years. IOTA developers are working on projects like building new transactional and data layer using the blockchain and IoT technologies.
Ambrosus network is focused on building blockchain-IoT powered sensors to optimize the supply chain assets with better quality and improved transparency standards.
This particular platform makes data streams work more fairly in real-time and offers better functionality to the projects based on the decentralized marketplace.
Atonomi enables IoT blockchain developers to have an advanced security protocol and infrastructure for better data and reputation tracking.
IoT Chain allows you to maintain data security using the blockchain concept and implementing the concept of Practical Byzantine fault tolerance (PBFT), and Directed Acyclic Graph (DAG), SPV, and CPS technology. All these technologies allow your data to be stored in a decentralized manner using the power of IoT nodes.
Hiring a Suitable Blockchain-IoT App Development Company
Domain Knowledge
Your company data analysts should have the specific knowledge of domain to give you the guaranteed performance for building smart apps with blockchain-IoT.
Development Expertise
The IoT-blockchain development company should also deal in complex data processing and technologies like AI and machine learning to handle the business operations and data processing complexities.
The Bottom Line
While the wave of blockchain and IoT revolution hits the market, it has already started dominating the enterprise security, managing business processes and bringing people and organizations into the same ecosystem.
Combination of IoT Blockchain help improve your business value and introduce you to a range of prospects for business entities and individuals in the coming years.
Hence, you can also try out Blockchain-IoT for your next app development project or hire IoT blockchain developers from reliable software development companies.