5 IoT Blockchain Projects That You Should Look Out for in 2022

When it comes to blockchain technology and the Internet of Things (IoT), we are seeing a substantial amount of companies making cutting-edge projects. With the addition of 5G around the world, it is becoming a global industry that many could not participate in before.

With so much buzz around web3 and the metaverse, it is creating a spotlight on the future of tech. Below are the top 5 IoT blockchain projects that are worth looking into.

#1 IOTEX.IO

IOTEX.IO is a decentralized platform that enables developers, businesses, and smart device manufacturers to create dApps that people can use to monetize their data. The platform uses blockchain technology, chain-agnostic developer tools, and smart contracts to enable secure data sharing, authentication, and payments between devices.

IOTEX also has its own native token, the IOTX, which is used to pay for services on the open-source network.

Founded in 2017, IoTeX is led by a team of scientists and engineers that formerly worked for Google, Uber, Oracle, Facebook, and Bosh. It also leads IoT working groups in prominent global organizations, including the IIConsortium and IEEE.

#2 Helium

Helium is a decentralized WiFi network for the Internet of Things (IoT) smart devices and machines. It is powered by cryptocurrency. Its network is integrated by devices owned by a community of users worldwide.

People in the Helium network mine Helium tokens by expanding the decentralized WiFi network with devices called Helium hot spots, which are antennas that can transmit small amounts of data over long distances via radio frequencies.

#3 IOTA

IOTA is a cryptocurrency and Distributed Ledger Technology (DLT) that focuses on providing micro-transactions and data integrity for the IoT industry. Its DLT7 is designed to record and execute transactions between machines and IoT devices.

IOTA has been working on developing a “tangle” architecture that allows for scaling without the need for fees or miners. IOTA claims they are developing proof-of-concepts building on IOTA technology for the automotive and IoT industry.

Unlike other blockchains, IOTA uses a DAG data structure, allowing transactions to be added in parallel.

#4 IBM Watson IoT Platform

The IBM Watson IoT Platform is a cloud-based platform that allows businesses to connect and manage devices, collect data, and create applications using IBM’s cognitive computing capabilities.

By using the Watson IoT Platform, you can collect connected device data and perform analytics on real-time data. The IBM Watson IoT Platform is a Cloud-hosted service that provides device management capabilities and data gathering in a time series format.

The platform has been used by major companies such as BMW, Samsung, and Telefonica to create innovative IoT applications.

#5 VeChain

The VeChain ecosystem is built on the VeChain Thor blockchain, which is public and focuses on providing enterprise-level supply chain management solutions. VeChain combines blockchain with the IoT to improvise data management and increase transparency while enhancing business process efficiency.

Its open-source network provides features enabling users to build dApps that solve real-world problems to widen real-world adoption.

IoT blockchains could grow exponentially as the machine economy, according to IHS Markit, is expected to be driven by over 150 billion devices by 2030, when McKinsey predicts the IoT industry will be worth up to $12.6 trillion.

Blockchain brings new promise to Web3 and users, and IoT blockchain projects have the potential to give back to users ownership over their data, enabling them to profit from the value it generates, which according to experts, today is worth up to $3,000 a year.