Blockchain
According to Contrive Datum Insights, the Blockchain Internet of Things (IoT), market will reach $124.58 in 2030 according to a recent study.
According to the study, the CAGR (compound annual growth rate) for the blockchain IoT area is expected at 93.4%. It predicts that Blockchain IoT will be dominated by the Asia-Pacific region, which has already taken steps in this direction.
North America is second in the list of regions that are most likely to see the growth of Blockchain IoT, after Asia-Pacific. The study mentions that the organizations in this region are getting more worried about data security — motivating them to invest in Blockchain IoT systems.
Blockchain IoT
This paper explains how IoT and Blockchain can transform organizations. As the article describes, IoT is a smart software used to “easily finish tasks, run administrative tasks, and store things safely.”
The combination of this technology and blockchain provides security, transparency and greater productivity.
The Blockchain IoT industry has already attracted tech giants’ attention and has started to grow. One of the first initiatives in this field came from Intel in June 2020, when the company signed a Memorandum of Understanding (MoU) with Abu Dhabi to accelerate the country’s digital transformation. The MoU included many components, including Blockchain IoT.
IBM followed Intel’s lead and joined the blockchain IoT space in January 2021 with a partnership with Thai Reinsurance Public Company Limited. (Thai Re). The duo rolled their sleeves to launch the Insurer Network — a Blockchain IoT project that utilizes IBM’s blockchain technology to increase the efficiency and processing speed of Thai Re.
One of the major drivers for the growth of this field is the growing need to enhance data security. According to the paper, technology is advancing rapidly and data storage methods that are secure and efficient are becoming more valuable.
Challenges
However, there are still many obstacles that prevent the field from growing. These include interoperability issues and scalability as well as integration and interoperability problems.
Each IoT system must be capable of communicating with each other in order to maximize efficiency. This can be difficult to maintain. It is becoming more difficult to scale the system at its peak performance as the number of devices integrated into it grows.