According to a recent study by Contive Datum Insights, the blockchain Internet of Things (IoT) market is estimated to reach $124.58 by 2030.
The compound annual growth rate (CAGR) of the blockchain IoT space is expected to reach 93.4%, according to. studyWe also predict that Asia Pacific will lead the expansion of blockchain IoT.
North America is the second most popular region for blockchain IoT growth, after Asia Pacific. According to the survey, organizations in the region are more concerned about data security, prompting them to invest in blockchain IoT systems.
This white paper explains why the convergence of IoT and blockchain will be a game changer for your organization. As described in this article, IoT is smart software used to “complete tasks easily, perform administrative tasks, and keep things safe.”
Integrating this technology with blockchain prevents third parties from accessing IoT resources, providing security, transparency, increased automation, and improved productivity.
The blockchain IoT industry has already caught the attention of tech giants and is starting to grow. One of his first initiatives in this space was by 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 had many notable components, including blockchain IoT.
Following Intel, IBM entered the blockchain IoT space in January 2021 in partnership with Thai Reinsurance Public Company Limited (Thai Re). The duo rolled up their sleeves to launch Insurer Network, a blockchain IoT project that uses IBM’s blockchain technology to improve Thai Re’s efficiency and speed.
The growing need for enhanced data security is one of the main factors driving the expansion of this sector. According to the paper, as technology develops, methods of storing data securely and efficiently become more and more valuable.
However, the sector still faces challenges that hinder its growth. This whitepaper points to some of these challenges, including integration and interoperability issues, scalability, and regulatory issues.
All IoT systems should be able to communicate with each other to provide maximum efficiency, but this can be a bit difficult to maintain. As the number of systems integrated into a network increases, scaling the overall system to operate at peak performance becomes equally difficult.