Internet-of-Things (IoT) is booming. The world is changing by the revolutionizing innovations of technology. IoT is an advanced technology that connects all the devices over the Internet while blockchain is a type of distributed ledger technology. Collectively they form a secure analytical environment. It offers umpteen number of opportunities for industries to process smarter operations. While, on the other hand, Blockchain provides a scalable and decentralized system to IoT tools, applications, and platforms. Major benefits of utilizing blockchain for IoT are the least risks of collusion and tampering, reduced settlement and cost for transactions.
Drivers changing the Scenario of growth
Blockchain in IoT is impacting multiple industries. The rising adaptation of the blockchain in IoT in various industrial sectors has opened up a newer avenue for the blockchain in IoT market.
The current supply chain and logistics industry is facing challenges because of lack of transparency. The combination of Blockchain and IoT can provide great results by enhancing the traceability and reliability of the network.
IoT enabled vehicles with the decentralized network are more convenient for the multiple users as it allows them to exchange information in an easier and quicker way.
The exchanging information generated by IoT devices can’t guarantee the security standards and ownership of data in the traditional centralized approach. With the help of the combined solution of Blockchain and IoT, the owners of smart homes can manage the security system of his home from the smartphone.
The pharmaceutical sector has been witnessing the increasing incidents related to counterfeit medicines. Use of Blockchain IoT has enabled the pharmacy industry to counter this issue.
Blockchain with IoT can redesign the food production industry. It can help the industry elevate throughout the journey starting from the farm to home.
The food supply chain can be enhanced to a greater extent by installing IoT sensors in the farms and transferring its data to the blockchain straightway.
The growing necessity for IoT security and streamlining the business process across the world in order to improve work efficiency is another key factor that will upsurge the market growth in the near future.
The major growth prospects for the blockchain IoT market comprises of swift growth in the adoption of blockchain services for digital identity, rising government initiatives, and smart contracts.
Recent Developments- Mergers/Acquisitions
Product launches and acquirements are some of the key strategies opted by the industry leaders to preserve their position in the global or regional markets. According to a report by Research Dive , the major market players of blockchain in IoT include Microsoft Corporation, KrypC, Amazon.com Inc., IBM Corporation, Intel Corporation, Cisco Systems, R3, The Linux Foundation, Filament, and Ethereum Foundation. These key players’ focus is primarily on mergers and acquisitions, new product launches, the advancements in current technology, and geographical expansion. Some of the growth strategies utilized by these companies are enlisted below:
- In October 2019, Microsoft launched Corda Enterprise. This blockchain service provides users with flexibility and choice in the usage of blockchain.
- Infosys has announced launch of blockchain-powered distributed applications for insurance and supply chain management and government services domains in December 2019. These applications can be impeccably integrated with the existing systems and IoT devices. Moreover, this product will enhance the product portfolio as well as impact on the market size of the company.
- A latest report reveals that JP Morgan, the business giant is going to facilitate a merger of its in-house blockchain unit named Quorum with software developer ConsenSys based on Ethereum. The deal is presently going through negotiation process and is expected to be confirmed by the end of Q3 2020.