Merging of blockchain IoT has appeared as one of the most exciting trends in the technological era. Let’s understand how blockchain and IoT union can be helpful for your business.
It’s 2024 and blockchain IoT together continue to enter on everyone’s list. The merger has also bought up benefits in exponential numbers. While we understand blockchain and IoT separately, however, combining these two into a single technology would suit different situations in the business operations. , especially in Industrial IoT Solutions where enhanced security, transparency, and efficiency are crucial.
The good news is that more techies and organizations are researching and working to develop effective software solutions based on the blockchain IoT.
Stats:
Blockchain will create over $176 billion of market value by the year 2025, and keep on increasing till $3.1 trillion by 2030.
If we go by the stats, the IoT market will grow to $457 billion by 2020 from $157 billion in 2016.
Union of blockchain IoT now have an intricate relationship and in the future too. The joint system providing businesses 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.
From the stats, it’s clear that blockchain IoT solutions are being fully explored. For a few companies, the merger of blockchain and IoT is still a relatively new method to understand and to invest in.
Blockchain and IoT together becomes a potential technology that will be helpful in developing new styles of applications, digital interactions, as well as creating opportunities to reduce the cost and complexity of your business operations.
According to Jerry Cuomo, the IBM Fellow and Vice President of Blockchain Technologies, the internet of things (IoT), insurance, finance, risk management are some of the sectors that are poised for major changes in the future using blockchain technology.
Points to Add here:
Blockchain and IoT is the answer to all the important industry challenges such as security and privacy of data and transactions.
Blockchain IoT together can prove to be beneficial for industries by building trust, reducing cost, and by accelerating transactions.
Here Are 9 Ways Blockchain IoT Impacting Your Business Value
At first glance, the union of blockchain IoT may seem like helping build transparency and accountability while moderating business mechanisms. However, you can also expect a new way to build scalable, decentralized security IoT devices, applications, and platforms based on the distributed and decentralized networks.
1. With decentralization in place, IoT devices need not depend on centralized communication models. The data storage needs and computation can be distributed across millions of IoT devices so as to eliminate the effect of any kind of central failure on the whole network. In addition, using blockchain IoT together can also help you track thousands or even billions of devices in the network.
2. Combination of blockchain IoT can improve the traceability of your supply chain network. Businesses can track almost everything about the connected vehicles or about the shipment status using IoT sensors, motion sensor, GPS device, etc. Using blockchain IoT makes your company data more safe, tamper-proof, and fully encrypted that improves transparency in the system.
3. The transactions made using blockchain smart contracts could reduce the burden of performing financial and accounting operations on IoT devices that can be automated using blockchain technology and without any third party interference.
4. Union of blockchain IoT technologies enables data encryption and distributed storage makes your data to be more trusted by the parties involved in the process. Varying industries today have security requirements for their large data transactions. With Blockchain IoT businesses can manage this problem and could solve a lot of issues pertaining to arising security issues.
5. With blockchain IoT, it’s impossible for anyone to write-access to your data without knowing your private keys and no one will be able to overwrite or record your data with the inaccurate access or information.
6. Data has become a major player in deciding the success of any business. With blockchain IoT, you can understand your consumer’s requirements by knowing data insights for the current market trends through real-time data analysis. Also, the blockchain IoT union accelerate your data exchanges.
7. The union of blockchain IoT improves transparency in data transactions and allows users to make the best use of interconnectivity to the networks of smart IoT devices, which will help in gaining more clear insight of customers data.
8. Blockchain technology like Ethereum allows skilled developers 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’s.
9. Lastly, the combination of blockchain IoT offers your business with the benefit of improving the overall security in a transaction-based environment. Business and organizations investing in blockchain IoT also give you the benefit of safety from a data breach by hackers.
Also read: IoT Vs AI
Real-World Examples of IoT-Blockchain
NetObjex has introduced a smart parking solution using the blockchain 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 is a Korean company that is using blockchain IoT for their startup brand HDAC (Hyundai Digital Asset Currency), which is building its own private blockchain designed specifically for IoT.
Filament a business startup using a chip designed to enable industrial IoT devices to work with multiple blockchain technologies. The chip provides a secure platform for decentralized interaction.
Platforms to Create Blockchain IoT
Besides the benefits and use cases of the union of blockchain IoT, there are companies working on blockchain IoT projects. Have a look:
Chain of Things
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 blockchain and IoT technology in its hardware system.
IOTA
In the field of cryptocurrency, IOTA project 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 IoT technologies.
Ambrosus
Ambrosus network is focused on building blockchain IoT powered sensors to optimize supply chain assets with better quality and improved transparency standards.
Streamr
This particular platform makes data streams work more fairly in real-time and offers better functionality to the projects based on the decentralized marketplace and blockchain IoT.
Atonomi
Atonomi enables IoT blockchain developers to have an advanced security protocol and infrastructure for better data and reputation tracking.
IoT Chain
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 blockchain IoT nodes.
Important Points to Consider
There are a few important things to consider when hiring a blockchain IoT app development company. Have a look.
Domain Knowledge
Your company data analysts should have the specific knowledge of the domain to give you the guaranteed performance for building smart apps on blockchain IoT technology.
Development Expertise
The blockchain IoT development company you choose should also deal in complex data processing and technologies like AI and machine learning to handle the business operations and data processing complexities.
While the wave of blockchain 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.
Conclusion
Combination of blockchain IoT can help elevate your business value and can introduce you to a range of prospects, business entities, and individuals in the coming years. Hence, you can also consider Blockchain IoT for your next development project. Also, you should hire the industry’s best blockchain IoT developers for your blockchain IoT project. If you’re looking for any such service, would like to share a few more details here.
ValueCoders is an Indian software development company focused on offshore software development services for over 20+ years. We have a team of 450+ developers that have worked with startups, software product development companies, digital agencies, and enterprises. As a top-notch IT outsourcing company in the market, Valuecoders have helped clients simplify their software development needs in a timely and cost-effective manner.
So, planning to outsource your software development services? Or would you like to hire an offshore software development team? Or, looking to develop blockchain IoT web and mobile applications, then you must hire blockchain developers or IoT developers from Indian IT Outsourcing Company like ValueCoders. We develop advanced blockchain IoT applications just the way you want it.
