The merging of blockchain and IoT has emerged as one of the most exciting trends in the technological era. Let’s explore how the integration of blockchain and IoT can be beneficial for your business.
In 2024, the combination of blockchain and IoT continues to gain prominence. This merger has brought about numerous benefits. While we understand blockchain and IoT individually, combining these technologies into a unified solution offers significant advantages for various business operations.
The good news is that more tech experts and organizations are researching and developing effective software solutions based on the integration of blockchain and IoT.
Stats:
- Blockchain is projected to create over $176 billion in market value by 2025, increasing to $3.1 trillion by 2030.
- The IoT market is expected to grow to $457 billion by 2020 from $157 billion in 2016.
The union of blockchain and IoT now has a complex relationship and will continue to do so in the future. This integrated system allows businesses to develop and record cryptographically secured datasets that are protected against alteration and theft. Businesses that adopt the blockchain-IoT approach are likely to be more successful.
The stats indicate that blockchain-IoT solutions are being extensively explored. For some companies, the merger of blockchain and IoT is still a relatively new concept to understand and invest in. However, the combination of blockchain and IoT represents a promising technology that can foster new applications, digital interactions, and opportunities to reduce the cost and complexity of business operations.
According to Jerry Cuomo, IBM Fellow and Vice President of Blockchain Technologies, sectors such as IoT, insurance, finance, and risk management are poised for major changes in the future using blockchain technology.
Points to Consider:
- Blockchain and IoT address critical industry challenges such as data and transaction security and privacy.
- The integration of blockchain and IoT can benefit industries by building trust, reducing costs, and accelerating transactions.
Here Are 9 Ways the Integration of Blockchain and IoT Impacts Your Business Value:
- Decentralized Communication Models: With decentralization, IoT devices no longer depend on centralized communication models. Data storage and computation can be distributed across millions of IoT devices, reducing the impact of any central failure on the entire network. Additionally, blockchain-IoT integration enables tracking of thousands or even billions of devices in the network.
- Improved Supply Chain Traceability: The combination of blockchain and IoT enhances the traceability of your supply chain network. Businesses can track nearly everything about connected vehicles or shipment status using IoT sensors, motion sensors, GPS devices, etc. Blockchain-IoT integration ensures that your company data is safe, tamper-proof, and fully encrypted, improving transparency.
- Automated Financial Operations: Blockchain smart contracts can reduce the burden of performing financial and accounting operations on IoT devices, automating processes without third-party interference.
- Enhanced Data Encryption and Storage: The integration of blockchain and IoT enables data encryption and distributed storage, making your data more trusted by the parties involved. This addresses security requirements for large data transactions and solves emerging security issues.
- Data Integrity: Blockchain-IoT integration ensures that no one can write or overwrite data without knowing the private keys, preventing unauthorized access and inaccurate data.
- Data-Driven Insights: With blockchain-IoT, you can gain insights into consumer requirements through real-time data analysis, helping you stay informed about current market trends and accelerating data exchanges.
- Increased Transparency: The integration of blockchain and IoT improves transparency in data transactions and allows users to leverage interconnectivity within smart IoT networks, providing clearer insights into customer data.
- Smart Contracts: Blockchain technologies like Ethereum enable the creation of smart contracts that execute automatically when conditions are met. This is useful for making payments or delivering services to clients.
- Improved Transaction Security: The combination of blockchain and IoT enhances overall security in transaction-based environments. Businesses investing in blockchain-IoT benefit from protection against data breaches by hackers.
Real-World Examples of Blockchain-IoT Integration:
- NetObjex: Introduced a smart parking solution using blockchain-IoT, allowing users to find vacant parking spaces and automate payments using crypto-wallets.
- Golden State Foods (GSF): Collaborated with IBM to improve business processes using blockchain-IoT, creating a transparent ledger system accessible to stakeholders in real-time.
- Telstra: Provides blockchain-IoT-enabled smart home solutions, allowing remote management of home security systems.
- Hyundai: Utilizes blockchain-IoT for its HDAC (Hyundai Digital Asset Currency) startup, building a private blockchain specifically for IoT.
- Filament: A startup using a chip designed to enable industrial IoT devices to work with multiple blockchain technologies, providing a secure platform for decentralized interaction.
Platforms for Blockchain-IoT Development:
- Chain of Things (CoT): A smart hardware infrastructure platform built on blockchain technology, aiming to improve transactions, interactions, and transfers.
- IOTA: Focuses on building new transactional and data layers using blockchain-IoT technologies.
- Ambrosus: Develops blockchain-IoT powered sensors to optimize supply chain assets with improved quality and transparency.
- Streamr: Enhances real-time data streams and offers better functionality for decentralized marketplace projects.
- Atonomi: Provides advanced security protocols and infrastructure for data and reputation tracking in IoT.
- IoT Chain: Maintains data security using blockchain concepts and technologies such as Practical Byzantine Fault Tolerance (PBFT), Directed Acyclic Graph (DAG), SPV, and CPS technology.
Important Points to Consider:
When hiring a blockchain-IoT app development company, consider the following:
- Domain Knowledge: Ensure that the company’s data analysts have specific knowledge of the domain to guarantee performance in building smart apps on blockchain-IoT technology.
- Development Expertise: The company should handle complex data processing and technologies like AI and machine learning to manage business operations and data processing complexities.
As the blockchain-IoT revolution continues to impact the market, it is dominating enterprise security, business processes, and bringing organizations into a unified ecosystem.
Conclusion
A combination of blockchain and IoT can help elevate your business value and introduce you to a range of prospects, business entities, and individuals in the coming years. Hence, you can also consider the integration of blockchain and IoT for your next development project. Additionally, you should hire the industry’s best blockchain and 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 18+ 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 has 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 are you looking to develop blockchain IoT web and mobile applications? Then you must hire blockchain developers or IoT developers from an Indian IT outsourcing company like ValueCoders. We develop advanced blockchain IoT applications just the way you want it.
