As per a survey, the blockchain and IoT market is going to be valued at USD 3,021 million by 2024.
That sounds insanely HUGE!
But it is the fact, that in the coming years this duo of technology is going to create a massive stir in the market. To support the fact, it has been observed that two giant- names, Bosch and Volkswagen, are among companies that have embraced the medley of these two technologies in their business model.
But still, a bigger question that must be banging right now in your brain, is that what is the connection between blockchain and IoT?
Connection Between IoT & Blockchain
To start with you must know that Blockchain and IoT are not entirely related to each, however, there is an inter-relation that serve a similar purpose, and help different industries to come forward with an impeccable solution to reach their business potential.
As these, both technologies are constantly receiving evolution and have got a lot more to bring to our tables. Well, this incredible combination has not affected one or two but a huge number of industries getting affected.
To help you get a closer look at those industries and how those industries are going to affect industry verticals, we have brought this post here for you today.
In this post, we have gathered some of the most engaging set of information that helps you understand how Blockchain and IoT are ready to transform different industries for a better world!
IoT has brought the concept of Smart Homes, where you can check the security through a centralized platform on your smartphone. To optimize the security level to another extent, and combat the security breaches, Blockchain technology comes into existence and evade the chance of any security glitches to occur. And this helps the users to resolve the security issues at a much lower cost.
The innovative side of the automotive industry has also led to more number of vehicles on the road, which creates the hassle of parking. With the emergence of Blockchain and IoT, this issue has got well-handled by the amalgamation of IoT and blockchain. The integration IoT sensors in the parking area, grab the details that which car would remain parked in the area for how long, and further the smart contracts automate the payments and required money gets deducted from the users’ account.
Supply-Chain & Logistics
Well, this is one of the industries that has gained the maximum attention from this techno mix, and needless to mention has offered great worth to this industry. With this duo, it becomes easier to improve and enhance the supply chain networks, as traceability does not remain a hassle. With the help of IoT sensors such as temperature sensors, motion sensors, or GPS, a varied form of information can be driven and shipment status can be tracked. Further, the data fetched from the sensors, make it convent to audit, track, and run the shipment on time.
As we know that due to fraudulent companies, there are many duplicate medicines available in the market, that result in spoiling the medicinal quality to a great extent and disturb the transparency in the medical supply as well. However, the integration of Blockchain and IoT benefits here as well. It enables the medical suppliers to track the shipping of goods and maintain the legal ownership of specific medical products too.
The constant rise in the world population has brought the need for cultivating more food. But this has also raised the concern of maintaining sustainability as well. Here the combination of both the technologies would transform the structure of the agriculture industry and shall enhance the food chain supply management also.
The concept of sharing economy industry is indeed unique and engaging, where people can do the transaction over decentralized distributed systems for sharing goods or any services. The IoT enabled objects here to get security and data transparency.
In a nutshell…
“Blockchain meets IoT” is no more a dream but a reality that is going to evolve industries with its impeccable technical capabilities. However, both of these technologies are also paving higher within their respective domains as well, for instance, blockchain in handling payments is one of the most important and trending trends, creating a niche in the digital payment system. On the other hand, IoT has eased down the road for inventory management where sensors help in tracking and monitoring the health of the products during shipment.
To conclude it can be stated that the medley offered by Blockchain and IoT would definitely transform the world for better and improved transparency, security, and traceability.