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Blockchain isn’t just for bankers anymore. Most of the buzz around the distributed ledger has focused on its uses in finance, where it originated. But one of the most promising blockchain trends is its growing disruptive presence in the Internet of Things (IoT).
Companies are pioneering innovative new solutions that use blockchain for tasks like tracking goods as they move and change hands in the supply chain, monitoring the location and condition of assets like industrial machinery at remote work sites, or storing medical data, and they are transforming the IoT
In a new report from BI Intelligence, we analyze the developing role of blockchain in the IoT ecosystem. First, we look at how blockchain works, both generally and as part of an IoT solution. We then identify the areas most suited to use blockchain as part of larger IoT projects, specifically looking into the supply chain, asset tracking and monitoring, and health care. Finally, we discuss the challenges companies looking into blockchain solutions for IoT programs will face, and explore what the future holds for blockchain in the IoT.
Here are some of the key takeaways:
- Blockchain is emerging as a key tool with numerous applications throughout the IoT. Companies are developing innovative solutions that use blockchain to cut costs and improve services.
- While solutions address a number of potential pain points in the IoT, several challenges exist that could hold back widespread adoption. These issues include blockchain’s complexity, companies’ loss of control, regulation, and hardware requirements.
- Blockchain is poised to provide a new, powerful tool for companies developing and implementing IoT solutions, offering increased versatility, security, and efficiency.
In full, the report:
- Explains how firms are already exploring ways to make use of blockchain in all sorts of IoT projects.
- Provides an overview of disruption in critical sectors including the supply chain and asset management.
- Analyzes how blockchain is poised to see rapid expansion as a tool used in IoT solutions that reduce costs, increase efficiency, and remove reliance on cloud-based platforms.
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