The Internet of Things (IoT) has been progressing on a fast track owing to emerging technologies and infrastructure developments. Most electrical devices are getting connected, whether it is a fridge at home or a printer in the office. It is helping in developing an ecosystem for blockchain IoT market.
The upcoming 5G deployment is going to accelerate IoT growth. The 5G deployment has already been started this year on a trial basis in selected areas. Indeed, faster data transmission will play a key role in helping IoT. However, one of the key growing concerns is around IoT network security. Therefore, some of the key areas that need to be addressed include a wide range of interconnectivity, the security of communication and safety of data backup.
In the IoT ecosystem, hardware and software need to be secured at the same time. Both platforms and applications providers have been trying to make sure that their ecosystems are fully secure. A number of provisions have been maintained for that purpose. Recently blockchain has started emerging a key technology which can be used for various functions including network security. All major IoT platform providers have already started R&D on blockchain technology for further exploration.
The blockchain technology is still in a nascent stage, and the development work is going on for various industries and various applications. Most of the development work is at a pilot stage and will require time for deployments. The implementation of blockchain is expected to revolutionise the IoT industry by making it more secure and safe.
Some of the potential areas include asset tracking and supply chain, smart building, insurance, inventory management, and connected cars. Meanwhile, DreamzIoT, Ambrosus and Modum are working on asset tracking and supply chain while Concentric and Hdac formed a partnership to work together on the development of smart building through IoT and blockchain. PICC (People’s Insurance Company of China) is working on insurance and Filament is working on the development of connected cars. Some companies such as IBM Watson, Waltonchain, Weeve, NetObjex, Viant and VeChain are providing platforms services to businesses.