Hardware and software must both be secured in the IoT ecosystem at the same time. Platform and application suppliers have worked hard to ensure that their ecosystems are completely safe. For that reason, a number of provisions have been kept in place. Almost every research organisation has recognised blockchain as a rapidly accelerated evolution, and it isn't simply about financial services companies, which was the scope in which we initially approached blockchain outside of its bitcoin foundations. The Internet of Things (IoT) offers a plethora of opportunities for organisations to operate their operations more efficiently, and blockchain holds enormous promise for a variety of industries, including BFSI, automotive, manufacturing, and healthcare. End-users have been able to make their systems more efficient by combining IoT with blockchain. The Asia-Pacific Blockchain in IoT market is expected to grow fast throughout the forecast period, reaching $1459.8 million by the end of 2027, representing a 94 percent increase. This is mostly owing to the rapid development of infrastructure and manufacturing sectors in developing countries like India, China, and South Korea. In 2021, the worldwide blockchain IoT market was dominated by the North American blockchain market.
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Key Driving Factors:The demand for IoT security is growing.
Smart city initiatives, smart transportation, vehicular connection, smart grids, and smart homes are all examples of where IoT devices are being used widely. However, as IoT devices become more connected, they are increasingly vulnerable to security flaws such as Distributed Denial of Service (DDoS) assaults, botnet attacks, and insecure ecosystem interfaces. Cybercriminals can easily exploit security systems thanks to insecure IoT gadgets. Blockchain technologies enable the creation of a decentralised network of IoT devices, removing the requirement for a central site to manage device communication. Blockchain presents a compelling solution for IoT security, with excellent protection against data modification and unauthorised access to IoT devices.
Opportunities: Smart contracts are the next generation of Internet of Things (IoT) technologies. Another important application area is smart contracts, which are a major component of next-generation blockchain platforms. The most advanced smart contract-enabled blockchain is currently Ethereum, a public blockchain platform. Smart contracts are contract terms and conditions that parties can establish to ensure trust and transparency in the contract's enforceability. When integrated with smart contract technology, blockchain-IoT offers various advantages.
This report offers the major market player’s profiles, such as IBM (US), Microsoft (US), Intel (US), Amazon Web Services (US), Huawei (China), Cisco (US), SAP (Germany), Ethereum Foundation (Switzerland), The Linux Foundation (US), R3 (US), Arctouch (US), Walton Chain (China), Helium (US), Factom (US), HYPR (US), Chronicled (US), KrypC (India), IoTeX (Singapore), Discovery (Malta), Iota (Germany), Atonomi (US), Xage (US), Ambrosus (Estonia), NetObjex (US), and Grid+ (US)
Based on Vetical: The building management industry is projected to adopt blockchain IoT technologies at a faster rate. Smart home gadgets become immutable and protected from cyberattacks with the assistance of blockchain. Building owners can also use blockchain to securely grant other parties access to select areas and devices without giving them complete access. In facility management, increasing marketplace efficiency is also beneficial. The blockchain is a safe and secure method of automating transactions and data transfer. It has altered the manner that structures are managed. Facility management services, equipment warranties, indoor occupancy tracking, and a track of available spaces are all provided by employing blockchain in automation. As a result, the building management category is expected to increase at the fastest rate over the projection period.
The Blockchain IoT Market report has been categorized as below
Software and Platform
Technology Advisory and Consulting Services
Deployment and Integration Services
Support and Maintenance
Data Sharing/ Communication
Asset Tracking and Management
Energy and Utilities
Transportation and Logistics
Wearable and Mobile Devices
Rest of World
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Published Date : July-2021