Blockchain is a distributed ledger technology that works in tandem with the Internet of Things to enable machine-to-machine interactions. It employs a set of transactions that are stored in a database, checked by numerous sources, and recorded in a shared ledger that connects all nodes. The blockchain IoT offers a number of potential benefits, including the ability for a smart device to operate independently of a centralized authority. While blockchain's decentralized nature is an architectural benefit, it can be a difficulty for IoT. Building a decentralized IoT platform would help ensure compatibility with a blockchain network, but because IoT sensors rely on central computation and storage resources, configuring them to manage their own compute and data storage might be difficult.
The global Blockchain IoT market is expected to grow at a CAGR of around 45% over the period of next 5 years.
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Blockchain technology tracks the origin of the digital asset in its ultra-transparent ledger system. Cryptocurrencies, copyright and royalty protection, digital IDs, tax regulation and compliance, and administering the Internet of Things, and among other applications have benefited from the technology's security and transparency. Its decentralized nature makes it more difficult to tamper with, which adds to its popularity among users. It is a cost-effective and advantageous solution due to the minimal human involvement, elimination of third-party verifications, increased transparency, and ease of usage.
Its popularity has grown as it has spread across all industry verticals, including BFSI, healthcare, and retail manufacturing. Some of the world's top banks, including Banco Santander, UBS, State Street Corp, Bank of New York Mellon Corp, Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG and HSBC Holdings Plc. are investing more than USD 50 billion to develop a blockchain-based digital cash settlement system. The application of blockchain technology in the healthcare sector has enabled smart contracts to help with health insurance, telemedicine, and electronic health records (EHR), among other things. Hashed Health recently developed a Blockchain-based system that provides a platform for healthcare personnel' credentials to be exchanged.
Due to rising cybersecurity risks, the blockchain IoT market has seen a spike around the world. Furthermore, the lockdown and temporary closure of all enterprises, as well as international and local borders, has had a significant impact on daily life. Despite the pandemic, the industry has grown due to the increased usage of digital technology for smart contracts, asset tracking and management, and data communication, among other applications.
BLOCKCHAIN IOT MARKET SEGMENTATION:
- IoT sensors
- Temperature sensors
- Motion sensors
- Connected devices
- Vehicle information
- Crypto wallets
- Technology and Consulting Services
- Integration Services
- Support and Maintenance
- Smart Contracts
- Data Sharing
- Tracking Application
- Asset Management
By Organization Size:
- Small-Medium Size Organization
- Large Scale Organization
- Energy and utilities
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America dominates the blockchain IoT industry. The regional market is growing due to the widespread usage of advanced IoT. According to the GSM Association's Mobile Economy 2020 report, the number of IoT connections in the region reached 2.9 billion in 2020 and is predicted to reach 5.4 billion by 2026. Furthermore, the region's financial stability opens several possibilities for new investments and has boosted the adoption of the latest IoT gadgets.
During the forecast period, Asia Pacific is expected to have the highest CAGR in the worldwide Blockchain IoT market due to its advanced and dynamic adoption of new technologies. Blockchain IoT projects are becoming increasingly popular in APAC countries. With the expansion of IoT in the APAC area, concerns about security and fraud have grown; combining blockchain with IoT will improve enterprise database trust and security. Blockchain technology is being adopted by businesses in Asia Pacific. Flexible economic conditions, industrialization-driven policies, political transformation, and rapid digitalization are projected to have a significant impact on the business community and drive blockchain IoT market expansion in APAC.
FEW KEY PLAYERS IN BLOCKCHAIN IOT MARKET:
- IBM Corporation
- Intel Corporation
- Huawei Technologies
- Amazon Web Services
- SAP SE
- Cisco Systems
- The Linux Foundation
- Ethereum Foundation
- The Insurer Network, a reinsurance smart contract platform built on IBM blockchain technology and hosted on IBM Cloud, was launched in January 2021 by IBM and Thai Reinsurance Public Company Limited (Thai Re).
- In June 2020, The Abu Dhabi Digital Authority, which is in charge of the Emirate of Abu Dhabi's digital transformation, had announced the signing of a Memorandum of Understanding with Intel Corporation for accelerating Abu Dhabi's digital transformation.
- In October 2020, Mphasis, an IT solutions company focusing in cloud and cognitive services, announced collaboration with R3, a prominent worldwide corporate software corporation, to jointly develop and sell novel blockchain-enabled payment solutions. Mphasis is proactively expanding its Payments and Trade Finance technology solutions offering by leveraging R3's Corda blockchain platform.
- On January 16, 2018, IBM Corporation and Maersk, a global leader in container shipping, have teamed up to use blockchain technology to boost global trade and modernize supply chains. The goal of the joint venture is to address the need for increased consistency and flexibility in product transportation across borders and trade zones.