Blockchain IoT Market : Research Consumption, Companies , Industry Report

The blockchain IoT market is expected to register a CAGR of 40% over the forecast period, 2020 – 2025. With the rapid development of communication technologies, the Internet of Things is experiencing exponential growth, both in research and industry, and is getting out of its infancy to a maturity phase with the volume of data generated, transmitted, and processed. However, it still suffers from pitfalls, such as privacy and security vulnerabilities, that are leveraged by the asymmetric cryptography of the blockchain technology.

– The traditional IoT systems are powered by centralized topology where data is transmitted from physical devices to the cloud, where the data is processed using analytics and output is received back to the IoT device, but the increase in the frequency of network devices limits the scalability of the IoT platforms and risks it with vulnerabilities that would eventually compromise users’ network security and privacy.
– For instance, in 2017, the US FDA (Food and Drug Administration) announced that St. Jude Medical’s implantable cardiac are vulnerable to hack due to vulnerabilities in the transmitter powered by IoT which were deployed to monitor the patient heart function and control heart attack. Also, few of the infamous IoT attacks include Mirai Botnet DDoS attack that affected internet service for the entire East Coast of America, including Netflix, Reddit, and Twitter.
– The blockchain powered by decentralized architecture and cryptographic encryptions leverages the IoT platform by ensuring the privacy and security in a peer-to-peer network. However, it requires high computational power, resulting in higher bandwidth overhead and delay.

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Key Market Trends

Smart City End Users to Hold a Major Market Share

– Over the last few decades, the world has experienced unparalleled urban growth, majorly due to an increase in population, scarcity of resources, and climate changes. According to the United Nations, about 54% of people dwell in cities, which is expected to reach 66% by 2050. To cope up with the urban growth, government bodies are focusing on modern technologies, such as IoT, wireless communication, and blockchain, aiming to reduce cost and use resources optimally.
– For instance, the Netherlands deployed IoT infrastructure in Amsterdam to regulate and monitor the city’s energy usage, traffic flow, and safety, real-time.
– Data security is one of the vital constraints for devices and services deployed in a metropolitan city, which leveraged with the blockchain’s decentralized platform, ensures the trust of the public, and hence, fosters the growth of the market.
– Also, government initiatives around the world are starting to appreciate the potential of blockchain as it provides the infrastructure necessary for transaction management, while ensuring transparency and security, which stand to be critical elements in smart city implementation.
– For instance, in 2015, India pioneered to openly enact a smart city mission across 12 cities with a government-approved tender amounting to INR 1,62,000 crore under this program. Additionally, the government recently announced the report card for the 100 selected smart cities in June 2020

Asia-Pacific to Witness the Highest Growth

– The Asia-Pacific region is expected to grow at the highest rate over the forecast period, owing to the rising influx of technology companies in the region, coupled with the increasing investments in IoT technology, smart city deployments, government initiative, and growth of urban population.
– For instance, in November 2019, Hyperchain, a blockchain firm, announced that China’s State Grid Corporation accepted its bid for a blockchain solution to leverage the Internet of things (IoT) capabilities as part of its procurement program.

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