The Blockchain IoT market is estimated to exceed $124M by 2030
The Blockchain Internet of Things (IoT) market is projected to reach $124.58 by 2030, according to a recent study by Contrive Datum Insights.
The compound annual growth rate (CAGR) of the blockchain IoT space is expected to reach 93.4%, according to the study. It also predicts the Asia Pacific region to take the lead in the expansion of Blockchain IoT as the region has already started making strides in this field.
North America follows Asia Pacific as the second most popular region for the expected growth of Blockchain IoT. The study mentions that the organizations in this region are becoming more concerned about data security – and motivates them to invest in Blockchain IoT systems.
Blockchain IoT
The article explains why the fusion of IoT and blockchain could be a game-changer for organizations. As the article describes, IoT is smart software used to “easily complete tasks, run administrative tasks, and store things securely.”
Merging this technology with blockchain prevents third-party access to the resources of the IoT, providing security, transparency, better automation and higher productivity.
Blockchain IoT industry has already attracted the attention of tech giants and has started to grow. One of the first initiatives in this field came from Intel in June 2020, when the company signed a Memorandum of Understanding (MoU) with Abu Dhabi to accelerate the country’s digital transformation. The MoU had many components to focus on, including Blockchain IoT.
IBM followed Intel and entered the blockchain IoT sphere in January 2021 by partnering with Thai Reinsurance Public Company Limited (Thai Re). The duo rolled up their sleeves to launch Insurer Network – a Blockchain IoT project that uses IBM’s blockchain technology to increase the efficiency and processing speed of Thai Re.
The growing need to improve data security is one of the main drivers behind the expansion of this field. As technology advances, ways to store data securely and efficiently become more and more valuable, according to the paper.
Challenges
However, the field still faces challenges that hinder growth. The article notes several of these challenges, including integration and interoperability issues, scalability, and regulatory issues.
All IoT systems need to be able to communicate with each other to provide maximum efficiency, which can be a bit difficult to maintain. As the number of systems integrated into the network grows, scaling the entire system to operate at peak performance will be equally challenging.
Disclaimer: Our authors’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Do your own due diligence before doing anything related to the content of this article. Finally, CryptoSlate takes no responsibility if you lose money trading cryptocurrencies.
