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What to Expect from the Combination of IoT and Blockchain in 2020?

By CIOReview | Wednesday, February 12, 2020

Besides the growth, it is essential to understand how IoT can develop and what impact it will have on the inside as well as the outside.

FREMONT, CA: IoT has made its place in the world in the year 2019 and has given rise to big ideas that are being turned into trials to make them real-world applications. The escalation of the technology into the real-world application is gathering momentum and is making the future an IoT-ready world.

In the present day, consumers are getting acquainted with the concept of connected devices but are still a bit slow when it comes to rigorous uptake. With the rolling out of production investments in large companies, people are finally starting to change. The explosion and growth of the enterprise, commercial, and industrial IoT stay steadily rising after the businesses grasped the potential of digital transformation.

Every IoT device is uniquely created and speaks different languages. It developed with the help of the evolution of multiple technologies, leading to many dissimilar protocols being utilized for data transfer from a device to an enterprise, along with the need for standardization. Looking at the growth of IoT, it seems like IIoT has somehow lagged in its development. The trust in IoT and preferences of IIoT has changed as more and more businesses have started to realize the value of the data they collect. Significant business processes like data gathering, asset tracking, and business modeling can most likely witness enhancement through the introduction of IoT infrastructure.

IoT security is developing rapidly, and there is now plenty of flourishing enterprise applications of it, out in the real world that can meet some of the horror stories the hackers. These developments continue to be the reason behind triggering the IIoT networks to make a shift from concept to reality.

The drawbacks of real-world IoT applications leveraging blockchain has made it tough for businesses to understand the worth of the technology. In 2020, therefore, companies will witness several IoT applications using blockchain to resolve the trust and security challenges related to the IoT devices. If implemented as a combination of IoT and blockchain, businesses can have a reliable exchange of data over great distances, which can provide them with considerable benefits to asset management, logistics, and everywhere, where smart contracts can be applied.

See Also: Top IoT Companies