A Delightful Duo: How IoT can benefit from Blockchain Technology
IoT (Internet of Things) is gaining traction. According to the consulting company McKinsey & Company, the number of businesses employing IoT increased from 13% to 25% between 2014 and 2019. The number of linked IoT devices is estimated to reach 45 billion by 2023, laying the groundwork for future smart cities. Blockchain technology isn’t backing down either. It’s estimated to grow by $39.7 billion by 2025 from only $3 billion in 2020. Imagine what a combination of the two would do.
Despite having billions of devices connected, there’re a ton of security concerns that are slowing down the development and integration of IoT. Vipul Parekh, senior director at Alvarez & Marsal, confirms that the most painful challenge among IoT players is the protection of information within the entire IoT ecosystem. Security vulnerabilities have made IoT devices easy prey for malicious attackers, data breaches, and distributed denial-of-service attacks. The good news? Blockchain is here to save the day.
What is blockchain? It is a technology that enables data to be stored in a decentralized manner on an immutable ledger. Arthur Carvahlo, a blockchain expert explains that there are 3 fundamental ways blockchain can benefit IoT. They include; immutability…
