BLOCKCHAIN IOT MARKET

 

Market Overview:

              The blockchain IoT market is anticipated to grow at a 40% CAGR between 2021 and 2026. The Internet of Things is expanding exponentially in both research and industry as a result of the quick advancement of communication technology, and the amount of data being generated, sent, and analysed indicates that it is now entering a mature stage. It still has drawbacks, though, such privacy and security holes that the asymmetric cryptography of blockchain technology takes advantage of.

For instance, the US FDA (Food and Drug Administration) declared in 2017 that St. Jude Medical's implantable cardiac devices, which were used to monitor patient heart activity and prevent heart attacks, are susceptible to hacking because of flaws in the transmitter powered by IoT. The Mirai Botnet DDoS assault, which impacted internet connectivity for the whole East Coast of America, including Netflix, Reddit, and Twitter, is also among the most infamous IoT attacks.
By maintaining the privacy and security in a peer-to-peer network, the blockchain, powered by decentralised architecture and cryptographic encryptions, utilises the IoT platform. High processing power is needed, though, which increases bandwidth overhead and delays.

Key Market Trends

         The world has seen unprecedented urban growth over the past few decades, largely as a result of population growth, resource shortages, and climatic changes. About 54% of people live in cities, and by 2050, that number is predicted to rise to 66%. Government organisations are concentrating on contemporary technologies, such as IoT, wireless communication, and blockchain, in an effort to cut costs and use resources as efficiently as possible in order to keep up with urban growth.
As an illustration, the Netherlands set up IoT infrastructure in Amsterdam to control and continuously monitor the city's energy use, traffic, and safety.

Due to a growing influx of technology businesses, as well as rising investments in IoT technology, smart city deployments, government initiatives, and an increase in urban population, the Asia-Pacific region is predicted to develop at the fastest rate over the forecast period.
For instance, a blockchain company called Hyperchain stated in November 2019 that China's State Grid Corporation had approved their proposal for a blockchain solution that would make use of IoT capabilities.
The CCP Central Committee and State Council Opinions Concerning Effectively Seizing Key Work in the "Three Agricultures" Sphere were also published by the Chinese central government in February 2020 and covered the use of cutting-edge technologies like IoT, blockchain, and artificial intelligence in Chinese agriculture.


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