KEY POINTS

  • Blockchain is emerging as a key tool with numerous applications throughout the IoT. Companies are developing innovative solutions that use blockchain to cut costs and improve services.
  • The unique properties of blockchain allow data from IoT devices to be collected, stored, and shared in new, simpler ways.
  • Blockchain is poised to transform practices in a number of IoT sectors, including:
    • The supply chain: Tracking the location of goods as they are shipped, and ensuring that they stay within specified conditions.
    • Asset tracking: Monitoring assets and machinery to record activity and output as an alternative to cloud solutions.
    • Health care: Enabling logging and sharing of medical data between numerous stakeholders with versatile permissioning, directly holding some data while offering encrypted links to other information.
  • While solutions address a number of potential pain points in the IoT, several challenges exist that could hold back widespread adoption. These issues include blockchain’s complexity, companies’ loss of control, regulation, and hardware requirements.
  • Blockchain is poised to provide a new, powerful tool for companies developing and implementing IoT solutions, offering increased versatility, security, and efficiency.

Introduction

Blockchain isn't just for bankers anymore. Most of the buzz around the distributed ledger has focused on its uses in finance, where it originated (see BI Intelligence's recent Blockchain In Banking Report). But one of the most promising blockchain trends is its growing relevance to the IoT. Firms developing blockchain technologies have raised [...]