When Blockchain and IoT Work Together: Reappraising the Promises and Pitfalls

When Blockchain and IoT Work Together: Reappraising the Promises and Pitfalls

Understanding the Convergence and Moving Past the Hype to See Real Value and Growth Opportunities

RELEASE DATE
24-Dec-2021
REGION
Global
Research Code: K675-01-00-00-00
SKU: IT04453-GL-MT_26142
$2,450.00
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$2,450.00
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Description

This study serves to explain how Blockchain and IoT can work together, what each technology is, how it works, how they integrate together, and example use cases.
•     Blockchain and IoT represent two collections of technologies with tremendous potential to improve and optimize businesses operations and daily life, but despite the heralding of a new era the realized results have fallen short. Innovators have been combining these two groups of technologies in novel solutions, searching for ways to monetize existing capabilities and divining what customers may actually purchase. Service providers are exploring capabilities for these solutions to add value across applications, in use cases where stakeholders need a way to smooth transactions in situations that lack complete trust.
•     As IoT connectivity progresses to support long range applications and high bandwidth applications, IoT can unleash waves of process optimization. While IoT is adding an identity and connectivity to billions of devices, simultaneously making it easy to measure and manage functions as well as making them vulnerable.
•     Blockchain can be imagined as simply a way to find agreement with strangers. Or put another way, blockchain is a collection of technologies that secure an exchange of value without a central point of control. It minimizes the capability for any one actor behaving maliciously or deceptively to control the trusted chain. The blockchain’s goal is to reach consensus without a single central authority.
•     Blockchain technologies can complement IoT deployments by adding a layer of verifiable trust to recording and exchanging data and securing devices. Integrating blockchain-enabled solutions into distributed (and/or multiparty) systems can mitigate security and operational risks, through identify verification, device authentication, and data transparency. Applications leveraging both IoT and blockchain can streamline business processes and transactions, optimizing and automating contracting terms and transactions with a consensus record that does not require a third-party approval.
•     The IoT services ecosystem is fragmented but interdependent; service providers frequently work together across functions. The blockchain solutions landscape is also fragmented, with another highly complex value chain that requires proficiency across multiple domains.
•     The market landscape for blockchain-enabled IoT solutions is fast-moving, with startups pivoting fast and established incumbents entering and exiting the space votsrelatively quickly. After much hype, enterprises are figuring out where blockchain in adds more value than a standard database.
•     Solutions in these segments usually involve complex and long value chains, with many multi-party systems. Service providers need to blend industry knowledge and technical expertise as they manage and evolve ecosystems. With 5G connectivity and a rising wave of IoT devices visible on the horizon, stakeholders will need to collaborate in order to standardize and broaden the appeal of these types of solutions.
•     Fundamentally the market for solutions and services blending IoT and blockchain is nascent, with definitions and businesses models blurring and changing quickly.

Author: Nick Baugh

RESEARCH: INFOGRAPHIC

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Table of Contents

Why Is It Increasingly Difficult To Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Blockchain-Enabled Internet of things Space

Growth Opportunities Fuel the Growth Pipeline Engine™

Scope of the Study, in Regards to Blockchain

Scope of the Study, in Regards to IoT

Inside this Study, Much Enthusiasm in a Hazy Landscape

Definition of the Internet of Things (IoT)

Why Does the Internet of Things Need Help?

Why Does the Internet of Things Need Help? (continued)

The Needs of IoT Use Cases

IoT Connectivity Options

IoT Connectivity

Definition of Blockchain

What Problems can a blockchain-based Solution Address?

Basics of Blockchain—Terminology

Basics of Blockchain—Terminology (continued)

Basics of Blockchain—Terminology (continued)

Basics of Blockchain—Nodes in a Decentralized Network

Basics of Blockchain—Building the Chain

Wide Potential for Blockchain Applications

Limitations of Blockchain Solutions

Various Types of Blockchains

Different Types of Blockchains

Variety of Enterprise Blockchain Platforms

Leading Platforms for Enterprise IoT Blockchains

Common Modifications of Leading Platforms

How Blockchain and IoT Can Work Together

Building Trust With Blockchain

Organizations Need Ways to Ensure Verifiability

What Blockchain-enabled IoT Solutions Can do in the Enterprise

Benefits of Blending Blockchain and IoT

How IoT and Blockchain Interact

Blockchain and Iot Integration Options

IoT and Blockchain Integration Considerations

IoT and Blockchain Integration Considerations (continued)

Challenges in Developing Blockchain-enabled Solutions with Enterprise IoT

Challenges Bridging Enterprise Networks and Blockchains

What It Means—Tremendous Potential

What It Means—Tempering Overenthusiasm

Limitations of Blockchain-enabled IoT Solutions

COVID Derived Challenges

Services Landscape

Services Landscape (continued)

Global Big Tech Service Providers entering Blockchain

Blockchain as a service

Blockchain-IoT Service Providers

Startup Activity

Blockchain Use Cases Across industries

Select Application Segments

Blockchain and IoT in Transportation and Logistics

IoT & Blockchain Functions in Transport & Logistics

IoT and Blockchain Solutions—Transportation & Logistics

Example in Transportation & Logistics—Fr8 Network

Blockchain and IoT in Agriculture

IoT and Blockchain Functions in Agriculture

IoT and Blockchain Solutions—Agriculture

Example—IBM FooD Trust

Blockchain and IoT in Healthcare

Healthcare IoT and Blockchain Functions

IoT and Blockchain Solutions—Healthcare

Example—Chronicled and Mediledger

Blockchain and IoT in Automotive Sector

Automotive IoT and Blockchain Potential Functions

IoT and Blockchain Solutions—Automotive

Automotive Sustainability and Ethics in Smart Contracts

Growth Opportunity 1—A 5G-based Ecosystem where Telcos, IoT App Providers, and Blockchain Providers Work Together

Growth Opportunity 1—A 5G-based Ecosystem where Telcos, IoT App Providers, and Blockchain Providers Work Together (continued)

Growth Opportunity 2—Affordable Hardware/Connectivity Enable Mass IoT Deployments, Scalability Concerns Persist

Growth Opportunity 2—Affordable Hardware/Connectivity Enable Mass IoT Deployments, Scalability Concerns Persist (continued)

Growth Opportunity 3—Embedding Blockchain-based Security Throughout IoT Technology Stack

Growth Opportunity 3—Embedding Blockchain-based Security Throughout IoT Technology Stack (continued)

Growth Opportunity 4—Building Consensus Across Industries and Sectors will Create New Opportunities

Growth Opportunity 4—Building Consensus Across Industries and Sectors will Create New Opportunities (continued)

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Related Research
This study serves to explain how Blockchain and IoT can work together, what each technology is, how it works, how they integrate together, and example use cases. • Blockchain and IoT represent two collections of technologies with tremendous potential to improve and optimize businesses operations and daily life, but despite the heralding of a new era the realized results have fallen short. Innovators have been combining these two groups of technologies in novel solutions, searching for ways to monetize existing capabilities and divining what customers may actually purchase. Service providers are exploring capabilities for these solutions to add value across applications, in use cases where stakeholders need a way to smooth transactions in situations that lack complete trust. • As IoT connectivity progresses to support long range applications and high bandwidth applications, IoT can unleash waves of process optimization. While IoT is adding an identity and connectivity to billions of devices, simultaneously making it easy to measure and manage functions as well as making them vulnerable. • Blockchain can be imagined as simply a way to find agreement with strangers. Or put another way, blockchain is a collection of technologies that secure an exchange of value without a central point of control. It minimizes the capability for any one actor behaving maliciously or deceptively to control the trusted chain. The blockchain’s goal is to reach consensus without a single central authority. • Blockchain technologies can complement IoT deployments by adding a layer of verifiable trust to recording and exchanging data and securing devices. Integrating blockchain-enabled solutions into distributed (and/or multiparty) systems can mitigate security and operational risks, through identify verification, device authentication, and data transparency. Applications leveraging both IoT and blockchain can streamline business processes and transactions, optimizing and automating contracting terms and transactions with a consensus record that does not require a third-party approval. • The IoT services ecosystem is fragmented but interdependent; service providers frequently work together across functions. The blockchain solutions landscape is also fragmented, with another highly complex value chain that requires proficiency across multiple domains. • The market landscape for blockchain-enabled IoT solutions is fast-moving, with startups pivoting fast and established incumbents entering and exiting the space votsrelatively quickly. After much hype, enterprises are figuring out where blockchain in adds more value than a standard database. • Solutions in these segments usually involve complex and long value chains, with many multi-party systems. Service providers need to blend industry knowledge and technical expertise as they manage and evolve ecosystems. With 5G connectivity and a rising wave of IoT devices visible on the horizon, stakeholders will need to collaborate in order to standardize and broaden the appeal of these types of solutions. • Fundamentally the market for solutions and services blending IoT and blockchain is nascent, with definitions and businesses models blurring and changing quickly. Author: Nick Baugh
More Information
No Index No
Podcast No
Predecessor NA
Author Nicholas Baugh
Industries Information Technology
WIP Number K675-01-00-00-00
Is Prebook No
GPS Codes 9705-C1,9AD1-C1,9B07-C1