IoT and IoT Blockchain Market Analyses and Benefits in Europe

Abstract

The Internet of Things (IoT) is a cutting-edge technology that enables virtual and physical objects to connect and communicate, resulting in new digitized services that enhance our quality of life. Despite its many advantages, the current centralized architecture of IoT poses various challenges such as single point of failure, security concerns, privacy issues, lack of transparency, and data integrity problems. These obstacles hinder the future progress of IoT applications. Moving the IoT to one of the decentralized technologies is the right solution to these issues. Blockchain is considered as the most common and popular decentralized technology. It is a new technology that operates with a decentralized, distributed, public, and real-time ledger to store transactions between IoT nodes. The main focus of this paper is on utilizing Blockchain technology for the IoT, specifically showcasing how different features of Blockchain can be utilized as a service in various IoT applications. The increasing penetration of Blockchain and IoT in various companies and industries primarily enables secure storage of large amounts of sensitive data, which can grow at a tremendous pace for the global IoT Blockchain market.