According to the United Nations, about 54% of people dwell in cities and is expected to reach 66% by 20250. Over the last few decades, the world has experienced unparalleled urban growth majorly due to an increase in population, scarcity of resources and climate changes. Smart City End-users to Hold a Major Market Share However, technologies such as blockchain IoT would provide the necessary infrastructure for transaction management, asset tracking, smart contracts while ensuring security and transparency and thereby increasing the operational efficiencyįor instance, smart city developers such as Hancom Group announced that its 470 acres smart city project Gapyeong Malang Malang Smart Ecosystem will be incorporating blockchain as the basis for development. The smart cities are entitled to problems such as high operation cost of the data center, poor security of IoT, equipment maintenance among others. With the rapid growth of urbanization and government initiatives across the world foster the demand for smart cities. The Financial institutions and other major companies are usually are inherently slow in adopting any new technology but Banks and Financial institutes such as HSBC, Deutsche Bank, ING that are exploring the potential of blockchain technology added with the flexibility IoT open up innumerable use cases to run smart operation leveraging the everyday devices equipped with sensors and thereby achieve more efficiency. Blockchain technologies on other hand provide security protocols and infrastructure that enable billions of IoT devices to have trusted interoperability for both data and commerce. However, it requires high computational power resulting in higher bandwidth overhead and delayįurthermore, centralized architecture such as cloud model that powers traditional IoT result in latency, high cost and the risk of single point of failure. The traditional IoT systems are powered by centralized topology where data is transmitted from physical devices to cloud where the data is processed using analytics and output is received back to the IoT device, but with the increase of frequency of network devices limits the scalability of the IoT platforms and risk it with vulnerabilities that would eventually compromise users network security and privacy.įor instance, In 2017, the US FDA ( Food and Drug Administration) announced that St Jude Medical' implantable cardiac are vulnerable to hack due to vulnerabilities in the transmitter powered by IoT which were deployed to monitor the patient heart function and control heart attack, Also few of the infamous IoT attacks include Mirai Botnet DDoS attack affected internet service for the entire East Coast of America including Netflix, Reddit, and Twitter.Īs with the Blockchain powered by decentralized architecture and cryptographic encryptions leverages the IoT platform by ensuring the privacy and security in a peer-to-peer network. With the rapid development of communication technologies, the Internet of Things is experiencing exponential growth both in research and industry and is getting out of its infancy to maturity phase with the volume of data generated, transmitted and processed but it still suffers from pitfalls such as privacy and security vulnerabilities that is leveraged by the asymmetric cryptography of the blockchain technology. The Global Blockchain IoT Market is expected to grow with a CAGR of 40% over the forecast period 2020-2025. DUBLIN-( BUSINESS WIRE)-The "Global Blockchain IoT Market: Growth, Trends and Forecast (2020-2025)" report has been added to 's offering.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |