Top 3 Reasons Why Blockchain Adoption Saw 2x Growth in the IoT Industry (2018)

Author: Michael R.
Date: 
January 16, 2019
Read time: 
2 minutes

Blockchain adoption has more than doubled over the past 12 months from 9 percent to 19 percent in the IoT industry, according to cybersecurity firm Gemalto.

Blockchain adoption has more than doubled over the past 12 months from 9 percent to 19 percent in the IoT industry, according to cybersecurity firm Gemalto.

91 percent of organizations who do not “currently use the technology [blockchain] are likely to consider using it in the future.”

Nearly a quarter, 23 percent, of responding businesses believe that “blockchain technology would be an ideal solution.” Another astonishing figure is that 91 percent of organizations who do not “currently use the technology [blockchain] are likely to consider using it in the future.” Gemalto surveyed 950 IT companies and business makers for the survey.

The top 3 reasons for the rise in blockchain adoption are related to concerns over security. According to the report:

  • Only 48 percent of businesses can detect if any of their IoT devices suffer a breach.
  • 14 percent of businesses view IoT security as an ethical responsibility (compared to 4 percent reporting this in 2017).
  • Spending on protection for the internet of things has increased to 13 percent of business budgets.

Ultimately, blockchain technology provides a transparent, distributed, and democratic way for nodes to maintain checks and balances of how different “things” in the internet of things are operating. If an object or system is breached, it is likely that a blockchain network can pick up on a change of status if the proper parameters and checks are put in place.

If you want to learn more about blockchain technology and how it works, come check out our explanation, let us know if it helps!

Posted by Michael R.

Michael is an entrepreneur who has been deeply involved in the cryptocurrency industry since early 2014. He joined Cryptomaniaks as a cryptoanalyst, helping to create accurate and digestible content.

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