The Internet of Things (IoT) is making headway in terms of mass adoption. According to a new research study by Aftrex Market Research, the technology may become a billion-dollar industry by 2026, valued at around $254 billion. This figure comes near to the total market valuation of the top ten cryptocurrencies, which are currently valued at $272 billion according to data by CoinMarketCap.
The main driver behind such stellar growth is blockchain. IoT Blockchain provides users with an open-source platform with blockchain-based hardware security.
As Aftrex explains,
“accelerated data exchange, enhanced security, and reduced costs are expected to propel the market growth.”
With this type of structure, the blockchain could help improve privacy agreements and communication related to security for many businesses.
Applicable To Many Industries
Another advantage of this system is that its technology is applicable to many different industries. Aftrex points out that a few fields that will benefit include accounting, cryptocurrencies, and the technology sector.
In terms of accounting, the technology may enhance the robustness and efficiency of payments. It could also support an end-to-end trail for retailers, and ensure higher levels of security in regard to data. Further, businesses can apply a reward system in the form of loyalty programs – although, the specific details are unclear as to how this would work.
Second, the cryptocurrency field may complement the blockchain IoT revolution. For instance, payments in this area may become more secure as well and allow for micropayments.
Although the technology is expected to be implemented worldwide, the report surmises that the most prominent adoption will occur in Asia and Australia. The expected compound annual growth is 13.3 percent.