Blockchain IoT Could Be a $254 Billion Market by 2026: Research

Blockchain IoT Could Be a $254 Billion Market by 2026: Research
фото показано с : blokt.com

2018-8-1 15:54

Internet of Things could have finally found the vehicle for mass adoption and innovation it has been looking for — blockchain. The open standard initiative for blockchain security, known as Blockchain Internet of Things (BIOT), could grow by humongous proportions in the next decade.

A new report from Aftrex Market Research, a New York based consulting firm, suggests that by 2026, BIOT technology is expected to reach a market of $254 billion. By comparison, the total market valuation of the top 10 cryptocurrencies currently is around $272 billion, per CoinMarketCap data.

What Is BIOT?

The Blockchain Internet of Things is an open-source platform that was designed to develop open standards for blockchain-based hardware security. Aftrex suggests that “accelerated data exchange, enhanced security, and reduced cost are expected to propel the market growth.”

According to the research, BIOT could be a catalyst in blockchain adoption as it could help in improving privacy in agreements and security in communication in businesses. The large-scale adoption of BIOT technology could be further enabled by the application of industrial automation, especially in the oil and gas, automotive and manufacturing sectors.

What Are the Possible Applications of BIOT?

Aftrex research shows that BIOT could be used to make accounting and payment systems more robust and efficient. BIOT-powered accounting systems could create an end-to-end trail for retailers, helping provide more transparency through secure and immutable data. It could also be a part of loyalty and reward programs run by several businesses. Using BIOT could help in making business operations more cost-effective, as well as secure.

Aftrex also points out that cryptocurrencies will complement the BIOT revolution to help make secure global payments, including micropayments.

The firm also indicates that the most sizeable portion of this increased adoption will come from the Asia Pacific region. Australia, Japan, and China will be particularly benefitted by its use, with an expected compound annual growth rate of 13.3 percent. Other Asian countries like Singapore could also be major beneficiaries because of their focus on blockchain projects.

The study claims that the most significant contributions to this growth story will come from IBM, Microsoft, Amazon, Samsung, and Oracle.

Blockchain IoT Could Be a $254 Billion Market by 2026: Research was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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