Combining IoT App Development With Blockchain To Boost Business Value

Combining IoT App Development With Blockchain To Boost Business Value

In the existing technical landscape, the amalgamation of IoT and blockchain technology has proven to be one of the most exciting trends so far. Ever since their inception, a plethora of industries and service sectors have widely adopted the swift applications of blockchain and IoT altogether. The merger has also yielded performance improvements and adoption benefits in exponential numbers. 

While we understand IoT and blockchain separately, however, the union of these two as a single technology is devised to suit diverse situations in business operations. In this article, we will analyze how they are contributing to the growth of business value. But first, let us look at the incredible statistics.


Key Highlights
 

• By the year 2025, blockchain is expected to create nearly $176 billion of market value and will keep on rising to $3.1 trillion by 2030.
• The global Internet of Things or IoT market is projected to grow and reach $1463.19 billion by 2027 with a CAGR of 24.9% during the forecast period.

The combination of blockchain IoT has built an intricate relationship with hybrid applications that will continue in the future as well. 

The joint system is enabling businesses to record and develop a cryptographically safe dataset that is fully secured against theft and alterations. In the near future, it is strongly forecasted that businesses adopting blockchain-based IoT app development will be more successful. 

Nevertheless, from the above statistics, it is clear that blockchain-powered IoT app development services are being extensively explored. However, for a few companies, the merger of IoT and blockchain technology is still a relatively new approach to comprehend and invest in. 

The combination of these two powerful technologies has the potential to build new types of digital interactions, applications, as well as to create opportunities for reducing the cost and complexities of your business operations. 

All in all, blockchain and the Internet of Things are the answers to all the critical industry challenges such as privacy and security of transactions and combined data. Together, these technologies can prove to be highly advantageous for industries by accelerating transactions, building trusts, and reducing the overall costs involved.  

Also Read: Prime Benefits of SaaS-Based Mobile App Development Services

6 Ways How Blockchain IoT Can Impact Your Business Value

At the heart of progression, the union of blockchain IoT may seem like aid to building accountability and transparency while parallelly moderating business mechanisms. However, you can indubitably expect a new route to construct decentralized and scalable security IoT applications, platforms, and devices based on decentralized and distributed networks.
 

1. The synthesis of blockchain IoT can enhance the traceability of supply chain networks. Businesses can track almost anything and everything about the shipment status or connected vehicles using motion sensors, IoT sensors, GPS devices, and more. Using blockchain and IoT technologies altogether makes your company data fully encrypted, tamper-proof, and more secure, further improving the transparency in the system.
    
2. The transactions that are made using blockchain-based smart contracts can significantly lower the burden of performing accounting and financial operations on IoT-enabled devices that can be further automated completely with the help of blockchain technology and without any interference from third parties.
    
3. With immutability and decentralization in place, IoT devices do not need to depend on centralized communication models. The computation and data storage requirements can be well-distributed to millions of IoT devices in order to truncate the effect of any sort of central failure on the entire network. In addition to this, using blockchain IoT in amalgamation can also assist you in tracking billions of devices in the available networks. 
    
4. With blockchain IoT, it is impossible for any outsider or third party to write access to your valuable data without knowing your private keys. Moreover, no one will be able to record or overwrite your data with inaccurate details or access.
    
5. The coalescence of blockchain IoT allows seamless data encryption and the possibility of distributed storage makes your data to be more secure and trusted by the parties involved in the process. A myriad of industries today have essential security requirements for their massive data and transactions. Therefore, with blockchain IoT, businesses can effectively manage and overcome these challenges and solve a lot of issues that are associated with arising security troubles.
    
6. Blockchain technology such as Ethereum enables developers to build smart contract agreements which get executed when all the prerequisites are met. It is massively helpful in certain conditions and situations where making any payment or delivering some sort of services to your clients is required. 
    
7. The fusion of blockchain technology and the Internet of Things enhances transparency in data transactions and enables users to make the best possible use of interconnectivity to the wide network of smart IoT-enabled devices. It altogether helps in gaining crisp and clear insights into the customer data.

Summing Up

The combination of the Internet of Things and blockchain technology can help boost your business value while also introducing you to an extensive range of business entities, prospects, and organizations in the coming years. Therefore, we recommend you consider adopting blockchain app development services with IoT app development services for your next product development project.

At Oodles Technologies, we have assisted clients from across the globe to simplify their software and application development needs in a cost-effective and timely manner. If you are looking for IoT-based mobile app development services or blockchain application development solutions, feel free to drop us a line. Our experts will get back to you within 24 hours.