Blockchain is a distributed digital ledger technology which is used to record various types of transactions. In addition to being distributed, blockchain utilises cryptography and timestamps to provide a permanent record of interactions and is immutable - data cannot be (easily) altered or falsified. According to IHS Markit’s December 2017 report Blockchain opportunities in TMT, blockchain is not yet part of mainstream technology, however investment is increasing from big technology platforms such as Amazon and Alphabet/Google, as well as by a wide range of enterprise, consumer, media, and e-commerce firms. While possessing potential application across multiple industries, viable use cases and effective business models for blockchain remain nascent or limited at this point.
In IHS Markit’s IoT Trend Watch 2018, blockchain was identified as key technology to consider for enterprises planning new IoT projects or enhancing existing ones. This report, Blockchain in IoT – 2018, will consider:
- What is blockchain and how it works.
- The benefits and challenges of blockchain.
- Conceptual similarities and differences between IoT and blockchain.
- Potential blockchain use cases in IoT.
- Current projects involving IoT and blockchain.
- The bottom line on blockchain.