The rapid advance of blockchain technology and the Internet of Things (IoT) are felt throughout our daily lives. A Gartner study estimates blockchain will add $3.1 trillion in business value by 2030, and in another analysis, the global IoT market is expected to grow from $157B in 2016 to $457B by 2020. We are about to see more change than we could imagine with blockchain and IoT.
These applications will disrupt existing processes across a variety of industries including manufacturing, trading, shipping, the financial sector and healthcare. In spite of these advancements, security remains a top concern for the IoT ecosystem as it exposes multiple devices, huge amounts of data, supply chain partners and the community as a whole to security breaches. For example, in healthcare, the privacy integrity and control over access to data is paramount and critically important. As the connections of various IoT devices that monitor a patient’s real-time medical data increases, the entry points for hackers also increase.