Although all technology innovations claim to be "groundbreaking," very few actually achieve this distinction. What is the internet? Huge success. Google Glass? But not so.
When technology makes the world more connected and is widely adopted, that's a category of breakthrough technology. Broad adoption is what unites all technologies, including radio, phones, the internet, and mobile phones. I believe smart devices will be the next stage in connectivity and that it will become a regular part of every person's daily life in the near future.
It is currently estimated that there will be over 40 billion smart devices by 2025. This is a staggering number, with an average of eight smart devices per person. Even more amazing is the fact that this number is expected to increase. This number will reach more than 100 million smart devices by 2050.
The security sector will be the next frontier of smart device connectivity. It's clear that security today is very different from the security of the early internet age, and it will continue to evolve. There are many areas where widespread adoption of blockchain technology could occur, but I believe that blockchain revolutionizing security will be the foundational technology for IoT.
Forbes contributor Mark Vena says that part of this growth is due to the proliferation of affordable home and business security cameras. This market is dominated by companies like Nest, Arlo, and D-Link. Security camera sales are hot and will continue to be so in the future. "
Each hack of a company's network will be more dangerous the more devices connected to it. Each hack of a central system becomes more dangerous and expensive the smarter our gadgets, cars, and boats get. It is the difference between robbing a bank with 1,000 accounts and robbing a 1,000 home. It takes much longer to rob 1000 homes separately.
There are many promising avenues that merit serious exploration. Fusing blockchain and IoT is the one I am most excited about. IOTA and IoTeX are the only major players in this market. A Consumer Electronics Show award was recently given to an IoTeX-powered camera that uses blockchain technology. It won privacy and security awards. This is a major step forward for smart devices, blockchain connectivity, and the extremely competitive price point proves that scalability is possible and widespread adoption is not a problem blockchains have faced before. This camera is just the beginning of a significant step forward in both smart devices and blockchain.
There are approximately 770 million surveillance cameras around the globe. Surveillance cameras are important, but they are not the most common devices in the world. There are over 5 billion mobile phones, nearly 2 billion TVs, and 1.4 billion refrigerators. It suddenly seems possible to reach the 40 billion mark. The question is, "What's next?" after security cameras are widely adopted on smart devices?
Recent large companies have placed more emphasis on IoT. However, security is still a major problem for many. The centralized nature and limitations of technology make it difficult to communicate across devices. This problem can be solved by blockchain technology.
It's a lot! Let's make this actionable! I recommend that you and your company learn as much about IoT as possible, as both fields are still in development. Don't be afraid of trying new things and keep your eyes open for others in your industry.
I don't know the future, but I know that IoT and blockchain technology will play a major role in it. It is affordable, fast, and available. The two biggest obstacles to blockchain adoption in IoT were speed and cost. This is no longer true. Blockchain interoperability and IoT are significant steps towards the widespread adoption of distributed ledgers in trust technology.