Blockchain technology can reduce the risk of IoT devices being compromised by a single point of security failure. This creates a nice opportunity for partners ready to sell new technology.
BIoT is expected to enhance secure communication and strengthen privacy agreements for companies, driving the adoption of blockchain technology, the report says. Moreover, growing automation across various industries such as oil and gas, automotive and manufacturing is anticipated to allow large scale adoption of the technology.
Retail companies are expected to implement BIoT in key areas such as payments and accounting; loyalty and rewards; and advertising; to name a few. The use of cryptocurrencies allows secure cross-border payments and micropayments. Also, BIoT is expected to ease accounting as it provides retailers with greater transparency through an end-to-end data trail.
Asia Pacific is expected to have a BIoT compound annual growth rate (CAGR) of 13.3 percent due to growing adoption across various countries such as Australia, China and Japan. Also, investments made in blockchain technology by various financial institutions in countries such as Singapore are anticipated to bolster market growth in the region.
In addition, outsourcing of operations, such as manufacturing, supply chain and logistics, to Asia Pacific countries, is estimated to encourage BIoT market growth.