Innovative technology experts expect the Internet of Things (IoT) (27%) to be one of the greatest blockchain destroyers in the next three years, followed by trade (22%), reduction in cyber risks (20%) and contracting (18%) . In this article, we will explore the new KPMG study.
“The leaders we work with are also exploring the convergence of IoT, artificial intelligence (AI) and the blockchain to optimize the potential benefits of these technologies,” said Tegan Kiel, head of the blockchain program in the US at KPMG.
"For example, a blockchain can provide a reliable way to track and test how routers, chips and other technologies with IoT support interact inside and outside - the blockchain can also offer a secure mechanism for protecting data exchange, which will become increasingly important as 5G networks already appear ".
Two industrial giants, Bosch and Volkswagen, are among the companies that are serious about the idea of merging the blockchain with IoT. Both German firms merged with the IOTA decentralized transaction platform to implement various projects.
Last year, Bosch integrated its new IoT data collection device with the IOTA Data Marketplace. Volkswagen plans to launch Digital CarPass, a product that will display data using the IOTA network to assess vehicle performance (for example, mileage) in early 2019.
A study conducted by Gemalto, a major Dutch cybersecurity firm, published in January 2019, showed that the introduction of blockchain into the IoT industry has doubled over the past year. A survey of 950 IT-related business decision-makers around the world found that a quarter (23%) of respondents believed that the blockchain technology would be the ideal solution for protecting IoT devices, and 91% of organizations currently do not . The use of technology is likely to spread in the future.
According to a study of innovative technologies KPMG, conducted in 2019, which includes the answers of more than 740 world leaders in technology, C-level managers believe that the blockchain can improve business efficiency (23%). Respondents also indicated that product differentiation (12%), cost reduction (9%), and new business ideas from additional data (9%) are the main advantages of using blockchain technology.
“In my recent conversations with technology leaders, they indicated that they want to continue to do what they are doing, but better. They are exploring ways to achieve basic operational efficiency by improving current processes and reducing costs, ”said Kiel.
"Blockchain is increasingly recognized as a way to improve work efficiency, especially through wide distributed processes that require data exchange with several internal and external parties that have traditionally been one of the most difficult for the optimization process."
48% of respondents believe that blockchain will change the way they do business, and 41% indicated that their company is likely to introduce blockchain in the next three years.
Respondents identified three reasons that create major problems in implementing the blockchain: unconfirmed business cases (24%), technology complexity (14%) and lack of capital to finance new investments (12%).
Review of KPMG's industrial innovation activities in 2019.
