We experience the rapid advance of blockchain technology and the Internet of Things (IoT) is in our everyday lives. 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 variety of industries including manufacturing, trading, shipping, financing 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, with regards to the Helath care sector, the privacy integrity and control over access to data is of crucial importance. As the connection of various IoT devices that monitor a patient’s real-time medical data increases, the entry points for hackers also increase.
With IoT devices proliferating, the authentication standards often lack the necessary authentication standards to keep user data safe. With critical infrastructure BC2050 Metachain can help solve many of these security and trust challenges, ensuring trust, authentication and standarization across all elements of IoT.
BC2050 Metachain-based IoT solutions are well suited for simplifying business processes, improving customer experience and achieving significant cost efficiencies.