The majority of businesses adopting the Internet of Things also are adopting blockchain and combining it with their IoT networks, according to a new study by Gartner.
Three quarters (75%) of IoT technology adopters in the U.S. already have adopted blockchain or are planning to by the end of 2020, according to the study, comprising a survey of 500 managers and executives with a primary involvement and responsibility for making decisions in IoT implementations.
Among the blockchain adopters, 86% are implementing the two technologies together in various projects, according to Garter.
“The integration of IoT and blockchain networks is a sweet spot for digital transformation and innovation,” stated Avivah Litan, vice president at Gartner. “In the long term, we expect the combination of IoT and blockchain to enable innovative devices and business models, but the necessary evolution in both blockchain and IoT will take five to 10 years to achieve maturity.”
Of those who are implementing IoT and blockchain together, nearly two-thirds said it was because of increased security and trust.