IoT transaction management requires blockchain innovation

Consortium-run blockchains or similar distributed ledger technologies, such as IOTA, will play an important role in delivering future Internet of Things (IoT) events or payment transaction management, according to Juniper Research.

However, both approaches presently lack true decentralisation offered by public blockchains, a key requirement for end-to-end trust. Juniper believes that opportunities for blockchain technologies in the IoT will remain limited until such issues are resolved.

The company made its comments alongside its prediction that the total number of connected IoT sensors and devices is set to exceed 50 billion by 2022, up from an estimated 21 billion in 2018. This will be driven by edge computing services (the processing of data away from the cloud and closer to the source), increasing both deployment scalability and security.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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