Omdia: IoT enterprises are prioritizing blockchain tech

LONDON – While blockchain is most commonly associated with cryptocurrencies and nonfungible token (NFTs), the promise of the technology in IoT has not been lost by many service providers and enterprises. In fact, 40% of enterprises surveyed say that blockchain is a "priority for the future" for their IoT deployments according to Omdia's recent report, Blockchain's role in IoT. Enterprises point to key uses cases include supply chain logistics and monitoring, tamper proof-records of transactions, smart contracts, and to a less degree, payment processing and money transfers.

However, despite the clear enterprise interest in blockchain, Omdia believes the technology must further evolve before it is ready for rapid adoption in IoT. "Probably the limiting factor is simply the complexity of blockchain technology. Not only is blockchain conceptually complex, but it is also technically complex and there are different varieties of blockchain solutions with different attributes. As such, enterprises will need to establish internal expertise before adopting it widely in their organization."

This added complexity is especially noteworthy because it runs contrary to the simplicity that many IoT enterprises require. In fact, when Omdia surveyed enterprises on their key challenges around IoT adoption complexity was noted as one of the top 3 pain points.

Read the full press release here.

Omdia