Monday July 2, 2018 0 comments
BOULDER -- A new report from Navigant Research examines the key trends driving smart home industry leaders to experiment with blockchain technology.
Due to a series of high-profile customer data hacks and security breaches, concerns over data security and protection are growing. As the number of connected Internet of Things (IoT) devices grows and smart home services penetrate further into the consumer household, cybersecurity and interoperability are a growing challenge for the industry, according to the report.
As the market grows for smart home devices and IoT technology, Navigant said smart home companies are working with blockchain and distributed ledger technologies to provide a common platform to support smart devices while improving data security.
“Blockchain technology can enhance the smart home customer experience, but crucial questions need to be addressed before consumers welcome blockchain into their homes,” said Johnathon de Villier, Navigant research analyst.
“Concrete pilot and demonstration projects will be needed to evaluate blockchain-based platforms in smart homes, specifically in terms of their scalability, interoperability, and deployment.”
According to the report, the smart home industry must work to fully understand the blockchain and its data security implications. In order to integrate these innovations securely, companies should be technology agnostic and pursue exploratory partnerships to improve cybersecurity for this nascent technology.
This Navigant Research report, Smart Home Service Providers Are Testing the Waters with Blockchain, describes the key trends that are driving smart home industry leaders to experiment with blockchain technology.
The study highlights areas where blockchain architectures or blockchain-based platforms could enhance smart home services. It also examines significant roadblocks, including the scalability of existing technologies, that will hinder the expansion of blockchain in the market.
Recommendations on how best to explore the promises of blockchain are provided for stakeholders in the smart home and IoT industries.