BLOCK CHAIN-BASED SECURITY SOLUTIONS FOR IOT SYSTEMS MARKET ANALYSIS

Block Chain-based Security Solutions For IoT Systems MarketSize and Trends

Blockchain is a record keeping technology. It is widely used in cryptocurrency to store information and in security labels, to protect packaged products from counterfeiting. Security labels enhance tractability of the product in the supply chain and ensure authenticity of the product. In the recent past, owing to digitalization in many areas, the number of interconnected devices through IoT have increased significantly. Due to this, there is a need for efficient security solutions for IoT systems.

Increasing demand for block chain-based security solutions in transportation and digital payment areas is expected to propel growth of the market during the forecast period

In November 2018, Microsoft and Interswitch group launched blockchain-based supply chain financing platform, Interswitch Blockchain Service, in Nigeria. Interswitch group is a Nigeria-based digital payments and commerce company. Interswitch blockchain service is backed up by Microsoft’s Azure blockchain technology. This platform will bring together financial institutions, corporate individuals, and entrepreneurs on a single and secure platform.