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This IDC Market Perspective provides a deep dive into blockchain, its concepts, and its applications. Aside from analyzing blockchain's implications for IoT, this study delves into the opportunities, challenges, and use cases for blockchain while providing guidance to technology suppliers to incorporate blockchain in their solutions to address the opportunities arising from IoT.
"The blockchain ecosystem (or distributed ledger) provides a means of encoding events to guarantee chronology and provenance, a means of independently validating events transmitted to all nodes without a central authority and a distributed model that eliminates a single source of failure within the ecosystem. While the applications are currently formative, it has significant implications to IoT and use cases across multiple industries," says Hugh Ujhazy, associate vice president, Internet of Things, IDC Asia/Pacific.