The Internet of Things (IoT) is an umbrella term for billions of Internet-connected devices that share data with each other. Thanks to this data-sharing network, IoT will become a driving force in creating more efficient communication across many aspects of our lives, including transportation, energy, manufacturing, city infrastructure, identification, and healthcare.
That world is fast becoming a reality. According to Gartner, the sensors and connectivity that will drive this future will be found in an estimated 26 billion objects by next year. Furthermore, the McKinsey Global Institute reports that IoT will have an economic impact of between $4 trillion to $11 trillion in the global economy by 2025.
Distributed Ledger Technology Will Drive The Future of IoT
A significant enabler of this emerging world is distributed ledger technology, often referred to as DLT, which is a database of records that enables decentralized consensus. DLTs will enable new economies to emerge among machines by providing the protocol for them to…