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. Click to tweet: According to a new report from @NavigantRSRCH, the smart home industry is experimenting with blockchain technology to improve customer experience.
As the market grows for smart home devices and IoT technology, 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,” says Johnathon de Villier, research analyst with Navigant Research. “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. An executive summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Smart Home Service Providers Are Testing the Waters with Blockchain, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.