What is Deloitte's new Blockchain in a Box?
Back in 2016, the global blockchain market was worth $212.12mn. That figure is expected to grow to exceed $8.68bn by the close of 2024, which represents a CAGR of over 59%, and highlights the technology’s potential as one of the most lucrative innovation frontiers in the world.
According to a survey conducted earlier this year by finance and technology professional services and consulting firm Deloitte, 83% of survey respondents said their organisations see compelling use cases for blockchain, and more than half (53%) reported that blockchain technology has become a critical priority for their organisation this year — a 10% increase over last year.
However, while the report notes that blockchain is reaching a tipping point between “a capable yet underdeveloped technology” and “a more refined and mature solution poised to deliver on its initial promise to disrupt”, many companies are struggling to know where to start. Executives that recognise the potential of blockchain as a driving force behind the evolution of business systems are, according to Deloitte, still prone to misunderstanding the technology and which of its applications are possible, plausible and practical.
In order to normalise blockchain as an enterprise technology and provide “intuitive, tangible blockchain demonstrations and experimentations,” Deloitte today released its latest offering: "Blockchain in a Box".
A mobile, self-contained technology platform capable of hosting blockchain-based solutions across four small-form-factor compute nodes and three video displays, as well as networking components that enable integration with external services, such as traditional cloud technologies, “Blockchain in a Box" is packed to the brim with demo solutions designed to give companies better insight into how to make blockchain work for them.
"Deloitte custom built this solution based on client interest in understanding blockchain capabilities in live interactions," said Linda Pawczuk, principal, Deloitte Consulting. "What's often misunderstood about blockchain is that it is an entirety of a technology solution — when in reality, it's a technology component that enables larger business applications and approaches. Our mobile demonstration is practical, tactical and most importantly, tangible to clients."
With its emphasis on easy interaction and tangible results, the “Blockchain in a Box” provides developers with the tools to easily create and share blockchain-powered digital apps, while placing minimum demands on their enterprise’s own hardware.
The solution was demonstrated in May of this year at Consensus 2019, an annual consortium of the world’s leading cryptocurrency and blockchain technology players.
"Each time we use the ‘Blockchain in a Box’ to facilitate exploration, the reaction is that of curiosity and excitement where the audience leaves with a deeper understanding of blockchain and how the use cases are implemented," said Chih-Wei Yi, principal, Deloitte & Touche LLP. "It helps to demystify blockchain and is a refreshing and well-grounded approach versus traditional slideware-based demonstrations."
Deloitte’s attempt to clarify the practical applications of blockchain could be a vital step towards introducing the technology to new industries and companies in a way that creates value and promotes understanding.
IoT market expected to grow due to increase in IoT use cases
An increase in the internet of things use cases is expected to drive the IoT service market, according to the IoT Services Global Market Report 2021: COVID-10 Growth and Change to 2030.
IoT has found its use in many areas over the years. It can be used in manufacturing, farming, smart cities, transportation and in many other industries and fields.
Due to the fact it can be utilised in many industries, there is an increased need for IoT services and applications. IoT services that provide support by delivering services such as consulting, data management, network management and security services, are in much higher demand.
The impact of COVID-19 on the IoT services market
According to the report, the global IoT services market is expected to grow from $139.24 billion in 2020 to $162.39 billion in 2021 at a compound annual growth rate (CAGR) of 16.6%.
In the coming years, the IoT managed services market size is expected to reach $381.16 billion in 2025 at a CAGR of 24%.
This growth lends itself to companies resuming operations and adapting to the new normal as we emerge and recover from the pandemic.
Previously, COVID-19 restrictions led to restrictive containment measures, remote working and the closure of commercial activities that resulted in operational challenges.
IoT use cases driving growth
The IoT services market consists of the sales of IoT services and their related products. IoT services are delivered by the IoT services providers. These providers provide consulting, security and analytics services as per the requirements of the business.
Major players in the IoT services industry are Cisco Systems, Cognizant, Google, Infosys and Tieto Corporation, to name a few.
An increase in IoT use cases is expected to drive the IoT service market; this is where IoT can be used to automate processes and increase productivity. As it has found many uses cases over the years, this increases the demand for IoT services and this is expected to drive growth.
Enhancing deployment workloads with edge or cloud computing
Despite the expected growth, low enterprise adoption is expected to hinder the IoT services market. Although IoT has its use in many industries, due to factors such as low awareness, enterprise adoption is low, the report states.
Only 29% of enterprises have adopted IoT solutions according to the Omida data survey.
Edge or cloud computing however is enhancing the deployment workload on IoT devices, according to the report. This solution facilitates data processing and data storage in the cloud.
Microsoft released its Azure IoT Edge recently. This fully managed service is built on Azure IoT Hub. By moving certain workloads to the edge of the network, businesses that utilise Microsoft’s IoT platform spend less time communicating with the cloud, react more quickly to local changes and operate reliably in extended offline periods.
The IoT Services Global Market Report 2021: COVID-19 Growth and Change to 2030 is one of a series of new reports from The Business Research Company that provides an IoT services market overview