The smart home industry is growing rapidly as the penetration of Internet of Things (IoT) devices into the household increases. Future smart home solutions will integrate an ecosystem of customer-facing services ranging from home security and energy management to healthcare. Progress toward this goal is currently hindered by consumer concerns over data security and protection and a lack of standards and interoperability among devices on the market.
Leaders in the smart home industry are beginning to experiment with blockchain and distributed ledger technologies (DLTs), which could improve data security and provide a common platform to support smart devices and integrative applications. Blockchain has the potential to create new value in the smart home market if three crucial areas are addressed: ease of deployment, interoperability, and scalability. However, the technology is immature and current iterations have limitations in each area. Many obstacles must be overcome before a blockchain network can support the smart home.
This Navigant Research report 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.
Key Questions Addressed:
How might blockchain architectures contribute to smart home data security and privacy?
How can blockchain-based platforms encourage interoperability among smart home services?
What is the ideal smart home customer experience with a blockchain-based platform?
What are the key barriers to blockchain technologies expanding in the smart home market?
Who needs this report?
Smart home service providers
Connected device manufacturers
Home technology and automation providers
Internet of Things (IoT) platform providers