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Market Research Report

Smart Home Service Providers are Testing the Waters with Blockchain

Published by Navigant Research Product code 642117
Published Content info 16 Pages; 3 Tables, Charts & Figures
Delivery time: 1-2 business days
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Smart Home Service Providers are Testing the Waters with Blockchain
Published: May 24, 2018 Content info: 16 Pages; 3 Tables, Charts & Figures
Description

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
  • Investor community
Table of Contents
Product Code: SI-BSH-18

Table of Contents

Spark

Context

Recommendations

The Intersection of the Smart Home, IoT, and Blockchain

  • Data and Cybersecurity Have Become Central Issues for Customers
  • Smart Home Solutions Often Lack Interoperability
  • The Smart Home Industry Is Catching Blockchain Fever

Blockchain Has a Long Road to the Smart Home

  • Blockchain Requires Due Diligence
  • Blockchain Has Some Advantages for Smart Home Security
  • Data Security Does Not Equal Data Privacy
  • Oracle Nodes Introduce Security Vulnerabilities into a Self-Contained System
  • Blockchain Can Improve the Smart Home User Experience
  • Deployment: Blockchain Belongs at the Back End of the User Experience
  • Interoperability: Blockchain Creates a Shared Framework at the Protocol Level
  • Scalability: For Now, Blockchain Has an IoT Problem
  • The Blockchain World Is Solving for Scalability
  • Sharding Reduces Demands on Individual IoT Devices
  • State Channels Make Small Transactions Faster and More Efficient
  • Blockchains Are Not the Only Distributed Ledgers Available

Blockchain Is Promising, but Proceed with Caution

  • Remain Technology Agnostic
  • Experiment with Blockchain Security
  • Form Exploratory Partnerships and Avoid Silos
  • Consortia Will Lead Advancements in the Blockchain Space

List of Figures and Tables

  • Smart Home Services Deal with Sensitive Customer Data
  • The Blockchain Trilemma
  • Smart Home Industry Leaders Are Experimenting with Blockchain
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