Automating and Expanding Businesses in the 21st Century through Internet of Things (IoT) or Blockchain Technology

Abstract

This article explores the transformative potential of Internet of Things (IoT) and blockchain technology in automating and expanding business operations in the 21st century. The study examines their individual and combined impacts on automating processes, improving security, and fostering new business models. This study has become imperatives in view of the fact that every aspect of human life including businesses is being driven by technology. Data for this study were collected through both primary and secondary sources. The authors reviewed materials from various books, web pages, and journals, and conducted a survey using a questionnaire distributed via Google Forms. The survey sample comprised 248 respondents, including business owners and executives, IT managers, industry experts, government officers, researchers, technology vendors, and other related personnel within the Nigerian business context. Stratified random sampling was employed to ensure a representative and comprehensive understanding of the research topic. Simple percentage and descriptive statistics, including mean and standard deviation, were used to analyze the data. Responses with a mean value of 3 and above were considered significant. Findings indicate that implementing IoT and blockchain technologies significantly impacts supply chain management, customer service, product development, operational efficiency, financial transactions, contract management, and data security. Major recommendations for businesses considering these technologies include conducting need assessments, developing clear strategies, investing in workforce education and training, ensuring robust security measures, collaborating with vendors and experts, monitoring and evaluating performance, and focusing on interoperability and integration. This study offers valuable insights for businesses seeking to leverage IoT and blockchain to navigate and thrive in the evolving technological landscape.