How can IoT & crypto improve security?

In today's interconnected world, security is paramount. The convergence of the Internet of Things (IoT) and cryptocurrencies presents a unique opportunity to enhance security measures. But how can this be achieved? Does the integration of IoT devices with crypto technology offer improved encryption and authentication? Can decentralized ledgers provide greater transparency and traceability in supply chains, thereby reducing fraud? Or are there challenges in balancing security with the need for user convenience and data privacy? As a professional practitioner in the field of cryptocurrency and finance, I'm keen to understand how IoT and crypto can collaboratively strengthen security measures and mitigate potential risks. Can you elaborate on the specific strategies and implementations that are being pursued to achieve this?