It's hard to imagine the IoT started over 20 years ago- the lessons learnt and the competitive differentiation and advantages on offer are there to harvest.

Always bear in mind, however, that the marginal returns from IoT must always exceed the marginal costs. IoT deployments are not "just for Christmas" but for a long period when sensors, plant & machinery, networks and security must all be maintained. 

IoT has plenty of lessons to apply to Blockchain as well so perhaps better to implement IoT first before planning to exploit blockchain.