With Blockchain and Internet of Things gaining widespread acceptance, the technological world seems to be converging once again. Today, we have experienced the use-cases of both these disruptive technologies, separately. The prominence of IoT is bringing the much-awaited technology revolution to the electronic objects and their connectivity. IoT has a much closer impact on our daily lives and it is expected that by the end of the year 2020 around 20 billion devices will be connected to work in unison.
Gone are the days when just our phones were smart. This is the world of smartwatches, smart cars, smart homes and other smart devices. What was once called an embedded internet back in 1999, in a small experiment, has become a revolution at present. But with IoT creeping into our devices everywhere, the chances of data being compromised are becoming higher and this is where Blockchain seems to plug-in the data leak points.
What Can Lead to Major Issues in IoT?
Every technology advancement comes with some vulnerabilities. Data security issues can be a major challenge when billions of devices are connected through a central communication channel. This leads to a single point of failure, meaning that if a single vulnerability is found by hackers, the enter systems data can be compromised even with large server forms with every type of security protocol installed. The vulnerability becomes even higher when we look at small IoT networks that connect smart watches or smartphone to smart homes.
Why is Blockchain the Solution?
Blockchain is a setup of the decentralized ledger, wherein the entire network is connected in a decentralized manner under a cryptographic relationship. The entries once made into the ledger cannot be altered, thus making the entire network devoid of a single point of failure and data leaks.
Blockchain technology is rendering anonymity and providing resistance to hacks to the networks that are using it. It can help bridge the gap between IoT and data security and make IoT networks more secure and immutable.
- Developing IoT networks over Blockchain technology will make the networks inherently secure so that no other device can intervene in the connectivity if it does not have the cryptographic capability to do so.
- The Blockchain technology-based network has no single offering, making the entire IoT network resistant to fall if the server fails.
- Blockchain technology will make IoT device data more private than ever.
- Each entry of the blockchain transaction is made in a ledger. The entries cannot be modified at any cost as they need Hashes. There will be no middleman involved and the system will be completely resistant to any planned malicious attack.
Looking at the capabilities of Blockchain technology, they seem to augment the security requirements of IoT networks. With blockchain and IoT technology convergence just around the corner, we can witness faster and cheaper IoT networks being implemented.
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