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How Blockchain technology can benefit the Internet of things?
We'd want to walk you through the impact of blockchain on the Internet of Things today (IoT). In 2018, ResearchAndMarkets.com estimated the global IoT and blockchain market to be worth 37.4 million USD. In addition, the analysis estimates that the market will be worth roughly 9 billion dollars in 2027. IBM, which has 1,000+ people and $200 million invested in blockchain- powered IoT, is one of the leading IT firms in the sector.
Hence, we decided it was time to look into this topic and see what we could find out. So, before we get started, let's define the Internet of Things and how it works.
The Internet of Things (IoT) is a technology that allows information to be distributed without requiring human contact. Information on computing equipment, items, individuals, animals, and other objects with a unique identifier may be transferred through a network there. An object in the Internet of Things can be anything from a patient hooked up to a heart monitor to a pet with a tracking chip to a car with sensors that inform drivers when tire pressure is low. It's a sophisticated system that combines wireless technologies, microservices, and the Internet.
What is the Internet of Things (IoT), and how does it function?
That stated, the Internet of Things (IoT) is a vast network of interconnected items and people who exchange information about what they use, how they use it, and the environment in which they use it. Your phone and automobile aren't the only gadgets that may be used. Ordinary products, such as microwaves, home thermostats, smartwatches with heart rate monitors, and remarkable items, such as self-driving automobiles, are examples. The Internet of Things can potentially link to street lights, motorways, and railway tracks.
An IoT system is made up of sensors and devices that communicate with the cloud via some form of connection. Once the data reaches the cloud, software analyses it and may decide to take action, such as sending an alarm or automatically altering the sensors/devices without the need for the user's intervention. However, if user input is required or if the user merely wishes to check in on the system, a user interface is available. Any changes or actions taken by the user are then communicated back in the other manner via the system: from the user interface to the cloud and then back to the sensors/devices to effect change.
People are frequently unaware that their data is being gathered, which has resulted in crises like the Facebook scandals and systemic privacy problems discovered in popular IoT devices like iHome in 2019. These reasons are propelling the blockchain IoT industry forward. The rapid popularity of IoT-linked devices has raised security worries among the general public, prompting businesses to shift their attention to operational efficiency and user privacy.
Ways to Boost IoT Security with Blockchain Technology
Most IoT systems today operate on a distributed client/server paradigm, which necessitates the need of a network administrator. This core network determines how the associated devices will act. The major target of IoT-related cyber-attacks is generally this central hub. When the central authority's security is breached, hackers can readily intercept information supplied by smart devices. This is why the majority of IoT cyber-attacks target this flaw.
The adoption of blockchain technology to decentralize the IoT network eliminates the majority of the network's security problems. Decentralization will make the Internet of Things network more scalable, autonomous, and resistant to the majority of typical attack vectors. Blockchain technology may be used to coordinate millions of smart devices and safely send data between points since it is based on cryptography. Furthermore, blockchain makes it simple to record transactions in a logical order, providing for seamless recording of every linked device's overall history and network activity.
Individual nodes will become the only feasible attack vectors for hackers attempting to obtain data forcibly in a decentralized IoT system employing blockchain technology. Even this will be tough because the decentralized system makes it simple to program smart devices to validate transactions and monitor for established acceptable behavior. An abnormality will be isolated after it has been detected. This lowers the risk of sensitive information getting into the wrong hands.
Accountability is also incorporated in interactions on a blockchain network. To use the system, users must have a unique key code, which implies that all interactions are signed and traceable back to the source. Because the other nodes on the network will identify and reject any unlawful modifications, the network will prevent them.
Blockchain Use Cases: How Does It Help IoT Solutions Be More Secure?
Security of Critical Transactions
Combining blockchain with IoT for critical activities in industries like medicine and agriculture might help minimize the possibilities of drug counterfeiting and enhance the quality of agricultural output since blockchain transactions are transparent and traceable. In this sector, Mediledger and Pavo Marketplace are two examples.
Reduction of Human Errors
The use of blockchain technology minimizes the requirement for login credentials. Instead, all devices have an encrypted identity that can only be validated over the network. Because all login actions are done automatically by the decentralized system, the risks of a security breach due to human error are reduced. All threats are simply tracked and reported in real-time.
Safe Data Storage
Blockchain technology produces a decentralized ledger with immutable data recordings. This aids in the protection and control of all network communications. The likelihood of successful large-scale network assaults will be nearly negligible if all data generated by IoT devices are fully safeguarded.
To strengthen the security of its IoT-powered smart home products, Telstra employs blockchain to store user data such as biometrics, voice recognition data, and face recognition data.
Supply Chain Transparency
Fake goods, illegalities surrounding the movement of goods, inability to monitor transportation data, product integrity, and other difficulties face the supply chain management specialty on a regular basis.
Products and key equipment in the supply chain management process are allocated digital IDs that may be used to monitor them, thanks to IoT operating on blockchain technology. This will assist to prevent fraud, counterfeiting, and vendor dishonesty, among other things. The greatest method to improve the total supply chain's dependability and traceability is to combine blockchain with IoT.
Golden State Foods and IBM's relationship is an example of this.
Device and network security have been enhanced.
All conversations between linked devices may be monitored and recorded using blockchain technology. The network may be fortified even further with access to data on questionable login attempts and activity records. Businesses selling consumer IoT items may utilize the blockchain to secure their products without requiring any user interaction.
The overall security of the system will improve as regulations related to the development and use of IoT devices improve.
The use of blockchain technology will hasten the emergence of a truly secure IoT world. Regardless of the IoT solution, blockchain technology may increase security while also offering better outcomes by assuring data privacy and protection, as well as eliminating scalability issues.
Of course, the examples above are only a handful of the hundreds of IoT and blockchain applications that are presently being developed. Blockchain and the Internet of Things are both relatively new technologies with a wide range of applications and potential. We questioned at the outset of this post what Blockchain's importance to the Internet of Things is. We can now declare that Blockchain technology will serve as a stepping stone to a more secure, private, scalable, and environmentally friendly Internet of Things deployment in our homes, cities, and throughout the world.
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