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Blockchain and Internet of things (IoT)
Let’s end the dilemma of can blockchain secure IoT? And if yes, then how?
Internet of things is currently increasing the awareness among people about the potential that lies in connecting different devices together and automation. IoT also provides you with a platform where you can control and monitor the outcome of an event in a device that occurs due to a set condition via internet on another device.
For example, controlling your television with your mobile; controlling your air conditioner via mobile application. These applications are made even more effective with blockchain IoT applications.
There are IoT devices that provide features which helps your life easier by providing the accessibility to devices for tracking your daily grocery needs too.
For example,IoT devices can notify the user that grocery items at home is completed and new items has to be bought.
This is possible with IoT devices that operate on tracking grocery items stored at home. A secured model of IoT with blockchain makes life more comfortable for the user by providing real-time data transfer and better connection between devices.
IoT blockchain offers services of higher security, transparency, etc. which in turn increases the efficiency of the IoT network too.
How Blockchain secure IoT?
With blockchain, IoT devices are able to eliminate the challenge of any operation getting disrupted due to network error and also safeguard the data stored with a strong encryption. This article will give you an idea about how blockchain will benefit IoT and also secure its operations and data stored in the process.
When Blockchain meets IoT: No concerns for security
Since the day IoT was invented, its potential has been realized by almost everyone in the world. Today, we have electrical equipment and automobiles that can be voice controlled to turn on and off or access any other operations that is built with the support of voice control. The cryptographic encryption feature provided by blockchain makes IoT more private and reduces any vulnerability that may prevail.
IoT is supported by the pillar of digital ledger
Blockchain operates in a decentralized platform that eliminates any chance of network failure and also increases the chances of having a strong network, where devices can interact with one another freely.
This electronic digital platform initially registers the IoT devices in the network so, that it does not have to authenticate or verify the second time the same devices tries to connect to the network. This is followed by verifying and giving permission to the users who are part of the IoT environment connected to the network. Thus, even users who access IoT devices remotely are able to get access to the features of the device.
This is then further followed by the IoT devices connecting with other devices that is supportable and compatible. For example, when your car is connected to IoT devices at your home like television and in case there is low fuel in the car, a notification is sent to your television. Thus, when you turn on your television to use, the low fuel notification is visible allowing you to make smarter decisions.
Provides higher security
When it comes to any electrical gadget, the first thought that pops up in the mind of a user is, does this device have any security threat or is it vulnerable to any hacks or how far is it strong enough to block a hack. Various IoT devices connect to various devices depending upon the purpose it has to serve. Some IoT devices connect with wearables that store your physical data too. Data like these has to be safeguarded in order to protect the user privacy.
Blockchain allows the IoT device to communicate and exchange data between all connected devices and peers over a secured channel for transfer.
Still worried that can blockchain secure IoT? Well, blockchain validates and provides the user with evidence and proof of the source of data and also the channel it has passed through before reaching the user. This cultivates a sense of trust between the user and the IoT device.
Encourages autonomous functioning
Blockchain does not have any central authority monitoring over all transactions and operations that take place in the IoT device. Hence, there is no extra cost to use service of blockchain with IoT. It also paves a path where there is no delay in time or queueing time to receive and transfer data. Thus, blockchain fosters accuracy and faster operation of the IoT device.
No authorization is needed for an operation to take place or the IoT device to connect with other devices. Automated process without authorization reduces human error and when there is any security breach, the system can go on automatic lockdown without waiting for an authorization Blockchain also provides smart contracts which is an electronic form to storing the agreements and contracts made between two or more parties. This smart contract keeps track of the operations and records them all. This enables the device to reduce miscommunication and also provide data and notifications to the user in real-time.
More secured financial transactions
Since there is no third party of central authority, the payment gateway is more efficient than ever before. Payment gateway is like a firewall through which the user information passes through in order to transfer funds or money to the other party.
It supports a strong peer to peer connection without any middleman intervention. Thus, the exchange of data and using the service of IoT device with blockchain comes with no extra additional or hidden cost.
Financial transactions are made through a secured channel as all data is encrypted and no changes can be made in the decentralized system.
Bitter Truth: Challenges faced in securing an IoT device
IoT devices deal with multiple operators, developers and users of different kind depending upon the purpose of the IoT device. They varying multiple factors include, suppliers, server farms, cloud service provides, software maintenance engineer, manufacturer of device, etc. All the services provided by parties involved has to be integrated together in order to keep track of every data that is transacted. This makes sure that the functioning of the device is according to the plan set.
Data handled and stored by an IoT device is huge in volume and traditionally it is hard to store them in a structured manner. Before blockchain the chances of complexity to arise in storage was high and now with blockchain, storage is limitless and has become a valuable service in turn too. But, yet the security challenges faced is not yet completely understood as blockchain by itself is a new platform exploring its environment and markets. With every new operation, blockchain learns new threats and vulnerabilities to eliminate.
Business intelligence of every business strive hard to integrate all data stored and recorded in order to provide better solutions and make efficient decisions. IoT devices need to be coordinated and have the ability to collaborate all important data at right time and place with right data too. To accomplish this, all devices has to interact and communicate with each other.
Hence, the development cost may be expensive and eating up a lot of time in testing before deployment.
In a nutshell: Blockchain is a pillar for IoT
The decentralized network and digital ledger of blockchain increases the capability of a IoT device to meet all the requirements of a user and also satisfy them by protecting their privacy. IoT with blockchain is considered the next big trend and technology that will change the world for the better.
According to computer weekly, the technology of blockchain is believed to grow by 42.8% and reach a revenue generation of $ 13.8 billion by the year 2022 in the field of IoT.
This also provides evidence of the potential of IoT with blockchain. Let us know, how can blockchain secure IoT , what are the other ways do you think? ?