Even if you don’t completely feel its consequences, “The Internet of Things” is altering our lives as we know them. Nevertheless, substantial advancements in the IoT space come with data and information security concerns. As technology advancing, hackers and cybercriminals are also developing new, high-tech methods to compromise safe and private information. For instance, the Mirai BotNet (aka Dyn Attack) attack which took place in October 2016, becoming the most significant DDoS attack ever was launched on service provider Dyn using an IoT botnet. This led to huge portions of the internet going down, including Twitter, the Guardian, Netflix, Reddit, and CNN. Once the network is infected with Mirai (the malware), computers continually search the internet for vulnerable IoT devices and then use known default usernames and passwords to log in, infecting them with malware.
This is the prime example of IoT vulnerability in lacking the security and authentication requirements to keep user data safe and private. Blockchain can monitor sensor-collected data and prevent fraudsters from duplicating it with other dangerous data. IoT also enables sharing information and data via a particular blockchain, as opposed to a third-party system. A third-party system provides even more opportunities for data and information to be compromised, but Blockchain eliminates this risk.
Because Blockchain can never be modified or manipulated, and all chains are stamped with a unique signature, it is far more difficult for hackers to access and manage that information. The information on a blockchain is also kept in a decentralized network, which helps to protect private data from being leaked or decrypted.
Is Blockchain a viable solution for IoT security and scalability?
With Blockchain characteristics, IoT devices will benefit from the extra layer of security and scalability:
- The immutable distributed ledger of a blockchain eliminates the need for trust.
- Utilizing Blockchain to store IoT data would provide an additional layer of network security. Blockchain’s hashing technique makes it almost impossible to delete data.
- Blockchain provides activity and product provenance. Anyone with network access can track earlier transactions using blockchain technology. This may assist in identifying the source of a data breach and taking timely action.
- Blockchain provides rapid processing of transactions and device coordination. As the number of interconnected devices increases, distributed ledger technology enables the processing of a vast quantity of transactions.
- By eliminating IoT gateway processing fees, Blockchain helps IoT firms save expenses (e.g., traditional protocol, hardware, or communication overhead costs).
- Smart contracts, a two-party agreement stored on the Blockchain, can perform contractual obligations based on predetermined criteria. Intelligent contracts can automatically authorize payment without human intervention when service criteria are completed.
Blockchain and IoT may influence numerous sectors, including:
A supply chain network comprises many stakeholders, so delivery delays are one of the industry’s major concerns. IoT-enabled devices will monitor shipments at every step, while Blockchain will give transaction transparency. At the same time, IoT sensors (motion, GPS, temperature) provide shipment status information.
Automotive businesses use IoT-enabled sensors to produce completely autonomous cars. The car sector needs to integrate IoT-enabled vehicles with Blockchain innovation so different users may share data quickly. IoT blockchain application cases improve autonomous automobiles, smart parking, and traffic management.
Blockchain might secure Smart Homes by removing centralized infrastructure. Australian telecom and media firm Telstra offers intelligent home solutions. The startup uses Blockchain and biometrics to protect smart device data. Only authorized users may access blockchain data.
The Blockchain IoT enables all drug production stakeholders to update the Blockchain network in real time. Blockchain’s transparency will enable all parties to monitor medicine manufacture and supply via linked devices.
While the technology brings many benefits to the IoT industry, public networks still face many problems such as high gas fees, low scalability, and so on. Nevertheless, layer 2 solutions such as Polygon or BLOOCK are developed to enhance and solve the blockchain trilemma.
Working on top of the Ethereum network, BLOOCK maximizes the value of the Ethereum connection while minimizing all the frictions.
- Response time: Our service does not influence the time to upload data to Ethereum.
- Improved Scalability: Improve radically the amount of data that can be recorded per second.
- Fluent Adoption: Permissionless Blockchains are the most trusted and recognized solution by millions of users.
- Transparency & Resilience: Highly decentralized Blockchains provide the most transparent and robust services.
- Data Privacy: Maintain the confidentiality of your data in your server to be compliant with rigorous audits.
- Accessibility & Cost-Efficient: Ethereum connection can be easily accessed while staying under your budget.