How to Secure the Internet of Things (IoT) with Blockchain
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IoT is creating new opportunities and providing a competitive benefit for businesses in current and new markets. It touches all—not just the data, but how, when, where and why you collect it. The technologies that have been created the Internet of Things aren’t changing the internet only, but rather change the things connected to the internet—the devices and gateways on the edge of the network that are now able to request a service or start an action without human intervention at numerous levels.
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As the generation and analysis of data is so essential to the IoT, consideration must be given to protecting data throughout its life cycle. Managing information at all levels is difficult because data will flow across many administrative boundaries with different policies and intents.
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Given the several technological and physical components that truly make up an IoT ecosystem, it is good to consider the IoT as a system-of-systems. The architecting of these systems that provide business value to organizations will often be a difficult undertaking, as enterprise architects work to design integrated solutions that include edge devices, applications, transports, protocols, and analytics capabilities that make up a completely functioning IoT system. This difficulty introduces challenges to keeping the IoT secure, and ensuring that a particular instance of the IoT cannot be used as a jumping off point to attack other enterprise information technology (IT) systems.
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Challenges to Secure IoT Deployments
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Irrespective of the role your business has within the Internet of Things ecosystem device manufacturer, solution provider, cloud provider, systems integrator, or service provider you need to know how to get the greatest advantage from this new technology that offers such highly diverse and rapidly changing opportunities.
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Handling the enormous volume of current and projected data is daunting. Managing the inevitable difficulties of connecting to a seemingly unlimited list of devices is complicated. And the objective of turning the deluge of data into valuable actions seems impossible because of the many challenges. The current security technologies will play a role in mitigating IoT risks but they are not enough. The aim is to get data securely to the right place, at the right time, in the right format; it’s easier said than done for many reasons.
The Blockchain Approach
Blockchain, the “distributed ledger” technology that underpins bitcoin, has been emerged as an object of intense interest in the tech industry and beyond. Blockchain technology offers a way of recording transactions or any digital interaction in a way that is designed to be safe, transparent, highly resistant to outages, auditable, and efficient; as such, it carries the possibility of disrupting industries and allowing new business models. The technology is young and changing very quickly; widespread commercialization is still a few years off. Nonetheless, to avoid disruptive surprises or missed chances, strategists, planners, and decision makers across industries and business functions should pay heed now and begin to investigate applications of the technology.
The Blockchain and IoT
Tokyo Techie is the best blockchain and Iot development service provider. Blockchain technology is the missing link to settle scalability, privacy, and reliability worries in the Internet of Things. Blockchain technologies could perhaps be the silver bullet wanted by the IoT industry. Blockchain technology can be used in tracking billions of associated devices, enable the processing of transactions and coordination between devices; allow for significant reserves to IoT industry manufacturers. This decentralized approach would eliminate single points of failure, making a more resilient ecosystem for devices to run on. The cryptographic algorithms used by blockchains, would create consumer data more private.
The ledger is tamper-proof and cannot be manipulated by malicious actors since it doesn’t exist in any single location, and man-in-the-middle attacks cannot be staged because there is no single thread of communication that can be intercepted. Blockchain creates trustless, peer-to-peer messaging possible and has already proven its worth in the world of financial services through cryptocurrencies such as Bitcoin, providing guaranteed peer-to-peer payment services without the need for third-party brokers.
The decentralized, autonomous, and trustless capabilities of the blockchain create it an ideal component to become a fundamental element of IoT solutions. It is not a surprise that enterprise IoT technologies have rapidly become one of the early adopters of blockchain technologies.
In an IoT network, the blockchain can possess an immutable record of the history of smart devices. This feature allows the autonomous functioning of smart devices without the need for centralized authority. As a result, the blockchain opens the door to a series of IoT scenarios that were remarkably hard, or even impossible to implement without it.
By leveraging the blockchain IoT solutions can allow secure, trustless messaging between devices in an IoT network. In this model, the blockchain will treat message exchanges between devices parallel to financial transactions in a bitcoin network. To enable message exchanges, devices will leverage smart contracts which then model the contract between the two parties.
In this scenario, we can sensor from afar, communicating directly with the irrigation system in order to regulate the flow of water based on conditions detected on the crops. Also, smart devices in an oil platform can exchange data to adjust functioning based on weather conditions.
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