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Disruptive technologies like IoT are aggressively proliferating in each sphere of human lives. Today the world is connected with more than 23 billion IoT devices that are incessantly generating Data. With further adoption of IoT, the number of connected devices will meteorically rise to over 60 billion by the end of 2025.
This massive wave of connected IoT devices comes with the cost of Data Security and Privacy.
The widening web of IoT devices stands protected by weak credentials and login details that leave it vulnerable to password hacking and brute-forcing attacks. The Mirai malware attack of 2016, and the Wirex and Reaper malware attack in 2017 are strong indicators that the security of IoT networks needs further fortification. Blockchain for IoT is being recommended by the protagonists.
A cloud of fear looms over the IoT ecosystem with the success of IoT DDOS attacks and the inefficient security aspects of the centralized model of IoT networks. The current IoT network connects, identifies and authenticates the devices through cloud servers which suffer from the central vulnerability of security attacks.
Security of the Data generated by billions of IoT devices remains the prime bottleneck of the IoT ecosystem.
Data privacy and security continue to be the biggest soft spot for IoT networks. The IoT ecosystems are constantly harnessing, transmitting, storing and processing Data but the land sphere still remains unregulated.
Despite dedicated compliance and privacy rules, sensitive Data is passing through IoT networks into the wrong hands. Let us take a look at how Blockchain for IoT can circumvent the rising Data Security challenges.
Blockchain Technology makes use of a distributed ledger to record the data and transactions of a network. With the decentralized approach, the Blockchain for IoT at the core eliminates the need for a centralized authority to keep a track of data and its authenticity. Such a structure supports data decentralization which ensures there is no intermediary who can manipulate the data or no hacks or attacks can tamper the data in Blockchain for IoT.
In addition, Blockchain for IoT uses cryptography algorithms to secure each transaction and data that is stored on the distributed ledger. Every block stores a hash of the previous block which means if anything is altered, the hash of all the blocks in the chain needs to be changed which is not feasible.
Conjoining Blockchain and the Internet Of Things seems to be potentially solving the security challenges. The aspects of the disruptive technology of Blockchain for IoT which includes decentralization, immutability, and autonomy, make it an ideal solution for the security loopholes in the existing centralized system.
The Internet of Things networks is expected to generate 500 zettabytes of data per year. Blockchain for IoT will help manage the chaos of multiple transactions, tracking the data and coordinating the data. Thus the technology can implement automated decentralized data management at multiple levels of the IoT network.
With cryptography and immutable record maintenance on a Blockchain, all the historical Data of the IoT networks can be stored in a highly secure manner. As no centralized body is required to maintain privacy and security, Blockchain is an obvious solution for multiple-layer Security of Data.
The IoT networks can harness the potential of Blockchain at two levels:
If the Data Security aspect of the IoT ecosystems is taken care of, the IoT penetration in our lives will expedite in a trustless manner. The implementation of Blockchain technology in IoT networks has multifold advantages like scalability, security, privacy, and transparency, yet Data Privacy remains the most sensitive challenge that Blockchain promises to overcome.