Most important and Most used technological words Internet of Things (IoT) and Blockchain are currently revolutionizing the globe with their innovative features like enhancing the security functionality to the App created in the Blockchain Technology.
Since the mobility expanded to wearable and connected home gadgets, the connected ecosystem of devices, referred to as the Internet of Things (IoT), began ruling the digital interactions. Now, the connected devices proliferated across transport systems, public places, and industrial units as well as manufacturing facilities. With the IoT leading the digital revolution and transformation, the absence of any coordinated security system is likely to cause more significant security concerns for IoT devices.
Blockchain, as the first of its kind decentralized database, has emerged as the most promising technology to mitigate many security risks while ensuring optimum accessibility to data. With the “Write Only†protocol, any data stored within the Blockchain blocks cannot be tampered or changed or deleted while any addition is permitted. This nature of the Blockchain database makes it completely secure from all kinds of data tampering efforts.
The question is, can Blockchain mitigate all the security risks and vulnerabilities pertaining to the IoT devices? Well, according to the security experts, the decentralized database of Blockchain can benefit IoT security in a never-before manner.
How Decentralized Database Will Benefit IoT?
As of now, the vast majority of devices relied on a centralized operation, whether in data storage or operation. The multifaceted and multidimensional nature of the Internet of Things (IoT) ecosystem itself proves that no centralized system is enough to address the security and operational demands of the connected devices. This is why, whether for IoT app developers or IoT device systems, decentralizing data and various backend services and making them available on-demand is slowly becoming the trend.
This is also the approach to utilize the full potential of the IoT devices and their smarter capability to deliver services where we need and when we need it. The distributed database model, besides boosting efficiency will also make services more affordable, context-driven, and secure.
Let’s have a look at the key benefits of decentralizing the Internet of Things (IoT) through a distributed database.
Security Enhancement
The blockchain-based distributed database provides unmatched security infrastructure compared to the cloud-based storage that most IoT devices still depend upon. Because of not relying on a single entry point, distributed networks remain less vulnerable as a target of malicious attacks. Moreover, the tamper-proof “write-only†data protocol and cryptographic signature for every piece of data further strengthen the security quotient of such a database. The use of asymmetrical cryptography for time-stamping data gives data more protection in a distributed database.
Affordable Technology
The cloud computing and storage solutions for years have been relied upon by the vast majority of the IoT devices. But since many IoT devices started utilizing the distributed Blockchain database, IOT became more affordable and accessible for the broader audience. The cost of device support from the service providers and manufacturers simply can be reduced to a minimum when most devices rely on a distributed database. A whole array of intermediate cost factors and intermediary roles will be replaced by the blockchain database.
Trustless
The centralized control over IoT devices mainly works through mutual trust among all parties, while in the case of a distributed ledger system, this trust is not required. Instead, a distributed ledger system allows verification through a smart contract mechanism. The layer is least prone to security hacks if malicious attacks, while the first is more vulnerable to security risks.
Device Automation
The centralized cloud database doesn’t allow IoT devices and sensors to act independently and autonomously. On the other hand, by allowing relentless and frictionless access to data anytime and anywhere, Blockchain’s distributed database allows automatic device responses and interactions. The distributed database works as a more appropriate technology for device automation.
Blockchain-Powered Internet of Things (IoT) Use Cases
IoT apps have already made their presence in all areas across the daily living, and now with the power of Blockchain, the IoT apps are going to enjoy bigger and deeper penetration and presence than ever before. The increasing device dependence of people can easily be translated into reliance on IoT. In the future, with a vast majority of IoT devices relying on a distributed Blockchain database, Blockchain applications for IoT will be the mainstream of the Internet of Things (IoT).
Let’s explain a few use cases for Blockchain applications in IoT.
Vehicles and Transportation
The automobile industry boasts of a wide variety of Blockchain uses cases. The industry, which depends tremendously on parts and equipment, is an ideal and befitting industry for Blockchain implementation. Though it still largely depends on the centralized supply chain and distribution model based on trust, in the years to come, Blockchain-based ledger systems can be used to keep records of vehicles and all the parts and equipment. As parts in the automobile industry are sourced from a variety of sources, Blockchain database systems, by updating the data in real-time, can make the transactions easier.
Smart Gadgets Across Environments
Smart gadgets used across all environments, including homes, workplaces, factories, public transport, and public places, are likely to be more common with a significant impact on our interactions and ease of use in different contexts. This massive proliferation of gadgets across all spheres of life will also make way for more production and consumption of data. Now, if this huge volume of user data, as well as the device data, can be stored in a distributed ledger system, this can not only help to automate the smart gadget interactions for many contexts, but the distributed database can also provide optimum security to the user data. Thanks to Blockchain, future smart appliances will be less prone to malicious attacks and threats.
Supply Chain Management
The supply chain industry spread all over the globe and connected to thousands of companies and businesses representing every niche, is practically run by data. The transmission of data from one point to the other hand, far-reaching impact on the supply chain efficiency, productivity, and performance. This is why the supply chain is an ideal area where Blockchain-based IoT apps can make a significant difference in terms of accessibility. On the other hand, the supply chain systems remain vulnerable to a lot of security threats and disruptions that can be efficiently mitigated by the Blockchain-based distributed database.
Energy Sector
Blockchain is capable of bringing revolution to the energy sector as well. Besides allowing easier access to data about energy consumption and the need to help the prevention of energy misuse, consumers can also enjoy a more context-aware supply of energy.
Blockchain for IoT: Discovering the Promise
Now, the Internet of Things (IoT) has already become the mainstream of technology gadgets. With the rapid growth and proliferation of connected gadgets and sensors across all spheres of life, handling them more efficiently and more contextually is becoming a challenge. This is where Blockchain technology can deliver a transforming force.
As the devices in infrastructure and connectivity are growing exponentially, identification, authentication, and data security are increasingly becoming significant challenges for the IoT ecosystem. The centralized security solution, whether it is based upon local servers or cloud, has already proved to be inadequate and expensive to scale security measures for the emerging risk factors and vulnerabilities. The centralized infrastructure, because of its single entry point, also remains more vulnerable to DDoS and other attacks. Blockchain technology, on the other hand, by distributing the data across multiple nodes, ensures optimum security and data protection.
How Can Blockchain Secure IoT Devices?
IoT Devices in the vast majority of cases are handled by a Network Administrator who takes care of the data transmission and sharing through a Client/Server Model. The centralized authority is a key deterrent factor for making data accessible and dealing with security risks.
In case of any security breaches or instances of data theft with the central authority or the network administrator, the entire network of devices slips in the grip of the hackers. This is why, with a centralized security system and administration in place, malicious attacks have more ease to take control of a system.
Transforming Authentication
For getting access to a network, Blockchain users need to enter a unique key for the purpose of identification. This unique key is generated instantaneously and leaves no scope for manipulation. Moreover, any change made to the data remains as a separate entry and can be traced back at any point in time. This makes the Blockchain database completely tamper-proof.
Device Theft Prevention
Can a Blockchain distributed database also prevent theft of devices? Yes, since the theft of devices remains to be always a persistent concern, we also look forward to Blockchain for a satisfactory solution for this. Fortunately, IoT devices connected with the blockchain database can easily be identified and tracked as the location and handling data about the device all the time can be stored and made accessible through a distributed database.
Conclusion
With so much of promises on offer, Blockchain and IoT seem to be really made for each other. Yes, the distributed nature of the connected device ecosystem of IoT makes it more appropriate for the Blockchain distributed database system.