With each passing day, technology is moving ahead. Every day we see new applications of the existing things or get the news about new technologies being created. We often ignore the news of emerging technologies until it's for our good.
If we start from the day when Graham Bell said hello for the first time to the discovery of touch screens and smartphones, we will realize that the constant efforts in the field of technology have never stopped. The same is the case today; from human robots to Quantum computers, technology is moving ahead day by day.
Two such integral parts of technology in today's world are IoT and blockchain.
In this article, we will talk about them and how they work efficiently in the field of security when combined.
Blockchain is a cutting-edge database technology that underpins almost all cryptocurrencies. Blockchain makes it exceedingly difficult to hack or cheat the system by spreading identical copies of a database across an entire network. While bitcoin is now the most prominent use for blockchain, the technology has the potential to serve a wide range of services.
The term blockchain isn't a coincidence: The digital ledger is sometimes referred to as a "chain" comprising discrete "blocks" of data. A new "block" is produced and joined to the "chain" as new data is regularly added to the network. This entails all nodes updating their blockchain ledgers to the same version.
Why blockchain is regarded as highly safe is due to how these new blocks are produced. Before a new block can be added to the ledger, a majority of nodes must check and validate the authenticity of the new data. They could include verifying that new transactions in a block aren't fraudulent or that the same currencies haven't been spent on more than one transaction.
The Internet of Things (IoT) is a term that describes the process of linking everyday physical items to the internet, ranging from lightbulbs to medical equipment to wearables, smart gadgets, and even smart cities.
Any physical device system that receives and transmits data via wireless networks with little human involvement is referred to as the Internet of Things (IoT). This is feasible because of the incorporation of computing devices into a wide range of items.
IoT and blockchain both cover a wide range of areas. From being used in our homes to the business sector, both are expanding rapidly. If we combine both of these technologies, we will come to know that blockchain in IoT amplifies the security system and puts maximum security questions at rest.
The Internet of Things (IoT) has substantially increased its reach over the last several decades, connecting a wide range of devices and networks in homes, offices, transportation systems, and even whole cities. Through its encrypted and distributed ledger meant to generate tamper-proof and real-time data, the decade-old blockchain, on the other hand, is expected to transform business structures. With the IoT and blockchain functioning together, the latter should be able to provide a verifiable and secure recording method for the former's devices and operations.
Every deletion or change of data is recorded in a distributed ledger as which blockchain works, and as additional entries, or blocks, are added to it, a longer chain of events is produced. A digital signature is attached to each transaction, which cannot be altered or erased. Because of its decentralised nature, blockchain, whether in a smart home or a smart factory, may theoretically prevent a susceptible device from sending misleading information and disrupting the network environment.
The combination of blockchain and IoT is intended to alleviate the issue of supervision as well. For example, in enterprises, transactions involving numerous sources may be managed through an immutable and transparent record that tracks data and physical items across the supply chain.
In light of recent high-profile IoT security problems, blockchain has the potential to minimize the danger of distributed denial-of-service (DDoS) attacks that affect numerous devices at the same time: A failure in one device should not influence the others.
Blockchain, a decentralized distributed ledger, is a game-changing technology that might help solve IoT security issues. A blockchain-based approach to IoT networks might address many of the issues with the existing paradigm while also increasing security.
Blockchain provides the following weapons, which makes it an undefeatable form of technology when it comes to IoT cyber threats-
Data is kept on many nodes all around the world in a blockchain ledger, eliminating the single point of failure. Before any data is added to the network, it must be approved and verified by all nodes. As a result, no modification is permitted unless all network participants agree. This method is known as peer-to-peer communication, and it is designed to keep malevolent actors out of blockchain transactions. Because there is no single server, there is no risk of a man-in-the-middle attack, in which hackers intercept data transferred between a server and a device.
Blockchain is open, which means that anybody in the network may access it. The shared history of stored blocks and transactions is visible to all network members, but viewing the information requires a private key. This provides total transparency to all processes while still keeping data secure. It is difficult to alter information after it has been saved on a blockchain.
Blockchain secures data using powerful encryption methods, making it more private. This is done largely to ensure that financial transactions are risk-free. IoT devices may use the blockchain paradigm to send and receive messages in the same manner that financial transactions do to enable secure data exchange between linked items.
The combination of IoT and Blockchain can serve as a life-saving option for many sectors, intimidated by the IoT security threats. The use of blockchain in IoT security allows for direct information exchange between connected devices rather than communicating via a centralized network, reducing IoT susceptibility to cyber threats. The future for security by the means of IoT and blockchain is much brighter and shinier than them alone. We can even today, find some amazing examples of the same, like the use of them in the pharmaceutical sector or the transportation and energy sector.