How to Secure the Internet of Things (IoT) with Blockchain Part 1

Internet of Things is one of the big new things on the market. The innovative technologies behind IoT are changing the ways we think and function — the technology enabled the devices to request a service or make an action without human intervention.

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Because generation, collection, and analysis of data are so essential to the IoT, one of the most important considerations must be the protection of data throughout its journey across the network. This poses a challenge since information needs to be managed across numerous administrative boundaries with different permissions and privacy policies.

There are estimates that 90% of the companies that implemented the IoT have suffered a security breach so far.

Obstacles on the Road to Secure IoT

Handling the vast volumes of data can be daunting and managing the complex and seemingly neverending list of devices is complicated. Getting the data securely to the right place, at the right time and in the right format is not an easy task, for a number of reasons.

IoT devices and services are expanding the surface area for cyber-attacks by turning physical objects that used to be offline into online devices capable of communicating with enterprise networks. Therefore, the security strategies will have to expand and take into account all of these new assets. The security will have to be tailored by deploying advanced solutions to tackle the unique capabilities of the devices involved and mitigate the risks associated with the networks that connect these devices. According to experts, the number of security solutions for IoT will increase five-fold over the next couple of years

Issues with the Centralized Model

The current IoT model relies on centralized communication models, known as a server-client ecosystem. All devices need to be identified, authenticated, and finally connected to the network. This requires enormous processing and storage capabilities. While this model has worked for decades connecting computing devices and can support small-scale IoT networks, it will soon fall behind the growing needs of the vast IoT ecosystems.

Existing solutions for IoT are expensive and require massive infrastructure as well as high maintenance costs due to the centralized model with large server farms and networking equipment. But even if these huge economic and technical challenges are overcome in some way, the question of security remains.

Decentralizing IoT Network

A decentralized approach to IoT network could help solve many of the issues listed above. By using a standardized peer-to-peer communication model to process billions of transactions between devices we could significantly reduce the costs connected to installing and maintaining large centralized data centers and spread computation and storage needs across the billions of devices that compose IoT networks. This approach can also prevent failure since the network could continue to function even if some nodes go down.

On the other hand, peer-to-peer communications have their own challenges, and the main lies in security. Securing IoT is much more than mere protection of data. The solution would have to maintain privacy and security in vast IoT networks and offer validation and consensus for transactions to prevent theft and spoofing.

In order to provide all functions of the centralized solution, the decentralized IoT network would have to support three main functions:

  • Peer-to-peer messaging
  • Distributed file sharing
  • Autonomous device coordination

In the next part, we will explain how can Blockchain help solve the security issues with the decentralized IoT and why it would be a good solution. Follow us for more interesting articles and join the discussion in our Telegram group.

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Secret Contract Platform for Privacy 2.0

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