IoT and blockchain have become buzzwords in the current technological era, a time when technology can help to solve problems, yet also generate new challenges. Cybersecurity is one such major challenge that is hindering the fearless usage of technology. The solution lies in how effectively these technologies are integrated and implemented. Hence, this article is an overview of the integration of IoT and blockchain to ensure cyber safety. It also discusses the essential security measures, and lists the IoT security challenges.
The network of physical electronic devices, machines, and other objects, which are implanted with sensors and software for the purpose of communicating and exchanging data with other devices and systems through the internet, and each of which has an IP address, is referred to as the Internet of Things (IoT). Today, IoT plays a major role in transforming our lives, and as technologies are enhancing, hackers and cybercriminals are developing new, high-tech ways to breach secure and private data. However, with significant advancement in the IoT range, the issues related to data and information security need to be addressed.
The IoT has enormous advantages, however, it often lacks security. Ideally, user data must be kept private and safe. For this reason, better security measures must be created, maintained, and made the norm for IoT and linked devices in order to keep data secure. In addition, the IoT makes it possible to share data and information via blockchain.
Some of the major IoT security challenges include:
Blockchain is an indispensable technology that has been hitting the headlines due to the popularity of cryptocurrencies such as Bitcoin and Ethereum. Is blockchain only concerned with cryptocurrencies? The answer is an emphatic no. Blockchain technology has moved beyond cryptocurrencies to another level.Blockchain is a distributed, decentralized, immutable ledger that can be used to record transactions and track assets in a business network; with blockchain, the intermediary in digital transactions is eliminated. So simply put, in a blockchain, each block in the chain represents a record, and the chain links all of the blocks together.
IoT and blockchain are both fantastic innovations on their own, but when they are combined and implemented, they can generate astounding outcomes that are beneficial for cyber safety.
Below are the use cases on integrating IoT and blockchain to ensure cyber safety:
Currently, IoT technology is used with conventional databases. In the high-level block diagrams (Use case A and Use case B) the payment and health care systems can be replaced by blockchain technology. However, the process and flow remain the same.
By adopting blockchain technology, it is possible to address the following IoT cyber security concerns:
The future of the financial sectors and other industries is becoming increasingly digital, which makes the process more convenient for end consumers. Internet of Things (IoT) and blockchain technology are part of this rapid transition towards the bank of the future; both end users and financial sectors, as well as other industries, need to adapt to these trends for cyber safety. Thus, with the development of high-speed networks and sophisticated network devices, IoT is unquestionably an emerging technology. IoT currently faces security limitations and concerns, some of which can be addressed by incorporating blockchain technology. The challenges of technology and cybersecurity are two sides of the same coin. The importance of cyber safety increases as technology evolves.
By Govinda Mengji, Specialist Master, Risk Advisory, Cyber & Strategic Risk, Blockchain, Cloud, IT-DR, Deloitte Middle East