IoT and Blockchain Technology: The Key To Next-Level Security

While the world is witnessing constant innovations in connectivity between humans and devices with the Internet of Things (IoT) devices, it is crucial to consider the various security threats that might arise as a result.

In today’s newsletter, we are going through how blockchain technology is enhancing the efficiency of IoT devices and ensuring new levels of security.

Security Challenges of IoT

If not constantly tested for security with proper measures. IoT devices can be hacked, and valuable and sensitive information and digital assets can fall into the wrong hands. The number of security breaches in IoT devices crossed a billion in 2021 alone, and future figures are projected to go even higher.

Let us take a look at some of the primary security threats to IoT devices and networks.

• IoT malware and hacking?
• Weak passwords
• Poor authentication processes
• Lack of data encryption
• Insecure networks, and
• No standardization on the Internet of Things.

Security Advantages of Blockchain in IoT Networks

Being a decentralized ledger, the data and transactions recorded on blockchain-based systems cannot be hacked into or tampered with. Blockchain development services are being hired increasingly by IoT device manufacturers and business owners from all sectors due to the following upsides.

Decentralized Platform

Blockchain technology can be used to secure IoT device networks by building a decentralized network for communication and authentication. This can be achieved by linking each IoT device to a blockchain network and giving it a unique identity. This removes the need for a central server or authority to verify and authenticate each device.

Immutable Ledger

Blockchain can create an unalterable record of all the interactions between IoT devices and their operators, making it a go-to for every IoT app development company. This record can be used to identify and thwart any attempts of unauthorized access or alterations. With an unchangeable records-keeping system, it becomes virtually impossible for cyber criminals to compromise the security of IoT networks.

Smart Contracts

Blockchain-based systems consist of smart contracts, a set of self-operating programs that execute automatically when a certain list of conditions is met, or not, depending on the criteria set. Smart contracts can be used to allow only authorized access to IoT networks and prevent any attempt at security breaches.

Cryptographic Security

Blockchain can be used to shield internal communication between devices and users against cyberattacks by using public-key cryptography. This promotes the secure transfer of information within IoT networks without needing any intermediary or centralized server. Each IoT device is given a unique set of public and private keys to encrypt and decrypt data.

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Use Cases Blockchain in IoT Security

Let us explore some common ways in which blockchain technology is being used to secure IoT networks.

Supply Chain Management

Businesses of all sectors and sizes are investing heavily in top blockchain development companies to revamp their supply chain management processes. By integrating blockchain into IoT services such as sensors and radio frequency identification (RFID) tags, organizations can build decentralized networks for keeping track of products and raw materials that move through the supply chain. Each step can be recorded in the blockchain, ensuring greater accountability and transparency within the supply chain.

Smart Cities

Blockchain technology can be used to transform city infrastructure by letting IoT devices collect data on daily operations and make informed decisions to improve the residents’ quality of life. For instance, public transport routes and traffic patterns can be analyzed to optimize the overall connectivity and traffic flow.

Health Care

Healthcare IoT devices are often required to gather sensitive patient information such as contact details, bank details, medical history, and other personal details that can be compromised due to lapses in security. By connecting these devices to a blockchain network, patient data can be secured while allowing the real-time monitoring of health conditions and facilitating better treatment.

Wrapping Up

Blockchain technology is undeniably a game-changer in the sphere of data security and is reshaping the way human operators interact with interconnected IoT devices. With constant improvements in global connectivity, blockchain is set to play an even more important role in ensuring the security of IoT devices and protecting confidential information from cybercriminals.

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