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Is Blockchain The Right Solution The For IoT Security Challenge

blockchain-resolve-iot-security-challenge

The Internet of Things has emerged as one of the most powerful technologies for businesses today. With its potential to collect data from the connected “things”, it serves valuable insights for businesses that want to leverage the power of accurate, real-time data. But with the humongous opportunity that this technology brings, there comes the IoT security threat that businesses have to deal with. This is primarily because data is assimilated over the cloud from the connected devices, which makes it vulnerable to hacking attacks.

Despite this challenge, businesses are still keen about embracing IoT applications because of the extensive benefits they bring. The idea is to think of a resolution so that you can avail the best advantages that these have to offer. Before you embrace the technology, you need to share this concern with the IoT app development company you choose. Before thinking of a solution, there is a need to comprehend the actual security challenges with IoT in the first place. Let us explain how your business may have to deal with threats related to IoT implementation.

IoT security threats that you need to know about
Before eliminating a problem, it is necessary to reach its root. Therefore, you need to understand the threats that IoT solutions have to face.

  • Unauthorized access to any of the devices can pose threat to the network as a whole. Considering the number and types of devices connected to the network, the risk multiplies with every device being added to the system. Something as simple as unencrypted data transfers or allowing employees to log into the network with a personal device can pose as a threat.
  • Network implementation is an ongoing process, considering the numerous devices, standards, and protocols involved. This can leave gaps for attackers to make way into the IoT network.
  • Software attacks on devices via malware and virus attacks can endanger the system as a whole.
  • IoT entails machine-to-machine communication, without human intervention in data transfer between devices. Frivolous issues such as weak encryption and stray credential key can give the hackers access to data.

From problem to solution- Blockchain comes as a savior
For a business, digital transformation is a huge step but it is not easy, considering the challenges involved. Adoption of IoT is a part of this journey, which makes it critical to resolve IoT-related security issues to make a seamless move. One of the technologies that offers a tangible solution in this direction is Blockchain; in fact, it has emerged as one of the key IoT trends of the current times, all because it makes a reliable security measure. Here are some Blockchain use cases that indicate how the technology facilitates stronger security for IoT solutions:

Security by design
Being based on cryptography algorithms, blockchain is secure by design. Every single block on the network is hashed to the preceding block, which means that it is not possible to substitute an intermediate block. The secure design, therefore, makes the technology just right for rendering security for data on IoT devices and networks.

Safe Data Storage
Data security is a primary issue with IoT because the network and devices typically handle huge volumes of business-critical data. As Blockchain comprises a decentralized ledger with an unalterable data record, it becomes possible to control or protect communication taking place within the system. Data protection with this technology, thus, goes beyond only cryptocurrency and encompasses IoT networks as well.

Securing IoT networks and devices
Since blockchain technology is capable of monitoring and recording the communication between the connected devices, it provides the businesses with access to complete data on the activity logs of the IoT system. Further, they can keep track of suspicious logins attempts or unauthorized access of records, which strengthens the security.

Minimizing human errors
The involvement of human element in the IoT systems elevates the possibility of errors during data inputs, in addition to the risk of data loss, data thefts, and unauthorized modifications. With blockchain, it becomes possible to eliminate the need for passwords and logins Instead, devices can be issued an encrypted identity that can be validated on the distributed ledger.

Secure messaging between devices
Blockchain facilitates secure messaging between IoT-connected devices. It empowers messaging between devices with strong security standards with the use of smart contracts. This is very similar to the security of online transactions that Blockchain serves for e-commerce businesses.

Trust and transparency
Blockchain adopts a decentralized approach which improves trust and transparency between IoT devices, ensures tracking of all the connected devices and builds a fully resilient system which is less likely to fall prey to cybersecurity attacks.

Conclusion
Considering that Blockchain is capable of addressing the key security issues for IoT networks, it emerges as a technology that you can depend on for creating a more reliable ecosystem on which multiple devices can connect to the internet or the cloud. With its cryptographic algorithms, continuous monitoring, recording of threats, and validation of transactions, the technology makes it possible to resolve the security challenges plaguing IoT solutions. However, implementing both IoT and Blockchain together is a tough task, considering that both are complex and evolving technologies.

Here, it becomes essential to have a technology partner that has the right skills and expertise to blend them for creating fully-secure IoT solutions. At OrangeMantra, you can get access to a team of expert IoT development professionals along with a Blockchain developer to work together in collaboration. Share your requirements with us and we will create an empowering IoT application for your business.

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