How Blockchain Technology Can Solve IoT’s Security Problem

In recent years, IoT has changed the world with its ability to touch almost every aspect of life. This has encouraged businesses to move towards IoT Development Company in India because they present opportunities to gain competitive advantage by collecting data from various points, some controlled by humans and others, automatically. However, IoT also presents challenges related to data security and privacy, because it is collected through the cloud from the device, thus increasing its vulnerability to hacking.

How Blockchain Technology Can Solve IoT’s Security Problem

IoT challenge

Most people associate the Blockchain with cryptocurrency, bitcoin, but technology can eliminate threats to data privacy and security in various segments. It is important to be aware of the various types of challenges faced by IoT solutions to understand how it can help businesses transact in safer environments.

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Unauthorized device access:

Because some IoT-enabled devices use networks, hackers can enter the entire network even through one device that hasn't updated its security system. Opportunities can arise from something as simple as allowing employees to enter the network using personal devices with weak authentication or through a transfer of data that is not encrypted. Considering various smart devices used in the workplace, from smartphone to TVs, scanners, and printers, this risk has the potential to multiply because this device can be hacked.

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Software Attack:

IoT devices are always connected to the Internet, and if they don't have security, they are unsafe to malware and virus attacks that can cause loss of device and network control.

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Network Violations:

The many devices, protocols, and standards implemented networks a continuous process, which leaves identifiable gaps and are used by attackers to hack into the network and take control or in some cases reject services to users.

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Attack Encryption:

Because IoT involves machine-to-machine communication without human interaction when data is transferred from one device to another, weak encryption or lost credential keys give hackers access to data.

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Cases of Using Blockchain

The Blockchain presents a solution to eliminating the threat posed by IoT because it can connect the security gaps that are in the current ecosystem. The various objectives that can be served include secure data storage, digital identity, and fraud prevention because technology ensures that after data is recorded and stored; data cannot be changed or damaged.

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The most widely used Blockchain Development use cases include:

Traceability and Security of financial transactions:

Ledgers distributed on the Blockchain obtaining records of digital data into a block. After this is done, the data cannot be moved to another block or anyone can add an intermediary block in the chain. For financial transactions, because confirmation is required from the sender, recipient, and miner, transactions can be completed only after all confirmations have been received. The Blockchain facilitates the recording and storage of each user login and confirmation. Also, any insider threat or attempt to access records is tracked and recorded, thus eliminating the possibility of data being infiltrated or stolen in the ledger.

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Secure Data Storage:

One of the main problems with IoT is the need to maintain data security. Blockchain creates a decentralized ledger and data records that cannot be changed, which help protect and control communications or other activities that occur in the system. Data protection does not apply to digital currencies only. In other fields, such as health care, it can protect patient information, improve records management and minimize the distribution of illegal prescription drugs, among others.

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Minimizing Human Mistakes:

Wherever there are human elements involved in recording and storing data, there are also possible errors when entering data or compiling documents, in addition to the risk of data loss, unauthorized modification, and data fraud. The advantage of the Blockchain is that it eliminates the need for logins and passwords. Instead, the device issues an encrypted identity such as an SSL certificate, which can be verified in the distributed ledger. Human error is minimized because of all activities, including potential threats are tracked and notified immediately on the network.

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Securing IoT Devices and Networks:

Because the Blockchain can monitor and record communications between all devices connected to the network, it provides businesses with access to data on the activity log, suspicious logins or records access attempts, which help to overcome security challenges.

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Supply Chain Transparency:

The supply chain management industry faces complex challenges, most of which are related to counterfeit goods or illegal transactions because goods transported pass nearly one hundred shipping points or parties, including producers, distributors, and retailers before they reach their final destination. By providing digital IDs for each product, the Blockchain presents complete visibility at each stage of the supply chain, thereby eliminating the possibility of fraud or forgery because data cannot be changed and cannot be deleted.

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Conclusion

By providing solutions to bridge gaps in current IoT issues such as privacy, scalability, and reliability, Blockchain development can create a more reliable ecosystem where devices can connect to the Cloud or the Internet. With cryptographic algorithms, transaction validation and continuous monitoring and recording of threats, the Blockchain can handle all the challenges that currently disrupt IoT solutions and provide a safer environment for businesses to operate without worrying about threats to data security and privacy.

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