IoTs simplify life because of the way they communicate with various devices and optimize their performance. But by doing so, they access user’s data on a vast scale. Leakage of sensitive data from the IoTs server can put the users in jeopardy. Thus, a pressing need arises to simplify the security with smart innovations.
Blockchain, a decentralized ledger technology has proved its worth in sharing of data, foreign remittance, and security concerns.
Use cases cover European countries trusting blockchain technology for safeguarding their financial segments, like banks and mortgage sectors. Thus, its credibility makes it suitable for preserving the IoTs data archive.
Top blockchain development companies are stressing to innovate and develop agile security solutions to empower IoT.
A few use cases discussed in this article will help you understand the critical challenges that blockchain technology will solve.
Use Cases To Prove Blockchain’s Contribution to Maintaining IOTs Security
Blockchain technology has smart solutions to neutralize the threats that come in the path when IoTs connect and communicate with the current technology’s ecosystem.
With blockchain’s presence, data storage, digital identity, and frauds get minimized as it offers tamper-proof immutable data storage solutions. Top use cases to prove this claim include;
Traceability & Security Solutions for Top Financial Institutions
In the UK, the government and regulatory authorities have shown a strong desire to embrace the innovations of the blockchain ecosystem. The government office for Science in the UK has lauded DLT or Decentralized Ledger Technology’s contribution to security.
They are now committed to exploring blockchain technology that goes beyond just cryptocurrency. Thus, blockchain technology gets leverage for capturing the digital data in a recordable format.
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When the data gets recorded in a block, it can neither be moved nor edited or forged because of time stamping and immutability features of blockchain technology.
If any financial transactions occur, or there are any new changes in the ledger, it should have approval from the sender and receiver along with multiple chains in the nodes. As recording and saving of user’s login happen each fraction seconds on a blockchain network, any threat to the data or records can be instantly tracked and brought to justice, in case of illegitimacy.
Safe Data Storage
IOTs most challenging aspect is data security and safety. The blockchain ecosystem has a decentralized framework where data records cannot be altered or deleted. Such advantage helps in protecting and controlling communication or other activities that take place in the blockchain ecosystem.
Sectors like healthcare that are using IoTs need the protection of the patient’s information. At the same time, they also need faster record management and prevention of unauthorized access to their servers. Thus, safeguarding their prescriptions, drugs, and other valuable records. Blockchain’s potent ensure that in their working space.
Blockchain Technology to Solve the Following Core Problems of IoT
IoT security application development faces the challenges of attacks from illicit visitors. In the absence of a proper security system, valuable data loss can occur; thereby, disrupting the functionality of various IoT applications.
Blockchain technology works via Smart Contracts, Proof of Work concepts that authenticate the transactions or attempt of infringement on the servers.
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Complex mathematical problems and validation system will counteract any attempt to breach the software security framework.
The attackers need to tweak every node and make necessary changes in all the blocks to make any network error acceptable on the system.
Blockchain is thereby ensuring the protection of IoT applications against any attack via the DApps developed by a trustworthy blockchain development company.
IoT applications work on multiple devices with different protocols and numerous security standards. As security gets complicated, there are gaps that hackers can misuse.
The decentralized platform runs on a Proof of Work or Proof of Stake concept. Thus, the attackers focusing on network security breach need high-end infrastructure to break through the system.
Proof of mining and proof of stakes are a sophisticated algorithm that demands very high processing speed on the blockchain ecosystem.
The hackers need a supercomputer with unlimited processing speed to even attempt a breach. In case, if they are successful in arranging a supercomputer, the need for high processing will consume additional power and alert the electrical supply authorities automatically.
Because of this advantage, hiring a top blockchain development company for making the decentralized ecospace for your IoT servers will prevent any future data breaches.
IoTs need continuous interaction with the machines without any human intervention. In the absence of human response, weak encryption will give ample opportunity to hackers to break in and steal data from the IoT applications.
Decentralized public blockchain requires very high computing intelligence and a gas charge for running the blockchain mining platform. Even if the hackers attack and encrypt IoT servers, they need consensus for decryption to validate any change made on the server.
For mining any information, report, or data, they need the agreement from multiple chains in the nodes. Even if they manage to get into the server, within 10 minutes, they need to solve various mathematical problems.
Only after addressing the issues, they can get into the server and decrypt all the messages stored in the server. For example, if you are the hacker attempting to hack an IoT server, you need to convince everyone in the server to approve the changes you make. Such an attempt will require tremendous resources and extravagant spending. Technically, it doesn’t look feasible to undertake such mass-scale data breach.
Blockchain Development Company is working on multiple decentralized applications or DApps that can transform various sectors by safeguarding users against any outside attack.
Across the world, 8 top companies are changing the landscape of IoT and its varied applications in diverse industries. All these companies use blockchain technology or IOT security applications development to safeguard the use of IOTs to powerup different sectors under the aegis of blockchain technology.