How Blockchain Support IoT Data Security?

Blockchain has been involved in various technology fields and its increasing adoption can be noticed in recent years. Blockchain is accepted by many businesses, researchers, and customers for its underlying framework in crypto assets.

The adaptive nature of Blockchain paves the way for a lot of industries to be as a part of their security and admit the growing realization of the technology. But how Blockchain is related to IoT data security?

Blockchain

In earlier times, Blockchain is literally used as a base for Cryptocurrency trading. As a valuable decentralized ledger, the participants can make entries under the approval of authorized member in the group. Thus Blockchain records all the entries in different blocks across the chain and each block contains the cryptographic hash of previous block timestamp and transaction data.

The nature of how the data spread as a block in the chain is, therefore, carrying the useful information needed by more than one source. IoT allows more than one device to be connected with each other without the need for human as intermediate. Hence the data flow from one device to others has to be secured and this is how Blockchain came into effect.

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Few Basic Facts About Blockchain

Basically, Blockchain is designed as a decentralized open ledger that had the capability to store information as blocks in an immutable way.

The popularity of Blockchain had tremendously increased with the introduction of cryptocurrency. Cryptocurrency analysts have forecast the popularity of Blockchain would increase up to 20 billion dollars by 2024.

Recent research conducted by financial institutions shows that 15% of banks will soon adopt Blockchain to overcome security issues.

Internet of Things Security Challenges

Tagged to the above points, Blockchain stores data in blocks across the chain. As a ledger, the process is not easy to create blocks as it takes a lot of processing time to create even a single block and the information is linked as chains with reference to previously added data in blocks.

On the other hand, IoT functionality includes receiving and transmitting the data to different devices and make real-time linkages.

Any business requires privacy and security when coming to the storage of data in clouds. The major challenge here is the protection of all data and communication records maintained up to date.

The data flow across various kinds of devices, development platforms and pass through an administrative line of boundaries each having its own setup. Therefore it becomes necessary to consider the safe functioning of the IoT system, accurate data management and safe delivery of data to the right destination on time.

Another problem is that the data is stored in one location and is easy for hackers to target. A small breach in the security system can allow hackers to access a whole lot of information. With Blockchain technology, that data exists in decentralized chain making it hard for hackers to breach. The unbreakable technical base construction and strategy parameters make an ideal technology for data storage.

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Centralized IoT Network Issues

The IoT systems are the centralized model. This means it connects only to identified and verified devices through cloud services that have high data storage capabilities.

Business including this centralized model needs to deal with high maintenance cost and infrastructure added with best IoT solutions.

Added to the above issue, there is also one more important matter to be considered. What if a number of IoT devices is interconnected at a time? Yes, the number of communication will increase which cause economic, scalability engineering issues. If these issues go beyond the limit, disruption of cloud services occur leading to security issues.

Large business ecosystems are facing this issue and the only solution lies in a decentralized network that is nothing but Blockchain.

Advantages of Blockchain

The answer to how Blockchain helps IoT security issues lies in its benefits. The first point to consider is that the members in the Blockchain verify themselves at every entry. This creates a genuine entry and the information once entered in blocks cannot be changed.

Blockchain does not require the third-party presence or no need for anyone to check thus saving time. Another point to remember is that the information is scattered all along the chain thus creating a challenging situation to hackers.

IoT Explained

Though most of us are familiar with the term “Internet of Things” yet there are few more things you need to know to understand IoT in detail.

Internet of Things technology allows the devices to connect and communicate but do you know IoT can help us in the identification of damaged parts in a device? Yes, IoT can help you or alert you about the damaged or expired parts in a device as well as provide complete information of the device. These devices use internet service to connect with outside devices. Thus these IoT devices hold a lot of data communication information which are to be secured.

How Blockchain Help IoT Security Issues?

  • Blockchain is decentralized to track down billions of devices
  • Assist in IoT requirements in industries and ensure compliance
  • Cannot alter data in Blockchain and ensure the safety of data
  • Blockchain makes data distribution possible and protects from attacks
  • Blockchain allows IoT to maintain a ledger of all transactions

Challenges in Incorporating Blockchain to Prevent IoT Issues

  • Controlling a large number of IoT devices is a challenging task to the present Blockchain version
  • Blockchain can be adapted only for securing the data and is still not the solution to IoT security issues
  • Must include a suitable framework in order to prevent unwanted interferences
  • Device manipulation is possible even within the Blockchain network
  • The smaller device does not have the capability to meet the computational power of Blockchain
  • The tracking of corrupt devices and their elimination is still a topic

Final Note

It is true to the fact that IoT technology continues to grow and expand but the challenges it faces for data security is to be accepted. Sensitive data handled by IoT networks can be subjected to serious thread attacks and there is a need for powerful technology to support the issue.