How Blockchain Technology Can Accelerate the Potential of IoT?
Yes, the blockchain has enormous potential to accelerate the Iot functioning efficiently. Since, security is a major concern with IoT that has hindered its large-scale deployment. IoT devices often suffer with security vulnerabilities that make them an easy target for Distributed Denial of Service (DDoS) attacks.So these are some concern of blockchain related to Iot :
1. Decentralization of Networks
Since the current iot or internet of things technology is highly centralized so that all the devices in the network is highly dependent on the centralized node which make it less efficient and huge maintainability cost. So instead of this we can use the Blockchain network which is highly decentralized in nature and by using this the devices no more to dependent on any other node in the decentralized network.
Due to Decentralized approach, the internet of things network will solve lots of current adopting a standardize Peer to Peer communication models to process 100’s of Billions of transaction between the devices which significantly reduces the cost associated with installing and maintaining the large centralized data centre.
2. Tamper Proof
The distributed ledger in a blockchain system is tamper-proof and this removes the need for trust among the involved parties and provide the needed security to the devices or platforms which enhance the user experience and reduces the complexity. So that no single organization has control over the vast amount of data generated by IoT devices.
3. Trust and Assurance
By providing a way to enable trust among the stakeholders, blockchain can allow IoT companies to reduce their costs by eliminating the processing overheads related to IoT gateways (e.g. traditional protocol, hardware, or communication overhead costs). Blockchain technology also assure that the data and the processes which was occur in to the database is well defined . So that it is easy to locate the required data in the blockchain network
By the integration of iot and the blockchain networks, the devices will be able to communicate without the need of large number of servers. Likewise, it will also prevent failure in any single node in the network which in result the shutting down the whole network
Blockchain provides transparency, by allowing anyone who is authorised to access the network to track the transactions that happened in the past. This can provide a reliable way to identify a specific source of any data leakages and take quick remedial action and it could enable trusted messaging between the devices of the Iot network. In this model of Iot and blockchain , blockchain treated the message exchange between the vices similar to the financial transaction in the bitcoin network ensuring there validity
6. Robust Level of Encryption
Using blockchain to store IoT data would add another layer of security that hackers would need to make update in almost all the blocks of the chain to get access to the network. Blockchain provides a much more robust level of encryption that makes it virtually very difficult to overwrite existing data records and impossible.