Why Blockchain-Based Cloud Computing Could Be the Future of IoT
The advent of IoT has opened doors for security threats like hacking, data breach, or data tampering. In such situations, blockchain can be of great help.
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With the fast internet and extremely smart devices, the web of data possesses the current world. This data is crucial to control devices, communicate with them, and execute tasks. Currently, due to the invention of high-speed networks such as 5G, the IoT is expanding its coverage in the market and using this data. As per the report shared by Gartner, IoT is expected to establish a network of more than 25 billion devices globally by 2021.
Now, with the adoption of IoT in more devices, it is also possible that data security threats such as hacking and data breaching increase significantly. So, to protect the IoT trending technology against such issues, blockchain technology comes into the picture. Blockchain networks are known to be more secure, cryptic, and reliable in terms of securing and keeping data safe. Thus, blockchain technology is also expanding along with the IoT to keep it safe.
Generally, IoT is crucial to provide users a centralized network of devices. For instance, this centralized network is important to control home appliances, security sensors, or network adapters. Now, the IoT controller sends and receives the data from these devices to enable the wireless connection system. Currently, brands such as Samsung are manufacturing smart home appliances like air conditioners that can be connected to a simple mobile application. Moreover, Google’s Home device is also capable of controlling multiple devices with the voice command only. Now as the adoption of this data architecture is boosting, top blockchain companies are offering a secured network to the IoT as well.
Blockchain Reduces the IoT Security and Scalability Vulnerabilities
As discussed above, the IoT is vulnerable to security threats such as ransomware, hacking, data breach, or data tampering. Thus, blockchain is a security solution that will keep the IoT network secured. Moreover, the blockchain network will also keep the data in check by assigning it an identity. Blockchain technology follows the same rule with the crypto networks as well. In terms of cryptocurrencies, the blockchain provides each transaction a secured identity.
Apart from the security issues, blockchain is also involved in the IoT to resolve the scalability problem. As IoT is a network expanded through multiple organizations, it is hard to locate the specific cause of any data leak or tamper. Moreover, defining the ownership of a particular data is also difficult with the IoT, as it produces the data in a huge amount.
On the other hand, blockchain is not only a secured network, but it’s also one of the fastest data transfer networks existing in the modern world. Blockchain technology is enabling IoT in transferring data at a faster speed. Thus, the control accuracy of devices is improving as well, and the response speed is crucially enhanced.
Applications of Blockchain Technology in the IoT Technology
Here are a few applications of the blockchain business opportunities in the IoT services:
Establish a secured data transfer network by adding an extra layer of security. The purpose is to make sure that hackers have to go through an extra security system to access the network data.
Keep a ledger maintained of the modifications done into the IoT data by authorized people. The blockchain will keep a record of the modifications made by parties that are involved in the IoT networks.
In order to make sure that the source of any data leak is identified instantly, the blockchain technology ledger keeps track of every single modification made in the data.
Blockchain technology reduces a few costs such as extra security protocols and unnecessary hardware systems.
Real Examples of the Blockchain in IoT Technology
Below is a list of a few innovative examples of blockchain technology in the IoT. These examples include a few organizations that are already using this technology to make the IoT networks more secure and scalable.
HELIUM- This San Francisco, California-based company is using blockchain networks to connect low-power IoT machines such as microchips or routers. The network is useful to reduce the power needed to run smart machines and provide them extra security simultaneously. The company is planning to implement its nodes across the UK, California, and Boston to test the peer-to-peer decentralized networks. HELIUM is establishing “The People’s Network” to connect thousands of developers and companies around the world.
HYPR- The New York-based tech company is focusing on making ATMs, locks, homes, and cars among others safer. HYPR is dedicated to developing a biometric system using blockchain technology to save data. With the help of the IoT, the network uses data to provide access to the user. The organization has successfully tested its DLT technology which is crucial to provide users a smart locking system for their homes.
NETOBJEX- The company is focused on building a decentralized network of IoT devices in the same ecosystems. NETOBJEX enables devices to interact with each other through a secured network. Moreover, the blockchain-supported IoToken is used by devices to communicate and interact securely with each other. The company has partnered with the Brooklyn Public Library and provides the Smart Mobile Phone Charging Station Technology. However, to charge phones, users have to watch an informational video or take a short survey. The results of these surveys are saved on a blockchain network accessed by the authorities of Brooklyn Public Library only.
Conclusion: The Evolution of the Blockchain in IoT
Now, if we talk generally about the applications of blockchain in IoT, then a few innovative forms of the technology are adopted by a few companies.
For example, Chain of Things (CoT) is useful to analyze the best use cases of the blockchain with IoT to offer benefits to industries and companies. It is also used to offer identity, more security, and interoperability to devices.
The other example is the IOTA protocol that is useful for fast transaction settlements. The infrastructure is useful to process microdata in large amounts. Moreover, it also enables tasks such as fee-less microtransactions, machine-to-machine communication, and more.
The third and last example that we should discuss is Modum.io. It uses blockchain technology to connect sensors of an ecosystem with a decentralized network. These sensors are used to record conditions such as temperature, wind speed, or humidity.
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