IoT is a technology that is creating waves among industries across the globe, however, IoT security is a major concern that has hampered its widespread adoption. IoT devices are highly prone to security flaws, making them a prime target for DDoS attacks.
Several DDoS attacks have wreaked havoc on businesses and individuals in recent years. Unsecured IoT devices are an easy target for cybercriminals who can use the devices’ lack of security to launch DDoS attacks.
One of the biggest problems with today’s IoT networks is scalability. As the number of IoT devices multiplies year after year, it has become a bottleneck for existing centralized systems for authenticating, authorizing, and connecting different nodes in a network. This makes it mandatory to invest in servers capable of handling the high volume of data exchange, and the entire network will become inaccessible if one of the servers goes down.
Another game-changing technology, blockchain or distributed ledger technology (DLT), has the potential to address some of the IoT’s security and scalability issues. In this blog, we will be discussing the role of blockchain in solving the security and scalability challenges of IoT.
Role Of Blockchain In Solving The Security & Scalability Challenges Of IoT
The IoT network is capable of transmitting data across multiple devices owned and managed by various organizations, making it extremely challenging to identify the source of any data leakages in case of cyberattacks. Furthermore, the Internet of Things generates a large amount of data, and the ownership of data remains unclear due to the involvement of multiple stakeholders. Here is a breakdown of the ways in which blockchain can alleviate scalability and security issues associated with the internet of things:
- A blockchain system’s distributed ledger is tamper-proof, which eliminates the need for trust between the stakeholders involved. The massive volume of data generated by IoT devices is beyond the control of any single organization.
- Making use of blockchain to store the data generated by IoT would add an additional layer of security that would prevent hackers from gaining access to the network. Blockchain technology offers a much higher level of encryption, making it nearly impossible to overwrite existing data records.
- One of the biggest perks of blockchain is transparency. It enables authorized users to access the network to view and track previous transactions. This can be a reliable way to pinpoint the source of any data leaks and take immediate corrective action.
- Blockchain technology can help billions of connected devices process transactions quickly and coordinate their actions. The DLT provides a viable solution to support the processing of huge transactions among numerous interconnected devices.
- By creating a way to empower trust among stakeholders, blockchain can help IoT companies cut costs by reducing the processing overheads associated with IoT gateways.
Adoption Of Blockchain & IoT: Key Things To Consider
One of the major issues of IoT systems is their security architecture, however, leveraging blockchain into IoT architecture can solve security concerns. Here are three major challenges to consider when designing the architecture for IoT devices and blockchain ledger:
- Scalability
One of the most significant challenges that IoT still faces is handling the vast volumes of data collected by a multitude of sensors, and slow speed of transactions. Defining a clear data model ahead of time can save time and avoid problems when it comes to deploying the solution.
- Network privacy
The shared ledger-IoT network on public blockchains makes it difficult to gain access to transaction history privacy. This must be taken into account before deciding whether a hybrid or private blockchain is the best option for a business.
- Storage
Blockchain eliminates the need for a central server to store transactions, however, the ledger must be stored on the nodes. The ledger will grow in size over time, which may cause issues for many smart devices, such as sensors, which have limited storage capacity.
Wrapping up
IoT and data are inextricably linked. The combination of blockchain and IoT will not only improve operational efficiency but will also create a more secure environment for businesses. IoT devices with blockchain capabilities can improve security, transparency, and create a decentralized environment. Implementing blockchain with IoT not only keeps track of all transactions but also ensures that they are tamper-proof. Pairing IoT services with blockchain is sure to offer businesses a huge number of benefits and lead them to success.
