How to Secure the Internet of Things (IoT) with Blockchain

IoT is revolutionizing businesses in current and new markets by creating new opportunities and providing a competitive advantage. It goes beyond just collecting data, but also encompasses how, when, where, and why the data is collected. The Internet of Things not only changes the internet, but also the devices and gateways connected to it, allowing for automated actions without human intervention. Protecting data throughout its life cycle is crucial due to the essential role it plays in IoT. Managing information at all levels is complex as data flows across various administrative boundaries with different policies and intents. Therefore, viewing the IoT as a system-of-systems is beneficial. Designing integrated solutions that include edge devices, applications, transports, protocols, and analytics capabilities is a complex task for enterprise architects. The complexity introduces challenges in ensuring the security of the IoT and preventing it from being used as a platform to attack other IT systems. According to IDC, 90% of organizations implementing the IoT will experience an IoT-based breach of their IT systems by 2017. Regardless of the role within the IoT ecosystem, businesses must understand how to maximize the benefits of this technology. Dealing with the enormous volume of data and complexities of connecting to a wide range of devices pose challenges. While existing security technologies can mitigate some IoT risks, they are not sufficient. Gartner predicts that more than 20% of businesses will deploy security solutions for their IoT devices and services by 2017. BI Intelligence expects spending on IoT security solutions to increase five-fold in the next four years. Developing solutions for the IoT requires collaboration, coordination, and connectivity. All devices must work together, communicate seamlessly, and interact securely with connected systems and infrastructures. However, the current centralized model of IoT ecosystems has limitations. It relies on brokered communication models, which can be expensive, difficult to scale, and prone to failure. A decentralized approach, using peer-to-peer communication models, can reduce costs and distribute computation and storage needs across IoT networks. However, security remains a challenge in decentralized networks. Blockchain, the technology behind bitcoin, offers a distributed ledger system that is secure, transparent, and efficient. It can potentially disrupt industries and enable new business models. Blockchain is a continuously growing database that is distributed among participating nodes. It consists of transactions and blocks that record these transactions in the correct sequence. Blockchain is public, decentralized, and secure, making it a promising solution for IoT security.



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