Technologies have transformed the living standards of our society. IoT has stood among the top in transmitting and receiving a vast amount of data through the systems and devices in real-time. It has motivated businesses to move towards developing IoT based solutions to increase their productivity and value. But, IoT networks aren’t entirely secure, there are some threats that affect the services. In this article, we will see the security issues in IoT and how blockchain technology is resolving them.
Unauthorized Access to Devices
Multiple IoT devices use a single network. Hackers find it easy to penetrate into that network via a single device that has not updated its security system. The risk could arise from any issue like an employee logging into the system via personal device or unencrypted data transfers that can lead to easy attacks.
Attack on Softwares
IoT devices are always connected to the internet, they do lack security and safety sometimes. This makes IoT devices highly vulnerable to the threats which can lead to mismanagement of the IoT ecosystem.
Network implementation is an ongoing process that involves multiple IoT devices, standards, and protocols. This implementation process sometimes leaves potholes that can be easily altered by hackers. This takes over that entire network and even restricts the services.
One of the key technology offering reliable solutions in resolving the IoT security issues is Blockchain. The main feature of Blockchain is that it is based on the cryptographic algorithm that prevents the distortion of data ensuring high security. It discards the threats in the IoT ecosystem providing safe data storage, digital identity, and fraud prevention as the data once recorded and stored cannot be changed or hampered. Blockchain offers the following assistance to prevent data hampering in IoT networks:
Traceability and Security of Financial Transactions
Blockchain is secure as the transactions are signed with a private key and then can be further verified with a public key. If transaction data is altered, the signature becomes invalid. There are distributed ledgers in the blockchain that captures digital data record into the blocks. The data in the block is entirely tamper proof and unchangeable. During the transactional processes, the IoT enabled devices exchanges the data and store them into the distributed ledgers. Besides this, ledgers store encryption keys that make the data exchanging process more secure and confidential. Blockchain's secure design and ledgers make it the best choice for securing the data transmission on the IoT devices and networks.
Secured Data Storage
Since the IoT networks are carrying a huge amount of crucial information of the business, data storage becomes the key factor. Blockchain has decentralized ledgers along with unchangeable data records, which makes the communication and data storage within the IoT system entirely authentic.
Reduced Human Errors
The involvement of manual work in the IoT networks promotes the chances of errors during data inputs, documents compilation, data loss, data theft, or unauthorized input sessions. With blockchain, there is no need for logins and passwords reminders, rather it provides devices with encrypted identities that can be validated against the distributed ledgers. Also, the possible threats are traced in advance and are notified instantly on the IoT network that is impossible with human involvement.
Trust and Transparency
Blockchain simplifies secure messaging between IoT-connected devices. It allows reliable communication between the devices with high-security standards by using smart contracts. The decentralized approach enhances the trust and transparency between IoT devices that ensure the traceability of all the connected devices. Thus creating an entirely robust IoT network that is invulnerable to cybersecurity attacks.
The decentralized feature of blockchain is resolving several security issues to the IoT network and making it more scalable, reliable, and autonomous. With cryptographic algorithms, Blockchain looks after all the challenges that are the hurdles in IoT solutions like the authentication of transactions, keen monitoring, and recording of threats, etc. Thus, providing a highly authenticated environment for businesses to operate. As both technologies are continuously evolving, hence executing them together is a complex job. It is important to have a reliable technology partner that has outstanding skills and proficiency in combining them for creating entirely authentic IoT solutions. At Jellyfish Technologies, there is a team of skilled IoT development experts and Blockchain developers that work together in collaboration. We assimilate all the devices and machines to carry on transactions and transfer the data, these devices/machines are connected with the Blockchain network. Contact our experts to discuss your idea about your IoT app development.