Why Blockchain and IoT Are Perfect Partners

Three Major Challenges of IoT

  1. Security: IoT endpoints open up the vulnerabilities for systems around the globe. Cybercriminals may use these vulnerabilities to access and retrieve a lot of sensitive data for illegal purposes. Hackers stealing data through connected IoT devices is within the realm of possibilities nowadays. They have already begun attacking systems making use of IoT devices, with Brickerbot and Mirai bostnet being some of the examples.
  2. Interoperability: Industries such as manufacturing have been working on various connected devices such as sensors, scanners, and cameras for a long time. Over time, every manufacturer will come up with their machine-to-machine (M2M) protocols. However, the collection of M2M communication protocols may make it troublesome to integrate products and services across varied brands. Developing a standard protocol across different manufacturers and brands will be in the best interest of the consumers as well as the producers of IoT.
  3. Connectivity: Enterprises have designed their infrastructure for the modern Internet age. The design copes with online connections and interactivity. However, even for large organizations, the current architecture is probably a centralized model. Businesses will have to conform to decentralized architectures to go ahead with the onset of IoT devices. They will have to update their systems to manage the massive amount of data that the IoT devices will produce.

Benefits of Combining Blockchain with IoT

  1. Performance and Stability: Blockchain’s distributed nature makes it enticing to IoT. Connected devices are rapidly increasing, hence, having a distributed infrastructure helps with performance.
  2. Flexibility: With numerous industrial and open source choices for Blockchain, it is possible for IoT organizations to use it to attain multiple goals without investing a lot in research and development.
  3. End-to-End Security: Blockchain’s redistributed nature provides a rapid security advantage. It makes it tougher for cybercriminals to corrupt the data or coordinate a DDoS attack. Apart from this, primarily Blockchain-based smart contracts guarantee higher authentication and access management.
  4. Cross-Platform Interoperability: Connected devices are operating on multiple platforms. Blockchain may provide the underlying technology to bring all these devices along and facilitate the production of a standard M2M protocol. Smart contracts can even promote IoT devices to create digital agreements with one another or a more significant system.

How Is Blockchain Reforming IoT?

Blockchain and IoT: The Future

Conclusion

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