enterprisesecuritymag

How Can Blockchain Solve IoT Security Concerns?

Enterprise Security Magazine | Thursday, September 17, 2020

IoT security has been praised massively from big enterprises and individual consumers over the year; however, this new technology's mass adoption has given air to many security concerns.

FREMONT, CA: Simply put, anything connected to the internet is a potential security threat to the entire network. According to a survey conducted on more than 100 IoT enterprise leaders unveiled, security and implementation are the two categories of technology adoption challenges. Considering the advantages of the IoT and its growing popularity, it is essential to re-examine how the security management of IoT devices and networks are approached. But to begin, it is imperative to understand what is wrong with the existing security architecture used by IoT manufacturers, and if there is a way for the internet of things developers to address it effectively.

Blockchain IoT security 

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Blockchain is a decentralized distributed ledger. It is a one-of-a-kind technology that has the potential to become the key to mitigating the IoT security challenges. A blockchain-based approach towards the IoT networks might solve many of the difficulties faced with the current model and enhance security.

Here are some features that make blockchain a significant weapon in combating IoT cyber threats.

Decentralization

In a blockchain ledger, the data is stored on numerous nodes worldwide, eliminating one point of failure. Prior to the addition of any data to the network, all nodes should be approved and verified. Therefore, no change is allowed without a common agreement from all the network participants. This approach is called peer to peer communication and is intended to protect the blockchain transactions from malicious parties. As there is no single server, there is no way a man in the middle can attack when the hackers can grab the data sent between a server and a device.

Public access

Blockchain is public, which means it is accessible to everyone in the network. All network participants can visualize the stored blocks and transactions' common history, but they require a private key to see the content. This provides complete transparency to all the operations and keeps data safe in the meanwhile. Once information is stored on a blockchain, it is impossible to make any alterations.

Secure data

Blockchain utilizes advanced encryption algorithms in order to secure data, which makes it more private. This is done predominantly for financial operations to be carried out without risks. Using the blockchain model, IoT devices might send and receive messages similar to the financial transactions to secure data communication between the connected things.

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