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IoT and blockchain industry both have grown significantly over the last few years. These technologies are expected to grow faster in the next few years. Both technologies promise to revolutionize the way we live, make our places safer, and living convenient.
Mordor Intelligence predicts the IoT industry will grow over $1240 billion by 2025.
Smart home connected devices such as thermostats and lights are examples of IoT at use. Businesses use IoT devices to monitor the efficiency of processes. Cryptocurrencies demonstrate the potential of blockchain technology. What’s special about these cryptocurrencies is – they are digital alternatives to gold, combined with the decentralized mechanism for governing and policing its operations. The adoption of blockchain technology has grown by leaps and bounds. Consequently, demand for blockchain professionals has shot up, resulting in software engineers taking blockchain certifications to equip themselves with the right skills.
Is there a way these two technologies can be combined? Well, the industry certainly thinks, yes. The two technologies combined can reach $250 billion by 2026, according to a report.
Here are a few examples of how blockchain technology can benefit the IoT industry.
One of the inherent challenges that hold IoT back is the security issues that come from having multiple devices connected to a network. This network is an easy target for cybercriminals who can launch DDoS (Distributed Denial of Service) attacks and infiltrate a network. IoT devices have been harder to secure than computers and other devices.
Connected devices including smart refrigerators, Wifi routers, thermostats are easy to attack, especially when devices are left with their default password. Blockchain can solve this problem. A temper –proof connection among devices can be created, which will minimize the chances of hacking. Data leaks can be easily detected as data is permanently recorded. Data recorded on a blockchain is encrypted, so it will further add another layer of security.
Scalability is a challenge with nearly all technology, so IoT isn’t far. As the number of devices grows on an IoT network, authenticating and authorizing each device would require a large number of services, which will be a challenge due to a centralized network. This would require a huge number of powerful services to meet the demands.
Blockchain technology can solve this problem by allowing all the devices on the network to undertake authentication. IoT devices on the network can perform their role by spreading the workload over the entire network, removing the need for a gateway devices.
Blockchain-based decentralized systems are inherently slow due to the need for high processing power. Using the internet of things network, the blockchain network can be accelerated. Adding more IoT devices would add significantly more processing power to the blockchain and speed up the process more.
Decentralized blockchain on the internet of things can reduce costs. Large number-crunching machines can be exorbitantly expensive. Spreading several smaller devices over a network could be much cheaper.
Present IoT devices have a central point where all connected devices communicate. This creates a single point of contact of failure which can be attacked, resulting in taking the whole system down. Backup and redundancy limits are options to save ourselves against the failure, they are expensive.
A decentralized blockchain IoT network will spread authorization and authentication over a network, removing a single point of failure.
All in all, blockchain technology can solve some serious challenges for the IoT industry. Together, the IoT and blockchain industry is bound to grow.
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