The Role of Blockchain in IoT Security

Introduction 

IoT security is one of the major concerns of our age; with the increasing use of IoT devices in homes worldwide, the threat to privacy is a real concern, and different industries are trying different methods to find a way around it. One of the newest measures in this regard is using blockchain. IoT has many applications in various domains, such as smart homes, cities, healthcare, agriculture, transportation, etc., which make the data saved in it extremely sensitive.  IoT devices are often vulnerable to cyberattacks, data breaches, and unauthorized access, making proper security measures extremely important. 

Blockchain is a distributed ledger technology that can solve some security issues related to IoT. Blockchain can enable secure and transparent data sharing among IoT devices without a centralized authority or intermediary. The Blockchain can also reduce the cost and complexity of IoT deployment and operation by providing a decentralized and self-managed network. In this blog post, we will explore how blockchain can enhance the security of IoT and what are some of the benefits and challenges of using blockchain for IoT.

How does blockchain work with IoT?

Blockchain is a system of storing and transferring data in a chain of blocks linked by cryptographic hashes. Each block contains a list of transactions or records verified by a consensus mechanism among the network participants. The main issues associated with IoT are often about storing and sharing the data without leaking it to a 3rd party. The workings of Blockchain ensure that. There are several other ways Blockchain ensures the security of IoT devices. We will discuss them now.

Secure sharing of information 

IoT devices can use blockchain to exchange data with each other in a secure and trustless manner. These devices can act as nodes on the blockchain network and perform transactions or smart contracts with other devices. A smart contract is a code that executes automatically when certain conditions are met. For example, an IoT device can trigger a smart contract to pay another device for service or product delivery.

Authentication 

Blockchain can also provide authentication and authorization for IoT devices. It can store the identity and credentials of each device on the ledger and verify them using cryptography. Blockchain can also manage each device’s access rights and permissions based on predefined rules or policies. Some measures can help revoke permissions for a particular device based on location.

Cyber attack 

Blockchain can also protect IoT devices from cyberattacks and data breaches by encrypting the data transmitted and stored on the ledger using cryptography. Blockchain can also detect and isolate any compromised or malicious device on the network by checking its behavior and transactions against the consensus rules. Any transaction that seems out of place will be verified, and if they don’t pass the authentication test, they will be barred from making any further transactions.

What are the benefits of Blockchain for IoT security?

There are several major benefits associated with using Blockchain for IoT and making it secure, such as:

Trust

Blockchain can enable trustless and verifiable data exchange among IoT devices without relying on a third party or intermediaries and ensure the data is accurate, consistent, and valid across the network. Most platforms on Blockchain run on advanced levels of encryption that can be used in IoT devices to ensure their safety and trust.

Transparency

Blockchain can provide visibility and accountability for IoT devices’ data transactions and activities. Blockchain can allow anyone with permission to view and audit the data on the ledger. It will also ensure that the data being shared is done to the right part and that no other intermediaries are leaking the data and sharing it for malicious purposes.

Immutability

Blockchain can prevent data tampering and manipulation by making the data permanent and irreversible on the ledger. The data present on IoT devices can be sensitive. This data can be fudged for some illegal purpose like coercion and such. Immutability ensures that no such situation is created.

Scalability

Blockchain can support large-scale and distributed IoT networks by providing a decentralised and self-organised system and reduce network congestion and latency by eliminating the need for a central server or database. The devices can serve as the node themselves, reducing the storage cost by a long margin.

Efficiency

Blockchain can optimise IoT devices’ resource utilisation and performance by providing a peer-to-peer and automated system. Blockchain can reduce IoT’s operational cost and complexity by eliminating intermediaries and intermediaries fees.

What are the challenges of blockchain for IoT security?

Blockchain also faces some challenges and limitations in implementing security for IoT, such as:

Complexity

Blockchain is a complex technology that requires advanced skills and knowledge to design, develop and deploy. Multiple different beneficiaries and intermediaries need to be in sync for a transaction to occur efficiently and accurately.

Compatibility

Blockchain is still new and may not be compatible with existing IoT standards, protocols and platforms. It also requires a certain specification and hardware or software modifications or upgrades for IoT devices to support blockchain functionality.

Privacy

Blockchain may compromise the privacy of IoT users or owners by exposing their personal or sensitive data on the public ledger. This may lead to legal concerns about sensitive data such as personal history. To prevent this, companies can use private blockchain networks, which are rare and very expensive.

Performance

Blockchain may affect the performance of IoT devices by consuming more energy, bandwidth and storage, and this may also introduce delays or errors in data processing or verification due to the consensus mechanism or network congestion.

Learn Blockchain security for IoT.

You can learn more about Blockchain security for IoT by taking one of the courses from one of the most respected course providers in the crypto sphere, Blockchain Council. You will learn about Blockchain security and related concepts and how to use them effectively to drive your career in the right direction. Check their site today and get a blockchain course to upskill and learn something new.

Conclusion

Blockchain is a promising technology that can improve the security of IoT by providing a secure and transparent data-sharing platform among IoT devices. This idea has great potential, and many companies are finding the best options to fulfil their security needs.

The next age of Cybersecurity with the help of Blockchain is here, and industries that have adopted these measures can easily see its positive effects. There is no doubt about it. It also opens opportunities for passionate individuals worried about finding a job, as getting a job in the field will only become easy with more companies joining the suit. So, what are you waiting for? Start learning about Blockchain security for IoT today.