How IoT can be Implemented in Block Chain?

More data will be accessible to opportunistic attackers as more devices connect to the internet. There is a vast network of networked gadgets that may transmit anything from personal information to authentication and keys, all of which are easily extracted by hackers.

IoT security issues have been common in centralized systems in recent years, but the blockchain technology, which began as the technology underpinning bitcoin, has evolved into a viable mitigating technique for cybersecurity. The technology has been praised for its ability to ensure information integrity when used as intended.

In this blog, you will be highlighted to the idea of how BlockChain technology can benefit on Internet of Things and how secure the Internet of Things is with BlockChain along with some real-life use scenarios.


What is the Internet of Things (IoT)?

The internet of things, or IoT, is a network of interconnected computing devices, mechanical and digital equipment with objects, animals, and people with unique identifiers (UIDs) and the ability to transfer data without requiring human-to-human or human-to-computer interaction.

The Internet of Things, or "IoT," is a concept that involves expanding the internet's capabilities beyond computers and smartphones to a variety of different objects, processes, and environments

How Blockchain can be used in IoT?

IoT and Blockchain technology may seem to have little in common, but they are complementary concepts.

Blockchain technology is a decentralized ledger of transactions that is secured by cryptography. IoT is a network of devices that collect and exchange data among themselves without relying on centralized control. If IoT devices are connected to the blockchain, they can send sensitive information such as their location or usage patterns without fear of an attack.

The IoT network can process data transactions across multiple devices that are owned and administered by different organizations, making it difficult to pinpoint the source of any data leakages in case of an attack by cyber-criminals. Additionally, the IoT generates a vast amount of data, and with multiple stakeholders involved, the ownership of the data is not always clear.

IoT and Blockchain along with AI is the perfect match

The primary problem with IoT security is the lack of ability to identify when a device is compromised, sensitive data leakages and when hackers are taking control of devices remotely while Blockchain is very secure and there are minimal chances of leakage.

IoT collects and gives data, blockchain provides infrastructure, establishes engagement rules and security and AI optimizes processes and rules, according to one of the conceivable connections between these technologies. By design, blockchain, IoT, and AI are complementary, and when used together, they can fully realize their promise.

  • Costs reduction: Simpler, more direct processes

  • New business models: Simpler transactional model Disintermediation

  • Transactions acceleration: Wider use of automatic transactions

  • Device Autonomy: No need for “human in the loop”.

Common Benefits of implementing IoT and Blockchain technology

Blockchain changes this by providing a decentralized ledger that allows for better data security, information sharing, and verification. Blockchain technology has also found its way into the internet of things (IoT). This means the two can work together to help improve security, information sharing, and verification, as well as make transactions cheaper and more efficient.

Both technologies have limitless potential to change the world we live in today. As such, we must take it upon ourselves to become educated on them so that we can one day reap the benefits of their implementation for our purposes.

    Build confidence in your IoT data.

Blockchain technology includes the ability to authenticate and authorize transactions initiated by a trusted person, as well as encryption while data is being transferred and stored. Every transaction is logged, saved in a data block, and added to an immutable, secure data chain that can only be added to.

    Count on additional safety.

You may choose which data to manage, analyze, personalize, and share with permission clients and partners IoT platforms.

    Produce new efficiencies.

Blockchain improves operations and adds new business value across your ecosystem by leveraging data from IoT devices and sensors. This is especially true when working with a supply chain's numerous suppliers, producers, distributors, and customers. Due to the blockchain operating as a shared ledger to some extent, untrustworthy parties can exchange data directly with one another, reducing laborious processes and increasing transaction speed.

Some examples of Blockchain in IoT

1)     Supply Chain and Logistics

Multiple parties are involved in a supply chain network, which is why delivery delays are one of the most significant difficulties in the supply chain and logistics business.

While IoT-enabled devices will allow businesses to trace shipments at every stage, Blockchain will ensure that the entire process is transparent. IoT sensors (such as motion sensors, GPS, temperature sensors, and so on) can provide information regarding the status of cargo.

This data is then posted on the Blockchain network for transparency – once the data is recorded on the Blockchain network, all supply chain stakeholders named in the Smart Contracts have real-time access to the data. Blockchain and IoT can work together to improve the supply chain network's traceability and reliability

2)     Automotive Industry

Swept across all sectors of the industry. Automobile manufacturers are now using IoT-enabled sensors to create fully automated automobiles. The car industry is also leaning toward combining IoT-enabled vehicles with Blockchain technology to allow numerous users to simply and swiftly exchange critical data.

In addition, the sector is quickly embracing Blockchain IoT use cases that have the potential to improve autonomous vehicles, smart parking, and automated traffic control.

3)     Smart Homes Industry

Exchanging data generated by IoT devices in the traditional centralized model lacks security standards and data ownership. However, thanks to Blockchain IoT, home security systems may now be managed remotely from a smartphone. By removing the limits of centralized infrastructure, blockchain has the potential to improve Smart Home security.

Telstra, an Australian telecommunications and media business, for example, has adopted Blockchain and biometric security to ensure that no one can tamper with data collected by smart devices. When data is stored on the Blockchain, only the authorized person(s) have access to it.

     4)     Pharmaceutical Industry

Mediledger is a Blockchain IoT application that can track the legal transfer of prescription drugs ownership.

The rising prevalence of counterfeit medications is one of the pharmaceutical industry's biggest challenges. The pharmacy business can now combat this problem because of Blockchain IoT. All players in the medication production process may be held accountable and update the Blockchain network with important data in real-time thanks to Blockchain IoT.

Conclusion

The answer to some of the IoT's most pressing issues, such as scalability, privacy, and reliability, is Blockchain technology. Blockchain technology has the potential to track and monitor billions of connected devices, allowing for the sharing and processing of transactions among them.

Furthermore, decentralization eliminates single points of failure, resulting in a more resilient environment in which devices can run. In an IoT network, Blockchain IoT can enable secure and dependable collaboration between linked devices.


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