In the world of business, IoT has been a game-changer. Businesses now operate with greater efficiency and without the need for human input for many processes. Although IoT has been revolutionary in the way people do business, it still has a major weakness; security. Hackers are known to love companies with extensive use of IoT devices because they are deemed easier to get through. For them, the strategy is quite simple; get access to an IoT endpoint without as much security. Afterwhich, they use the access to get to higher-value assets on the network. It’s no surprise that cyberattacks targeting IoT devices more than tripled in 2020.
Attacks such as these are possible because most IoT devices are connected from a central hub with an underlying security architecture such as public key infrastructure (PKI). A system that implements PKI as its foundational security measure should be done right as thousands of devices are pinging to a server at the same time. If not properly set, unscrupulous people can easily perform a man-in-the-middle attack, costing the business a lot.
Implementation of Blockchain for safety
Although blockchain technology was made famous by cryptocurrencies, its purpose and usability go beyond these basics. Since IoT devices process a lot of data, keeping it safe and secure remains difficult. This is where blockchain technology comes in. We can implement this architecture to ensure that authentication, standardization, and protection of the data in question all happen in the device. This is much more secure than sending it back and forth between servers and devices. Here is a snippet of how blockchain technology can secure IoT devices.
Blockchain technology stands out among its peers. This is because of its capability for scaling, privacy, and reliability. As such, it’s the perfect underlying technology for coordination between thousands of devices as well as maintaining a stable connection between millions of devices without dropping. In this decentralized approach, the implementation of bespoke cryptographic algorithms is necessary to ensure that all data remains private and secure. Using this method, you can easily scale a system while still maintaining a fault-free and resilient ecosystem. The organization doesn’t have to worry about connection and data transfer speeds because the underlying blockchain technology is very fast and easily configurable, which is fantastic when you need to add or remove devices from the network.
Blockchain technology at its heart has blocks of data on data and transactions that have been facilitated on the network. This is a sort of ledger where once information has been confirmed, and set as part of the block, it cannot be edited or removed. As such, the implementation of Blockchain Identity can help in keeping information on users secure. Blockchain Identity helps manage digital identities by providing interoperable, unified, and tamper-proof infrastructures that offer enterprises all the benefits without facing down security threats. Therefore, your data is safely stored without the probability of server leaks.
When we talk of transactions on a blockchain network, we are generally speaking about every action being performed by the system’s participants. The network will always record these digital transactions to ensure that the transactions are correct, auditable, transparent, and have not been interrupted in any way. Once all these elements have been verified, the approved transactions can then be packed together into a block and then added to the chain. The next block will then use the previous node’s block to verify that all the information is accurate and up to date. Since every transaction is unique, the nodes make sure that there hasn’t been any kind of impersonation or duplication. If the information all checks out, then the records can become permanent. Using this kind of technology would make man-in-the-middle attacks less efficient because each of the devices is independent and doesn’t communicate from a central place.