Page 7 - Cyber Defense eMagazine - January 2018

IoT leaders need to address vulnerabilities and for that, they find a new hope in
Blockchain technology. Cryptocurrency like Bitcoin is built on Blockchain technology,
which has removed all the barriers of seamless transactions.

The technology of Blockchain works by improving trustworthy engagements in an
accelerated, secured, and transparent pattern of transactions.

How can market leaders secure IoT with blockchain?

Since IoT technology is just not altering the internet, but also making changes to the
things connected to the internet; developers are now concerned about data protection.
They know the complexity of managing information at all levels as the data will flow
throughout several admin boundaries with variety of intents and policies.

Businesses need to respond by widening the scope of their security strategy to deploy
the latest online devices. They have to make changes to security to each IoT
deployment as per the unique features included in the devices and the risks related with
the networks connecting those devices. BI intelligence expects introducing solutions to
secure Internet of Things devices and systems to enhance five fold over the next few
years.

Coming to the Blockchain, it is a database that maintains a growing set of data records.
It has two types of elements –

Transactions are the actions that participants create in the system.

Blocks help in recording these transactions and ensure they are in the right sequence.
They also record a time stamp of the transaction addition.

Blockchain technology is the missing link that can be used to settle privacy, scalability,
and reliability concerns in the IoT. With the help of this technology, leaders may be able
to track billions of connected devices, process transactions, and devices coordination.
This decentralized approach would be helpful in eliminating every risk of failure by
creating a reliable ecosystem for devices to perform. Consumer data would become
more private with the use of cryptographic algorithms.

7 Cyber Defense eMagazine – January 2018 Edition
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