Blockchain & IoT would be the aggregated buzzword when it comes to enhanced security. Learn more about how a power combo of these two breaks several hacking barriers.
ACCORDING TO QUINCE MARKET INSIGHTS, IIOT WILL TRIPLE IN VALUE BY 2020 TO $457 BILLION FROM 2016’S ESTIMATED $157 BILLION VALUATIONS.
As more devices functionally depend on a connection to the Internet, more data will be exposed to opportunistic attackers. The huge mesh of interconnected devices will transfer anything from personal information to authentication keys – which could be extracted by attackers.
For the last few years, centralized services have been seeing quite a lot of IoT Security flaws, but, guess what? Blockchain technology has the answers to solve this quandary. It comes with a solution – immutable and distributed ways to track data and IoT Security, with it’s almost billions of connections, a way to protect itself .By combining IoT and Blockchain, enterprises, SMBs and individual users will have a way to create a reliable, secure network that protects data from attackers.
For instance, XionMai Technologies fallout, where it had manufactured thousands of video devices with a known, pre-installed administrative password. Instead of releasing devices with security flaws, an IoT device can be built with a chip – that will contain a unique cryptographic hashed value. And now manufacturers can launch and release the updates to their devices and connect with them using this unique ID and blockchain. IoT devices can automatically be updated only after conditions created by blockchain functions are met and identifying the right owner and recipient.