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What is The Blockchain Technology and How is it enhancing IoT adoption?

The Internet of Things (IoT) is a technology that has been seeing exponential growth across several industries for the last decade.  From Industrial IoT (IIoT) and Consumer IoT (CIoT) to the Internet of Medical Things (IoMT), IoT has created an amalgamation of devices and information technology systems. Though the potential of IoT is widespread and eminent, this technology still faces privacy and security vulnerabilities as a challenge.

The traditional security and privacy strategies are commonly irrelevant for IoT, essentially because of its decentralized topology and the resource constraints across its devices. Blockchain (BC), the revolutionary technology behind cryptocurrencies such as Bitcoin and Ethereum has been lately identified as a potential to implement security in peer-to-peer networks such as the Internet of Things. Therefore, this technology is believed to ensure enhanced privacy and security to any number of IoT devices connected over a single network.

So How Can Blockchain Enhance IoT?

Let’s find out

What is Blockchain Technology?

As the name itself indicates, the blockchain consists of a number of consecutively connected blocks that are interlinked similarly to a virtual chain. The blockchain is continuously growing with the transactions being executed in a network. For instance, when a new block is generated, the previously created nodes in the network will also engage in block validation. Therefore, the newly validated block will be implemented towards the end of the blockchain via the inverse implication leading to the parent block. With this strategy, every unapproved modification on the earlier created block can be seamlessly identified since the code of the tampered block is considerably distinctive from that of the untampered block. Furthermore, since the blockchain is scattered completely through the entire network, tampering actions can also be effortlessly recognized by other nodes in the same network. This will provide utmost privacy and security, even though a block is tampered with, developers can easily identify the block and make necessary changes.

Blockchain Improving Internet of Things (IoT)

IoT devices are encountering various difficulties such as heterogeneity of IoT systems, inadequate interconnection, support limitations of IoT services, and even security vulnerabilities.

Blockchain technologies have the potential to provide IoT systems with increased interoperability along with enhanced privacy and security. Moreover, blockchain can also enhance the security and flexibility of IoT systems.

The combination of blockchain along with IoT can also be called BCoT for short.

BCoT or Blockchain IoT has the following benefits in when compared to traditional IoT systems

Enhanced interconnectivity of IoT devices

Blockchain technology can significantly increase the interconnectivity of IoT devices via modifying and accumulating IoT data into blocks. During this method, different varieties of IoT data are regenerated, analysed, selected, and then compressed into blockchain storage. 

Improved security of IoT systems

The security of IoT data can be efficiently enhanced with the use of blockchains because they are collected as blockchain transactions that are virtually encrypted and approved by cryptographic keys.

Furthermore, the combination of IoT with blockchain can benefit by improving the security of IoT devices by automatically renewing IoT device updates to understand the currently exposed loopholes hence increasing the system security.

Traceability and Reliability of IoT data

The data accumulated from Blockchain can be detected and verified authenticated from everywhere at any time. Due to the fact that all the previous transactions collected in the blockchains are traceable, it will help identify quickly which data has issues.

Nowadays, as more companies are focused on digital and work from home solutions, security and privacy are more crucial for success than ever before. As IoT services have several factors for meeting the high expectations of enterprises, it is more widely accepted across every domain. With the implementation of blockchain technology, IoT services will be able to manage multiple privacy and security intimidations, keeping networks safe and reliable. As the number of IoT devices grows, there will be several limitations across enterprises, therefore it would be beneficial for enterprises to make the right choice now and implement the right technology.

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