The Internet was not designed for online transactions taking place today and our communications protocol don’t have enough of information about the identity of individuals or devices embedded in them. But with the rise of Internet of things, the internet has been used to track your physical objects for better trace-ability. Imagine such a technology merges with the blockchain?
What Is Internet Of Things?
The Internet of things (IoT) is a network that connects physical objects through the internet. It could be your washing machine, bike, television etc. IoT has the ability to track all physical products and transfer the buyer’s data to the manufacturer. This type of embedded technology of transferring data, helps people to know current ratings on the particular product. This will also affect the decision to be taken by another customer.
The Internet of things is a system of interrelated devices, digital machines, objects, animals or even people that are provided with identifiers that have the ability to transfer data over the internet, requiring human-to-human and human-to-computer interaction.
IoT And Blockchain Framework
A research conducted by the University of New South Wales in Sydney, Australia conducted a pilot study on the blockchain-based IoT security. In their model of a blockchain-secured smart home, an internet router was replaced by a high-powered block miner that manages the internal blockchain. It can also authorize new IoT devices and can cut off devices that behave badly.
Secure And Reliable
- Secure: The blockchain-based IoT framework provides device security and many security layers that are supported by data providers and independent third parties. The blockchain framework consists of layers of access that keeps unauthorized devices or rogue devices from the blockchain. The blockchain can also remove suspicious devices from the network.
- Data Theft: The blockchain’s strong protection against data theft and data tampering will prevent any suspicious device from disrupting any physical object embedded to the Internet of Things (IoT). It assures that the data is legitimate and the process that introduces new data is well-defined. IoT security requires solving because of data flows from sensors and embedded systems. The Internet of things can be in the form of a bio-chip implanted in an animal, built-in sensors in vehicles or any man-made object provided with the ability to transfer data over a network.
- Reliable: By providing a secure network, the blockchain can create a platform for IoT and foster reliability and thus avoid threats that corrupt the main servers. There are many companies in field of agriculture and manufacturing that are already using the blockchain-based IoT systems. IoT powered blockchain technology generates less power and offers a secure network that can remotely manage physical operations without centralized cloud servers.
Future Of Blockchain-Based IoT
The aim of blockchain-based IoT is to construct a machine-to-machine interaction. Blockchain will permit the monetization of data, where by IoT device owners can sell data generated from IoT sensors for digital currency.
With the ability of creating a secure framework without any human requirement, the blockchain-based IoT opens up a platform for digital entrepreneurs. It is likely to change the way we use and perceive technology in terms of human connection between smart products such as, televisions, washing machines, CCTV camera’s etc.
The future of blockchain technology will see the emergence of smart homes. A company using blockchain to secure a smart homes’ IoT ecosystem, can store bio-metric values of individuals owning the house on the blockchain network.
The Internet of Things (IoT) entirely deals with collection of data, device automation and remotely monitoring physical objects. In future, by linking IoT into the blockchain technology would build a network of autonomous devices that can interact with each other and make smart decisions without any human involvement.