In recent years, IoT has entered in the tech scene and is growing in both the terms, be it value or adoption that too at a rapid rate. And being a technological concept, which spans in every single domain or vertical, it is creating wonders, thus creating both disruption and opportunity. Today every bank is looking forward to leveraging these ground-breaking technologies in order to create a better and engaging customer experience. So there’s another brand or company that actually fails because of a lack of faith and determination in terms of IoT security.
Enter the Blockchain’s World
One of the key challenges that are widely accepted by masses in the IoT adoption range is Blockchain. And in a short span of time, it has become a much accepted and distributed database of online records. Basically used in a lot of financial transactions required for the cryptocurrency, Bitcoin. Soon this peer-to-peer Blockchain technology has become popular and can record every transaction in an exchange to form an online trustworthy ledger system. And the key benefits of such system are: it’s permission-based, distributed, and highly secured.
Distribution has become a crucial factor because it allows a shared form, which is required for keeping records safe. So that means every person within a certain range and business network could successfully supervise every transaction done via the Blockchain. And with this, they could trace the record easily back to its source. Nowadays no one has a sole responsibility of the block or transactions that too within the chain and no one can even delete the record. Similarly, no spiteful malware can easily infect the system because others in the ledger will be able to detect the attack, thus could deny its access. Hence it is said to be secured and safe.
Impact on IoT
Blockchain technology – it is being tested by a lot of banks all across the world. So it’s not only available for financial transactions. And any transaction or record could be made a crucial part of the Blockchain. Hence its use could be extended to product identification, digital communications, or even to customer claims. Thus the proper auditing of the validity of the digital transaction between certain machines and things could be particularly used for IoT based mobile apps.
If IoT devices could communicate and interact flawlessly, they must be secured and trustworthy. And Blockchain provides that trust.
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