Personal and corporate data are prone to vulnerabilities. Preventing breaches can be quite tumultuous given how there is a shifting dynamic in technological progression. With the gradual passage of time, concepts are IoT is gaining traction and fetching high-value personal and corporate data. Naturally, there is an urgency in securing a safe IoT model that performs tasks like processing, communicating, sensing, and storing for a software development company, for instance. Blockchain is also helping in securing data and protecting the same, given that it fundamentally operates to secure and protect data that relates to crypto transactions.
The Future Role of IoT and Blockchain in Terms of Securing Personal Data
IoT and Blockchain can complement each one where Blockchain can exact a solution for IoT’s lack of security. Both names have respective roles to play for software developers.
- Role of Internet of Things or IoT in Securing Personal Data: A prediction by Forbes‘ Article cites that IoT will tentatively reach an estimation of $267B by the year 2020. Other stats also reveal such a heaving impact of IoT where 30 million or more devices will be connected by 2020. The ease of automation has led to the faster adoption of IoT, preferably a choice for many custom software development companies.
- Role of Blockchain in Securing Personal Data: If Blockchain is introduced in the equation, future IoT networks can benefit from having a more secure model. These two technologies working together can maintain a semblance, balancing billions of devices responsible for compiling stored data. Such an evolutionary step will improve the computation capacity exhaustively across the industry.
Future Scope of Blockchain with IoT
With the widespread expansion of IoT, there is an alarming sense of realization that the experts from various industries like software development sectors are experiencing. Most of our data run on centralized servers belonging to IT giants like Google, Amazon, Microsoft, Apple, and Facebook. This centrality is also the cause of IoT’s vulnerability. But what exactly does Blockchain bring into this equation?
- At an advanced level, Blockchain would assist IoT in decentralizing its process of storing and processing blocks of data from its archive. Apart from this, Blockchain can help in streamlining the request of any process that requires simultaneous functioning. It can be implemented to avoid any instances of a system failure or significant crashes, cumulatively saving crucial data, personal or otherwise.
- Blockchain technology is not just a topic associated with future instances of smart machines but also for devices that humans interact within real-time.
- The most critical role that will be played out through this blend of technologies is to cater to user-centric needs. The existence of a blockchain-IoT based software application can benefit in polishing a human-centric interface, something that IoT software developers would like to pick up on.
- It is next to impossible to break Blockchain that contains sensitive personal data. This is something IoT shares, and given its centralized nature of data distribution, vulnerability pockets arise in many instances. Blockchain decentralizes the process. So, if a hacker targets an individual block that has limited information with tight security, it will take an absurd amount of computational resources and time to hack. So, to surmise, the network would inherently resist hacking attempts by isolating the device that participates in the blockchain validation process. Once isolated, pre-emptive measures can be devised accordingly.
What are the Benefits of Blockchain in IoT?
After the evident evolution of Blockchain technology, experts have anticipated it to fill the void that would essentially patch reliability, privacy, and security concerns in IoT. Let’s have a look at the benefits Blockchain has over IoT.
- Based on cryptographic algorithms, Blockchain makes the private date more secure.
- Blockchain keeps a record of all the IoT device history, unabashedly so.
- The decentralized approach eliminates the single junction of failure.
- It will create a robust ecosystem for IoT devices and applications to make smoother operation.