The technological world is experiencing change at a phenomenal rate and no high tech here is immune. Blockchain has been creating a lot of whir in the recent times. It is seen as the next best technology to Internet and therefore it is pertinent for it to be taken as seriously as one would have taken Internet in the early 90s. Hon’ble Prime Minister of India has also noted the utility of blockchain technology and Internet of Things (IoT) and reiterated rapid adaptation of the technology into our workplaces. India is known for its competence in IT, owing it majorly to its timely adaptation and building its technology around the Internet of things.
As defined by the Wikipedia, IoT is the network of physical devices, vehicles, home appliances and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these objects to connect and exchange data. These eternally online, data-gathering mechanism are innate to our personal and professional lives at present and most decisions pertaining to the lifeblood are structured to the feedback received from these devices.
Assemblage of data is primary to performing desired operations through IoT. Data from multifarious provenience comes to the rescue. These sundries of sources may serve to be breeding joints for malicious actors. We have already witnessed a distributed denial of service attack (DDoS) that crippled the servers of popular services like Twitter, Netflix, and PayPal across the U.S. in 2016.
Countless IoT devices that amplify everyday technology like closed-circuit cameras and smart-home devices were hijacked by the malware and used against the servers in the attack. IoT gears like smart home devices fancy access to our personal details and information pertaining to our daily routines thereby making data security cardinal.
Blockchain is an encrypted, distributed computer filing system designed to allow the creation of tamper-proof, real-time records. The underlying principle on which the technology works involves a distributed ledger (a special kind of database) dispersed across multiple sites, countries or institutions, accessible on an unrestricted tableau. While the blocks of data getting transferred on the Blockchain are conjoint, the contents of the blocks are protected by a private key. Yet another edge on which blockchain thrives is that it is decentralized. No single entity commands the acceptance of a given transaction. Any given proceeding must have a consensus from all participants before execution.
With a elephantine network and array of participants sharing data among themselves, a permanent, immutable record signifies custodianship that can be tracked as data, or physical goods that pass between actors of the supply chain. This will solve the issue of oversight with any weak link getting identified and remedial actions taken. Also, since only the machines shall have access to private keys (which give write access), no human shall be able to overwrite the existing record with inaccurate information.
Decentralization eliminates single point of failure, creating a more resilient ecosystem for the devices to run on. The cryptographic algorithms used in Blockchain technology make consumer data more discreet. Since the ledgers maintained are tamper-proof and exist on various locations at the same time, manipulative attacks by malicious actors can be safely avoided. The decentralized, trustless and autonomous features of the Blockchain make it an ideal component to become a foundational element of IoT solutions.
In the dynamic and globalized business environment, IoT has shown new paths of operating and managing the craft. With the immense potential and promises shown by Blockchain technology, it may also prove out to be the silver bullet needed by IoT industry. While the hype around blockchain has been ripe, it is essential for the policy makers to upsurge and match the global pace of development. Block chain is the second generation of Internet, annexed to perpetual benefits provided the policy makers exercise prudence in unchaining the block chain in time.