Can blockchain be used in the IoT?

The use of IoT is giving upgrades to smart factories, smart living, smart homes, smart vehicles, and smart farming. Every industry likes to reap the benefits that arise from the usage of IoT technology. Almost every person now holds a smart device. All this indicates that the number of IoT devices is on the pitch. There will be so many devices collecting, sending, accepting, and processing data, and it will arrive at very high prices for warehousing and processing power.

The use of Blockchain with IoT could be the key to IoT issues. Blockchain is concerned with the storage of data in a distributed ledger stored on multiple devices linked in peer-to-peer networks. This information is incorruptible as no device can modify it. With blockchain, it will be easier to track billions of IoT devices and allow for distributed processing and coordination. The decentralized system delivered by blockchain will stop single points of loss, which is a problem with the existing centralized system, the cloud, used by IoT. IoT devices employ cryptographic algorithms to secure the private data collected by them.

The Risks of Applying IOT Technology

If all concerns about IoT were lumped together, it comes down to one major concern: security. This security problem has been ignored until now by IoT followers and is what slows the large-scale deployment of IoT. All IoT devices have safety vulnerabilities that make them an effortless target for hacking and service denial episodes.

Denial attacks, also called Distributed Denial of Service (DDoS) attacks, use numerous compromised computer techniques to attack a central server with a massive volume of accompanying data requests. This sudden data flash flood forces the rejection of service since the servers can no longer process the flooding data.

Another problem is that IoT devices are unsecured and unprotected against hacking, resulting in cybercriminals using weak security. The hacking of the device is meant either to collect personal or financial data to steal money or to render the device inoperable so a home invasion can be carried out.

An overlooked problem with IoT systems is scalability. As the number of devices linked to an IoT network increases, current centralized systems become bottlenecked. This causes delays or mistakes in establishing, licensing, or connecting different nodes in a web. This necessitates a more massive investment in servers for the system. However, should the servers be compromised by cybercriminals, the entire system goes down.

When IoT meets blockchain

The Blockchain is a disseminated ledger technology system that can address the security and scalability problems of the IoT. Used blockchain technology has amazing abilities and advantages as a distributed ledger method. All transactions, events, data, and other scalabilities are validated and registered in the ledger system and cannot be amended or withdrawn. The whole ledger system can be transferred throughout all IoT devices but affects the IoT system's unhackability and impenetrability. This also causes all IoT devices to be tamper-proof.

Every deletion, change, and creation of data is recorded, and as more entries—or blocks—are made, a longer chain of possibilities is created. Each transaction made is partnered with a digital signature and can never be modified, copied, or deleted. The decentralized nature of blockchain also confirms that devices cannot push inaccurate details and disrupt the network, whether it’s a system for a smart home or a smart manufacturing plant.

The potential advantages of adopting blockchain in IoT:

• It can efficiently track connected devices in the network

  This is because a blockchain IoT system is available, interoperable, and can be made into a multi-cloud world. This utilizes the latest version of an optimized blockchain medium.

• Display users and devices

  Each transaction is registered, set in a data block, and added to a secure and impenetrable data chain that cannot be modified or deleted. It can only be added to.

• Maintain data securel

  The system authorizes you to choose the data to be organized, analyzed, customized, and transmitted among permissioned partners and customers.

• Release single point of failure (for devices)

  Ifone device dies, it is removed and isolated from the system.

• Enhance IoT processes and eradicate intermediaries, thus reducing costs

  blockchains streamline operations and build a new flow value across any IoT system by drawing on the data supplied by IoT sensors and devices.

Applications of IoT and blockchain

Freight transportation

Moving freight is a complicated procedure involving different groups with different preferences. An IoT-enabled blockchain can keep track of the temperatures, positions, coming times, and status of shipping receptacles as they move. Immutable blockchain transactions help assure that all parties can count the data and take action to drive products fast and efficiently.

Component tracking and compliance

The power to track details that go into an automobile, aircraft, or other effect is required for both safety and regulatory submission. IoT data stored in shared blockchain ledgers allows all players to see element provenance throughout a product’s life. Sharing this knowledge with shippers, regulatory agencies, and manufacturers is secure, manageable, and cost-effective.

Log operational maintenance data

IoT devices follow the state of security for binding machines and their maintenance. From machines to elevators, blockchain supplies a tamper-free ledger of operating data and the consequent maintenance. Third-party restoration partners can watch the blockchain for preventative maintenance and record their work back on the blockchain. Operational records can also be shared with government commodities to verify compliance.