Blockchain is a way of securing financial data which is flexible enough to make an entreaty with any high-stake record keeping
The technological slip into implementing the Internet of Things’ incommon man’s life, bodies, homes and almost everything, has blessed them with efficiency, flexibility and convenience in theirroutine lives.Connectivity is remarkable, but data security is in a questionable state as yet! However, Wi-Fi-enabled security cameras can help in gaining real-time information. This applies to internet-connected alarm systems as well.Also, a smart TV has valuable information as information on Netflix and Amazon accounts can lead to a credit card or identity details.Of course, the smartphonehas given birth to all identity concerns. It is a centralised resource of account information that has the ability to connect with almost all smart devices, a smart home and even a car – something that becomes even more vulnerable as the age of self-driving cars approaches.Recently, a CBS 60-Minutes story threw light on the widespread capabilities of a hacker that only has a person’s phone number.
It’s evident that the Internet of Things hides in itself security concerns in ways that unimaginable a decade ago. The blockchainmay pose as the root of almost all solutions.Earlier developed to support digital currency, the bitcoin, the open blockchain model has innate transparency and permanence. These qualities are necessary to design a secure method of direct authentication between smart devices.The present modelof Bitcoin can span into many applications – any industry that requires archival integrity can adopt the blockchain.
When it comes to the Internet of Things, a blockchain can be provide a platform to handle device authentication process and thereby prevent a spoofing attack by malicious parties who may impersonate some other device to launch an attack to steal data or cause some other mayhem.Blockchain will allowdirect communication between two or more devices so that they are able to transact without going through a third-party intermediary, and in effect make spoofing more cost prohibitive.
This type of authenticationwould apply to an open blockchain, not permissioned or private.The model permits users to synchronise numerous devices against a single system of authority that is distributed and censorship resistant.The identity chain, created for each device, holds a permanent record. Cryptography allows only validated devices to access. When new devices are added, their identity records are registered with blockchain for permanent reference.Any changesin device configuration will be also be authenticated in the context of the blockchain validation model, ensuring that any falsified records can be prevented.This new technology will take some time to be put into practice. Although many industry leaders and governments will begin testing this year.
Not just tech workers, but also stakeholders will need to get on board.An industry agreeing on a blockchain design would make a difference.It’s not necessary that every Internet of Things device manufacturer or software developer write data to the same blockchain – instead, it could go further upstream and be an agreement between OEM manufacturers of essential components that are used in the authentication process flow. The blockchain has extra features to create records of any data it generates – “for example, a smart front door lock can have a transaction log of video activation when someone exits/enters the home or unlocks it remotely.Each item in the history creates another historical link in its respective identity chain that can provide further data to use for authentication matching. If someone with malicious intent was to try and change the protocol of the door lock without the correct credentials or there was a change in the configuration, the blockchain validation model would not allow for the door lock to be changed.”
Essentially, blockchain’s effectiveness is attributed to its standing as a public record, with user nodes all auditing the same record. Though this creates privacy concerns over sensitive data; however, the blockchain provides protection against this through the use of one-way hashes. A cryptographic hash function is an algorithm to mapdata and minimize its size to a bit string, “a hash function”, which is also created to be one-way and impossible to invert. This means it is almost impossible to get through the content of a hash without the source data.
The Internet of Things is still a budding industry, but has potential to become pervasive and significant as technology advances. At an early stage, it’s unfavourable to set up a feasible solution that will help the industry grow as the volume of connected devices.Blockchain brings up special solutions-likeestablishment as a secure means of protecting financial data but flexible enough to be applied to any high-stakes record keeping.With the Internet of Things demonstrating the ability to connect every aspect of a person’s life, it truly doesn’t get any more high stakes than that.
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