Blockchain And IoT – How They Can Collaborate?

2018-04-10T10:02:39+05:30

IoT is everywhere today and it can benefit from collaboration with another disruptive technology: blockchain. Here, we explore how IoT and blockchain technologies can work together to form some kind of synergy.

One of the most Ubiquitous technologies today, the internet of things or IoT continues to be adopted by an increasing number of people each day. According to Gartner—an American research and advisory firm, there were over eight billion connected devices in use at the end of 2017—a 31% increase from the previous year and this trend is expected to continue in the future as well, with connected devices expected to reach twenty billion by the end of the 2020.

Another innovative technology making a name for itself is blockchain, the distributed ledger technology supporting bitcoin and other-cryptocurrencies. It is being touted in many quarters as an innovation that will change how we transact, build trust and transfer value. Many technology experts believe that collaboration between the two disruptive technologies: IoT and Blockchain, will not only herald us into a new era of technology and innovation but will also help deliver enhanced services securely.

Security is the perhaps the biggest advantage of using blockchain technology together with IoT. So, what is it that makes blockchain so secure? The answer is in its architecture. In a blockchain network, each user is governed by a private key and a public key. Upon the initiation of a transaction, the user broadcasts an encrypted message in the network using their private key. The message spreads, reaching members of the network who can decrypt it using their public key.

A digital signature of sorts, the encrypted message is arranged with a probability of two× 160 times. The output appears as follows:

1461501637330902918203684832716283019655932542976

This makes it virtually impossible for anyone to trace the information of the user or vandalize the stored data. Passing from node to node, the signature helps to check any fraud or attempt to breach data in case there is disagreement regarding an order.

What IoT and Blockchain Collaboration Can Help Achieve

IoT comprises of connected devices that are used every day such as vehicles, wearable tech, buildings, physical devices, etc. With embedded electronics, software and sensors allowing them to send and receive data. This allows us to make intelligent decisions.  An enabler of change, IoT can benefit in the following areas by collaborating with blockchain technology:

Smart contracts

Collaboration between blockchain and IoT can enable automation of large scale remote systems management. This can potentially increase efficiency and reduce the overall costs.

Governance

By enabling the deployment of remote sensors, IoT allows almost anything to be measured. Alongside smart IoT solutions, blockchain technology can be used to ensure that the results are transparent and accessible to the public.

Identity Management

In times of connected, smart devices that gather information about us and share it with the world, allowing people to effectively control and manage their identity in the digital space is crucial. By allowing people to opt in or out of providing access to personal information, blockchain can help to secure the information of people in the IoT space. This is great news for all involved.

IoT On Blockchain – Who Owns the Data?

2018-03-29T17:07:15+05:30

What is blockchain? Why does everyone seem so interested in it? and what is relationship between Blockchain technology and the Internet of Things (IoT)?

What is Blockchain?

A peer to peer (P2P) distributed ledger, Blockchain is changing how the world performs financial transactions and interacts within the digital realm. A technology that is aiding the fight against cyber-threats faced by smart IoT based concepts such as smart cars, smart homes etc., blockchain is helping to significantly lower the cost and complexity of doing business.

Blockchain maintains a list of a data records that are cryptographically secured, continue to grow, and are made resistant to revision and tampering. Not only does this technology streamline business processes, it also helps establish transparency, accountability and trust. A technology currently employed to secure cryptocurrency transactions occurring over the internet between users, blockchain makes it easy for individuals and businesses to track and trade anything of value without involving a central authority or mediator.

Blockchain is a technology that shows great promise and one that presents individuals and businesses with exciting opportunities for the future. In recent years, there has a been a lot of interest and frenzy around blockchain. Let’s explore the reasons for it.

Why the Interest in Blockchain?

Unlike banks, blockchain puts the control of transactions in the hands of the public or the people performing them and this is perhaps the greatest lure of the technology. While it isn’t the be-all-and-end-all solution for the challenges facing the digital economy, blockchain is certainly playing a major role in securing and advancing the Internet of Things (IoT).

Mentioned by nearly all research companies as a rapidly evolving technology, blockchain is not limited in scope as most people wrongly believe. Instead, its scope goes far beyond cryptocurrencies or even financial services. A topic on the agenda for many companies, the use of blockchain for devices and systems enabled by the Internet of Things (IoT) is increasingly being considered for initiatives, solutions and implementations outside of financial services and cryptocurrency.

Understanding the Relationship Between Blockchain Technology and The Internet of Things (IoT)

Blockchain enables Internet of Things devices to be part of transactions. Today, it is possible for to  use information from IoT devices with a blockchain platform.

In the future, these devices will be able to verify or update smart contracts by communicating this to blockchain-based ledgers. This means that it would be possible to update the temperature and location information of an IoT connected item that moves along several distribution points on a blockchain in the future. This will make the sharing the status and information on items moving along the supply chain easier, which can only be a good thing for businesses.

 

By using IoT in conjunction with the blockchain technology, businesses can gain access to enormous amounts of valuable data that can benefit the bottom line. To get more information on this, get in touch with IoTSense today!

 

 

 

 

Secure your IoT Infrastructure with Blockchain

2018-02-12T11:00:03+05:30

Secure your IoT Infrastructure with Blockchain

The distributed ledger technology that is Blockchain is reported to be the single greatest asset that companies and indeed the individual, can invest in, in the very near future. The success that the technology had in terms of cryptocurrency in no secret, and some experts have even claimed that Blockchain technology is a much better investment than the currencies themselves, in the long run.

Potential for IoT Improvement via Blockchain

The IoT framework operates on several levels, with the weakest link between the levels, and the connected users being the sensors which are constantly accumulating information to be stored and processed. The sensors are not minotored and the transaction of data is not secured within the transcaction channels.

At the moment, the IoT model is based on a single failure point; as in it is centralized, with all of the data being collected and ultimately analyzed by a single source. This presents a significant disadvantage on the network’s part, since it leaves all of the collected data vulnerable to hackers if they can access the cloud server or any of the routers.

The Blockchain system is different, in that it employs more than one source of data analysis and storage. The distributed ledger system that Blockchain operates on, spreads the data storage and processing capabilities, as well as access permissions across the entire network, with all of the devices being the barrier between hackers and the treasure trove of data.

The best practical example of a successful Blockchain application is Bitcoin, which has proven to be extremely secure, over the years. The security prospects, and the potential for process improvement that Blockchain brings to the IoT network, make it an advantageous system, as far as future functionality and widespread application is concerned.

Implementation of Blockchain into an IoT Infrastructure

An IoT infrastructure is based on the connection of several devices and people in a secure network, one which does not share content with the rest of the internet at large. This model is very beneficial to the main executive parties in the network, with the majority of the functioning of the system in their hand.

This is because an IoT based system allows for a number of processes to take place in a controlled setting, with minimal outside influence, and considerable connectivity which eases data relay.

Introducing the distributed ledger system can be like strengthening the already secure network even further, while allowing each member of the network to use it freely. On the individual front though, the real benefits are visible, since the data of the personal user can be secured further. This data may be anything, from personal details to even Bitcoin!

An IoT infrastructure can also benefit from the individual connection that the Blockchain system offers to the user, with no latency caused by relation and connections to another user.

All in all, the sooner Blockchain technology is implemented on to IoT based infrastructures, the better, in terms of both data security and user benefit.