Everything You Should Know About Blockchain in IoT

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Everything You Should Know

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About Blockchain in IoT

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There is a very important reason that blockchain in IoT is needed so urgently.
IoT(The Internet of Things) has not just changed the way we interact with important
devices but has also enhanced the potential of these devices. This is because IoT
technology helps collect significant data that is then used to enhance user
experience.
Since the generation and analysis of data are critical to making IoT successful, it’s
important for thisGrowth
for Career data to remain secure. Not just when it’s being collected but
through the
Date: 26th entire
Sep, 2019 data life cycle.
(Thursday)
According
Name to a survey by IDC, 90% of organizations that implemented the IoT
have suffered an IoT-based attack on their IT systems by 2017.
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ThisPhone
makes
* it important to find the right security solutions for IoT. The solution
should beme truly
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for FREE Orientation Session and be able to protect critical IoT data throughout its
life cycle. Blockchain
Send me course and IoT together can help make IoT more effective.
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What is IoT?
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In order to break down IoT to its most basic level, let’s start with the simple
example of the smartphone. Your smartphone is probably the one device you lean
on today for so many of your needs- from listening to music and watching movies
to checking your email, planning your travel and interacting with friends.
A few years ago, the cell phone did not have the amazing capabilities it has today.
You could call and text people, but that was all. The many capabilities of the
smartphone as it exists today have come about because it is connected to the
internet.
That is basically the underlying principle of IoT, that many objects can be made
“smarter” by connecting them to the internet. In IoT
(https://www.digitalvidya.com/blog/iot-and-its-impact-on-bigdata/), things that are
connected to the internet can be classified into three categories.
course/)
(i) Things that collect information & send it

These mostly comprise sensors including temperature sensors, motion sensors,
moisture sensors, air quality sensors, and light sensors. These sensors collect
information from the environment, thus allowing us to make more informed
decisions.
(ii) Things that receive information & act on it
These include a number of devices from smart wearables to smart TVs and 3D
printers.
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(iii) Things that do both

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For instance, an IoT-based farming system can have a sensor which collects
information
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about soil moisture to decipher how much water the crops need. This
then tells the irrigation system how much water to spray on the soil.
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Since the very efficacy of IoT depends on the information in the system, protecting
that information through its entire lifecycle becomes very important. This is where
blockchain for IoT comes in.
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What is Blockchain Technology?

This underlying technology through which bitcoin and other cryptocurrencies work
is called blockchain (https://www.digitalvidya.com/blog/introduction-to-blockchain/).
The blockchain is a technology which uses a completely decentralized network to
record and process transactions. Bitcoin or any other cryptocurrency is just one
example
forofCareer
the application
Growth of blockchain.
But whyTime:
should anyone care about blockchain and how it works? The blockchain is
3 PM (IST/GMT +5:30)
seen by many as a technology that will be transforming the future of the internet in
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times to come.
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If you
Phonethink
* about it, every major technology company in the world currently acts as
a centralized body
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is true whether
me course the company is Facebook, Airbnb or Uber.
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With the decentralization principle on which blockchain works, there is an
enormous scope to make things truly decentralized. This will avoid the situation
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where all your data is in the hands of a few centralized entities and reduce the risks
of hacking, and information theft.
The biggest advantage of the blockchain is that the data on the blockchain is
completely secure, authentic, and tamper proof.
The fact is that blockchain technology enables a system of maintaining data that is
decentralized, tamper-proof and trustless. Since the success of IoT depends on its
ability to keep its data secure and confidential, the use of blockchain in IoT can
transform the IoT industry for the better.
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How Blockchain Works
The Challenges in IoT Today

One of the major limitations of IoT, as we know it today, is that it relies on
centralized, brokered communication models. This is known in common parlance as
the server/client communication model and most traditional technology is based
on it.
In other words, all devices in the IoT setup are connected, identified, and
authenticated through cloud servers. These servers have immense storage and
processing capabilities. The connection between all the devices in an IoT system
has to go through the internet, even when the devices are physically located close
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to each other.
Unfortunately, centralized clouds, large server farms and networking equipment

that are used in traditional IoT solutions have a very high infrastructure and
maintenance cost. Since IoT systems are currently connected completely through
these servers, scalability will become a major problem.
When IoT devices increase in number, the number of communications between
devicesfor
and the Growth
Career server will increase costs exponentially. As a result, the current
systemDate:
can 26thsupport small IoT networks but is not sustainable when these systems
Sep, 2019 (Thursday)
need to scale up.
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Moreover,
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cloud servers remain a central vulnerability and their failure can affect
the entire IoT system. Also, the diversity of ownership between both devices and
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the cloud servers makes communications challenging. There is still no one platform
that Register
connects all devices. Moreover, cloud services offered by different owners may
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not always be compatible.


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Decentralization of IoT Networks as a Solution
Having a peer-to-peer communication model instead of the standard server/client

one can be the sustainable solution the IoT industry is looking for. Peer-to-peer
communication will reduce the costs of installing and maintaining expensive
servers.
Moreover, computation and storage needs will be distributed across millions of IoT
devices and no central failure will result in failure of the whole network.
In(https://www.digitalvidya.com/data-analytics-
order to work, a peer-to-peer solution needs to enable peer-to-peer messaging,
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distributed file sharing, and autonomous device coordination.

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Decentralization of IoT Networks as a Solution

use/).
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major challenge with peer-to-peer networks is security. The peer-to-
Class
peer network needs to offer both privacy and security. It also needs to make sure it
is tamper-proof and that there is no room for theft or spoofing.
This is where the use of blockchain in IoT can help the IoT industry scale up in a
sustainable way. In fact, blockchain and IoT together can tackle some of IoT’s
biggest challenges.
Blockchains for the Internet of Things - Solving the I…

I…
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How can the use of Blockchain in IoT help?

Blockchain technology can be the key to the peer-to-peer network that the IoT
industry needs so badly. Since the blockchain ledger is both decentralized and
tamper-proof, it can be exactly what IoT needs. Here is how.
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decentralization of the blockchain ledger ensures that computation and
Data are
storage Science
spread & Analytics
across millions of devices and not on one central server. As a
result, for
theCareer
situation Growthwhere server failure results in a breakdown of the entire IoT
network will
Date: 26th no longer
Sep, 2019 exist.
(Thursday)
Blockchain
Name for IoT can also be used to track billions of connected devices. There
can be coordination and processing involving a number of different devices
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without having to go through the traditional client/server route for each
communication. This will significantly reduce the costs of installing and maintaining
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servers for an IoT network. Due to these significant cost savings, massive scalability
of IoT networks
Register can now
me for FREE Orientation Sessionbe a sustainable option.

Blockchain technology uses cryptographic algorithms. This will ensure that
consumer data on the IoT network is secure and confidential. The blockchain ledger
is tamper-proof and is therefore not vulnerable to cyber attacks in the same way as
use/).
traditional IoT networks. The use of blockchain in IoT also ensures that man-in-the-
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middle attacks can’t take place because there is no single thread of communication
which can be intercepted.
There will be no need for a centralized authority as the use of blockchain in IoT will
keep a tamper-proof record of the history of all smart devices.
The use of blockchain in IoT can enable secure, trustless messaging between
different devices in the IoT network. This will enable scenarios that were hitherto
impossible using traditional IoT networks. For instances, smart devices in an oil
platform will now be able to exchange data so that they can adjust their working
based on weather conditions detected by sensors.
When blockchain and IoT come together, smart devices will be able to exchange
data and even undertake financial transactions through a decentralized, trustless
blockchain. As a result, there will no longer be any dependence on a centralized
authority.
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Use of Blockchain in IoT
for Career Growth
Summing up
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There are many regulatory, financial and engineering constraints that are currently
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holding the IoT industry back. A peer-to-peer network that offers decentralization
is aPhone
feasible
* answer that many believe is key. However, security and reliability of
suchRegister
a network are essential to its success.
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Luckily, the use of blockchain in IoT can help achieve lower costs, along with
decentralization and security. While the combination of blockchain and IoT is still in
the early stages, it holds a lot of promise for the IoT industry as a whole.
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This was all about Blockchain in IoT. If you are also inspired by the opportunity of
Data Science, enroll in our Data Science Master Course
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Everything You Should Know About Blockchain in IoT

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Everything You Should Know

About Blockchain in IoT

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There is a very important reason that blockchain in IoT is needed so urgently.

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Take a Demo Class

(i) Things that collect information & send it

(iii) Things that do both

Register me for FREE Orientation Session

Take a Demo Class

(https://www.digitalvidya.com/data-analytics- Blockchain in IoT

What is Blockchain Technology?

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Register me for FREE Orientation Session

Send me course curriculum as well

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Take a Demo Class

How Blockchain Works

The Challenges in IoT Today

Unfortunately, centralized clouds, large server farms and networking equipment

not always be compatible.

I agree to Digital Vidya Privacy Policy

Take a Demo Class

Decentralization of IoT Networks as a Solution

Having a peer-to-peer communication model instead of the standard server/client

distributed file sharing, and autonomous device coordination.

Register me for FREE Orientation Session

Send me course curriculum as well

Decentralization of IoT Networks as a Solution

Blockchains for the Internet of Things - Solving the I…

How can the use of Blockchain in IoT help?

TheAttend FREE Webinar on

Send me course curriculum as well

Send me course curriculum as well

Take a Demo Class

I agree to Digital Vidya Privacy Policy

Interview with Sumit Puri, Chief Information Officer, Max Healthcare

How to Build a Rewarding Career in Data Analytics Industry?

↞ Previous Post (https://www.digitalvidya.com/blog/seo-executive/)

Send me course curriculum as well

Take a Demo Class

Register me for FREE Orientation Session

Send me course curriculum as well

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