Blockchain and the Internet of Things (IoT) are two forms of technology that have experienced increasing popularity and application in the past decade. Blockchain has gained a lot of popularity due to its implementation within cryptocurrencies and its ability to create secure and transparent transactions. Whereas, IoT-enabled devices are being prominently used in many of our household devices to make our lives a bit more easier and convenient.
This convenience, however, comes with its own set of limitations. Companies utilizing IoT are frequently affected by breaches in security. While companies they provide IoT are actively implementing new and better security measures, there is no foolproof method yet.
One of the best ways of making technology safe is by using the benefit of decentralized mechanisms of blockchain technology. Blockchain is able to enable usage tracking, logging service issues and boost security to help ensure that IoT networks are safe.
Let’s look at the three unique blockchain design patterns that companies can implement in IoT devices to ensure public and private data is properly accessed by users.
Blockchain technology for IoT devices
Hackers are constantly developing new and innovative methods to breach IoT security.
As a result, IoT architects and IoT development services need to adapt quickly and develop systems with aspects that ensure trustworthiness along with performance to automate typically manual processes and streamline operations. Automation allows businesses to become more organized and efficient.
To ensure this happens, companies can deploy either of the following blockchain patterns:
In a platform controlled wallet, all data and control paths are centrally managed by the platform tier. To put it simply, central platforms make all the decisions as well as controlling the wallet.
For example, the central platform monitors the data from vehicles in the field and then logs it into a time series database of the platform. The unique feature here is that only crucial events are logged into the system so as to prevent blockchain overload.
In this pattern, it is assumed that every asset has a wallet embedded within to sign in and access data on the blockchain. The other assumption is that the wallet is the only way to gain access to the data related to each asset.
Trusted platform module or TPM technology is a good example of asset controlled wallets. This technology allows developers to implement specialized hardware that is tamper-proof under any circumstances in the field and also provides secure storage of the corresponding wallet. The software is directly deployed on the asset, which helps to determine the type of data that will be written on the blockchain.
The main drawback of this blockchain pattern is that the custom hardware it requires tends to be quite expensive. Moreover, even the development and maintenance costs are relatively high because of the fully distributed nature of the system.
Smart Contracts Enhancement
The benefit of this blockchain pattern is that it allows you to integrate into either of the two patterns mentioned above. Having a smart contract, basically allows the independent execution of business logic amongst stakeholders, while at the same time embedding business logic within the blockchain.
As a result, both the business logic and logged data become tamper-proof owing to the distributed and cryptographic nature of the blockchain. The execution will only occur if the majority of distributed nodes on the blockchain are in agreement about a specific decision and its outcome.
It is clear that all three blockchain patterns are unique and incredibly helpful in promoting overall IoT system security, regardless of the industry segment. This system ensures that innovative compliant integration and distributed ledger technology is vital for managing and dealing with cyber threats.
Blockchain and IoT, when used together, can be crucial in completely overhauling existing critical processes and facilitate business process management. By working with each other, they can make a step towards making our lives easier and more secure, given that technology is properly applied and used.
Also, IoT devices using blockchain networks remove any single authority. This allows every connected device to store a copy of the ever-goring chain of data. A transaction is only stored on it after it has been validated and then confirmed on all the other nodes on the network. All this ensures that our IoT devices are more secure and block any unauthorized personnel from having access and as a result, makes security breaches virtually impossible.