With the popularity of the Internet of Things (IoT) in the community, the need for a common technology for securely and reliably connecting these devices is growing.
The Internet of Things is rapidly evolving in all aspects of our lives. A Gartner study estimates that the blockchain will add $3.1 trillion in business value by 2030, while StaTIsta predicts that the IoT market will grow from $2.99 ​​trillion in 2014 to $8.9 trillion in 2020. The blockchain may be able to provide a comprehensive solution for global connectivity standards.
There is no doubt that we are at the forefront of the tremendous changes in business operations and everyday life, and that almost every industry, including healthcare, transportation, manufacturing and finance, is heavily disrupted. However, with the expansion of the Internet of Things, security remains a major issue as a large number of devices, data and supply chain partners are vulnerable to hackers. Unfortunately, IoT devices often lack the required certification standards to ensure data security.
As the Internet of Things continues to grow, global standards must be adopted. Considering that there will be 20 billion connected devices by the end of 2020, the importance of using continuous security technology cannot be overemphasized. Although it may not seem like a big problem when your Amazon Echo temporarily loses connectivity, losing the signal in the future can lead to catastrophic scenarios, such as when the autopilot car fleet loses connectivity and does not work properly, or when the patient is in critical condition. The health monitor loses its signal.
So what can we do to make the IoT safe and secure? Many experts believe that blockchain is the key to solving problems. While the blockchain is currently known for ensuring cryptocurrency security, its embedded smart contracts and decentralized networks are ideal solutions to the ongoing security of the Internet of Things. Since the blockchain is used, the power outage of one zone does not affect the other zone, so continuous connection can be achieved. Blockchains can also be used to increase security by tracking sensor data to prevent duplication with any other malicious data. The distributed architecture of the blockchain is ideal for providing IoT device identification, authentication, and seamless secure data transfer.
The Internet of Things has improved our lives in many ways, and its impact on the world will be greatly expanded in the coming years. Through the use of blockchain technology, the Internet of Things can be safe and reliable, enabling future innovations to be successfully implemented while driving the rapid development of the Internet of Things.
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