Introduction
You just stepped off the Bus on your way back from work on a rainy Monday. As you go through your walkway, approaching the front entrance of your home, the door opens automatically. Did you leave the door unlocked all day, one would wonder? Of course not. You have an integrated security system, part of the overall digital interconnectivity of your home. There’s a term for that… smart home.
How did your door unlock itself? As you approached the door, your door’s high-definition camera picked up your face ID, scanning your Iris to match your already registered data, confirming your identity before getting unlocked.
When you step inside, the heater turns on automatically because your home has integrated sensors that monitor weather conditions and adjust the environment accordingly. If you prefer the cold, a simple voice prompt can turn it off. As you remove your clothes, your TV reminds you of your upcoming TV show and the 8 PM news. You place your clothes in the washing machine, which starts automatically and will notify you when your clothes are clean.
As you sit down to watch your TV show, the curtains open, as the TV turns on. This is the Internet of Things (IoT) at work.
The Internet of Things (IoT) is a technology that connects various devices, equipment, systems, and software to work together based on predefined rules to achieve set goals. It is a transformative technology that connects various devices, systems, and software to work together to achieve specific objectives. These interconnected devices, including household appliances and industrial machinery, can communicate, share data, and perform tasks autonomously or with minimal human intervention.
This article aims to explain what the Internet of Things is and how blockchain can enhance its security.
Internet of Things
The world today is ever-evolving, and with the ongoing AI race at both corporate and state levels, it is evolving at an unprecedented pace. While everyone focuses on AI, others remain attentive to the Internet of Things (IoT), a technology that has captured significant interest for a long time. According to IoT Analytics, IoT was once a priority for top company executives. Although AI is now the new sheriff in town, IoT remains the second most important priority for executives outside AI, highlighting its importance.
For context, the Internet of Things market size was valued at $330.3 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 16.7% from 2021 to 2026. The revenue forecast for 2026 is projected to reach $650.5 billion, making it one of the fastest-growing industries in the world.
The Internet of Things has great potential to change how the world operates. As a standalone technology, its impacts have been felt in many industries, including smart home management, industrialization, agriculture, system automation, and more. When paired with AI, its capabilities break boundaries. For instance, John Deere, the agricultural equipment giant in the US, leverages AI and the Internet of Things to build autonomous farming machines that work and communicate together to produce optimal farm yields.
Applications of the Internet of Things
According to IBM, the Internet of Things (IoT) refers to a network of physical devices, vehicles, appliances, and other physical objects embedded with sensors, software, and network connectivity, which enables them to collect and share data.
It’s like getting different internet-connected devices to communicate with each other to get work done and make life easier. You probably have used many Internet of Things devices without even knowing it. They are everywhere, helping humans achieve tasks and make better decisions daily.
Smart homes are one of the earliest applications of the Internet of Things. IoT in smart homes makes home management efficient because it saves energy through smart meters and thermostats that regulate temperature, reducing energy use and costs. Remember the illustration at the beginning of this article: a smart home knew to turn on the lighting and heater only when the homeowner was home, improving efficiency. The Internet of Things in smart homes improves convenience by automating tasks like turning on lights or opening garage doors, often controlled via smartphones. Today, many companies offer smart home solutions to millions of clients. Aside from smart homes, IoT is transforming cities into smart cities by connecting various systems and enabling them to share data, improving efficiency and quality of life. For instance, water and waste management benefit from sensors that detect leaks, saving water and money. Energy management becomes more efficient with real-time monitoring of energy use. An example of this IoT use in smart cities is Singapore, where 110,000 IoT streetlights have been deployed to manage the city better. These streetlights reduce energy consumption and maintenance costs by providing lighting only when needed.
Industrial IoT (IoT) is an industry of its own. It is popular among large corporations and organizations, exploring ways to integrate IoT into their manufacturing processes as they recognize its immense benefits. IoT revolutionizes factory operations by creating networks of interconnected sensors, instruments, and devices to boost efficiency and productivity. It’s not just about production but also maintenance. Maintenance management with IoT is streamlined as sensors track machinery performance in real time, identifying issues before they escalate. Caterpillar and Amazon are two companies with extensive industrial IoT applications.
IoT also plays a crucial role in managing city traffic. When street lights, crosswalks, and other integrated signage are connected via the Internet of Things, they become more efficient, reducing congestion and enhancing public safety. Imagine checking your phone app to locate the nearest parking lot instead of driving around searching for a parking space, increasing traffic congestion and wasting fuel. Other applications of IoT are healthcare, law enforcement, enterprise management, supply chain management, retail management, and others.
With so many devices integrating to share data, the prospects for data breaches and other security risks are heightened.
Security Challenges in IoT
With IoT devices collecting vast amounts of personal and sensitive data, securing this information from unauthorized access and breaches is crucial. IoT devices handle everything from personal health information to financial transactions and location data. Without proper protection, this data is vulnerable to cybercriminals who could exploit it maliciously.
To begin, some IoT devices lack adequate authentication mechanisms, making them prone to unauthorized access. Without secure authentication, it’s hard to confirm whether the devices on a network are legitimate and authorized, which could result in serious security incidents
Furthermore, IoT devices often transmit data over unsecured networks, making them susceptible to interception. Without secure communication channels, attackers can intercept sensitive data during transmission, leading to significant security issues.
In addition, IoT devices sometimes have firmware vulnerabilities that attackers exploit. These weaknesses may arise from poor coding, irregular updates, or outdated software components. Exploiting these vulnerabilities can allow attackers to control devices, disrupt operations, or steal sensitive data. Regular updates and patches are essential to address these issues and improve security. However, this can sometimes lead to problems, as illustrated by a recent incident with CrowdStrike. The company pushed a faulty update last week, which caused glitches, affecting Microsoft Windows OS devices and rendering many systems and smart devices inoperable. Although the issue is now resolved, it underscores the critical need for robust security measures in IoT platforms. Can blockchain technology bring about better security?
BLOCKCHAIN AS SOLUTION TO IOT SECURITY CHALLENGES
Blockchain offers promising benefits for IoT platforms. You’ve probably heard of Blockchain technology before now. At its core, it is a decentralized ledger system that records information across a network of computers. Once data is entered into the blockchain, it becomes nearly impossible to alter or erase, providing a robust framework for security.
Blockchain's transparency is one of its most significant advantages. In many blockchain systems, records are visible to all authorized participants. This openness ensures that every device within an IoT network is properly registered and functioning as intended. If malicious actors attempt to disrupt the system, their actions are detected and addressed quickly, maintaining system integrity.
Benefits of Integrating Blockchain with IoT
Integrating blockchain with Internet of Things (IoT) platforms offers several significant security benefits, thanks to the core principles of blockchain technology, which are: decentralization, immutability, and cryptographic security.
First, blockchain enhances data privacy and protection through decentralized data storage. Instead of relying on a single central server, blockchain distributes data across a network of nodes. This decentralization reduces the risk associated with any single point of failure, making it much harder for attackers to access or manipulate the information. With data spread out and replicated across multiple locations, it becomes more resistant to tampering and consistently available.
Following this, blockchain employs advanced encryption and access control to safeguard data. Each piece of data is encrypted and can only be decrypted by those with the correct cryptographic keys. This ensures that only authorized users can access sensitive information, providing increased privacy protection against unauthorized access. Consequently, even if data is intercepted, it remains secure and unreadable to unauthorized parties.
In addition to protecting IoT data, blockchain offers enhanced device authentication and authorization through its immutable ledger. This ledger permanently records device identities and credentials in a tamper-proof manner. When a device attempts to join the network, its identity is verified against this unchangeable record.
In addition, secure communication is an important area of blockchain impact. With Blockchain, transactions and communications between IoT devices are recorded on tamper-proof ledgers, with encryption. This makes it extremely difficult for attackers to intercept or alter communications, as unauthorized changes are detected promptly, and rejected by the network. This layer of security protects the integrity of data transmission.
Conclusion
As the Internet of Things (IoT) evolves, integrating blockchain technology provides a robust solution to security challenges. Blockchain's decentralization ensures data privacy by distributing information across multiple nodes, reducing risks associated with single points of failure. Its advanced encryption and access control techniques safeguard data, ensuring that only authorized users can access sensitive information, thus protecting against unauthorized access.
Additionally, blockchain's immutability enhances device authentication and authorization. Secure communication is further strengthened as all transactions between IoT devices are recorded on tamper-proof ledgers with encryption, making it extremely difficult to intercept or alter communications.
As you will now agree, blockchain is the last piece of the IoT puzzle. Its decentralized and unchangeable nature ensures robust security for data and devices. With blockchain, data privacy is enhanced, unauthorized access is minimized, and secure communication is guaranteed. This combination promises a safer and more efficient future for IoT, allowing it to reach its full potential.