Internet of Things with its world of high connectivity raises a lot of security concerns.
Blockchain capable of solving this concern because:
- Since IoT requires a large amount of data, your devices are constantly collecting and storing data. And if all these data is stored in one place, the risk of getting hacked is significantly higher.
- With decentralization, you can store info in multiple servers and hence would not be at the risk of a hacker being able to say hack your phone and steal your data.
It is also important to grasp that even though the blockchain can solve some problems, it will be the cure all solution to all modern day tech vulnerabilities.
To properly explore the weaknesses of the blockchain, it will likely take a separate post altogether. Hence, I would not want to hijack this post with all the challenges the blockchain is facing right now. If I were to put the blockchain tech’s existing vulnerabilities aside, I think blockchain might be exactly what IoT needs to lower the tensions with privacy and ease users’ concerns on that account.
Currently, there are quite a few blockchain companies attempting to revolutionize this sector. You can find a list here.