Table of Contents
In 2016, roughly 8.7 billion devices were connected to the IoT ecosystem. By 2020, there will be more than 20 billion connected devices. It would be a mammoth task identifying, verifying and authenticating these sensors and other devices. Equally daunting will be the task of creating foolproof IoT applications that can withstand malware and other forms of cyber-attacks. Interestingly, roughly 37% of these devices would be used by enterprises and the rest by consumers.
In a recent survey, 90 % of developers said that there was little or no safety in the present Internet of Things devices. Another 95% said that they felt pressured into rushing IoT applications into the marketplace without any adequate safeguards.
They are so right. Only last year, hackers forced Netflix and Twitter to shut down their services after launching a series of DDoS attacks.
Blockchain can solve this problem. To date, this technology has saved $10 billion worth of cryptocurrencies from being attacked by hackers and seamsters. Blockchain is based on trustworthiness and decentralization and all transactions taking place on this platform are verified by the members of the network.
In the IoT ecosystem, where billions of devices are connected with each other, the information interchange can be verified by blockchain technology. The decentralized nature of this technology removes the need for centralized control. This in turn ensures that all the devices act smartly with nil chances of a system failure. Hackers cannot launch DDoS attacks and neither can they upload malware to stop the network from functioning.
The new blockchain service for IoT rests on four pillars or benefits. These can be used by the industry as part of implementing the IIoT strategy.
IBM has indeed re-imagined blockchain technology. Its new service ensures that the IoT industry will be immune to system shutdowns, delays and external attacks.
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