April 25th, 2018
Blockchain technology is evolving as the next big thing, that is now considered for strengthening the “internet of things”. The world is full of devices that are connected to each other, many new devices are being created daily. In 2017, it was estimated that there was around 8.4 billion internet-enabled cameras, thermostats, streetlights and various other electronic products. By the year 2020, this number can exceed 20 billion and by 2030 it could be somewhere around 500 billion or more. New technologies and ideas, are being created daily, in just a few years you will be surrounded by innovation.
Currently, all internet devices are made by popular brand names such as, Apple, Google, Samsung and Microsoft; which come with advanced technological systems and marketing incentive to fix all kinds of security problems instantly. But this is not the case for a world with smaller internet enabled devices, such as doorbells, light bulbs, and other simple electronic products. All these devices are made by lesser-known companies. Most of these companies are without sufficient funds to incorporate strong security features. This is where you need to strengthen the internet of things. Insecure devices have already resulted in many cyber-attacks. Blockchain technology is a solution to these problems, as it comes with an advanced way of distributing security software updates.
In today’s world, all reputed technology companies work hard to ensure that the user is safe, but it’s quite a daunting task. Thousands of complex software packages are taking over the world and can make any system vulnerable to such attacks. These companies have security analysts and researchers who try to fix and identify these flaws before they can cause serious problems.
Whenever vulnerabilities are found teams act to send users the updates to fight the problem. Beyond staffing to track problems and provide fixes, such efforts need huge investment. Software needs to respond instantly to automated inquiries and network bandwidth to send updates to millions of users instantly. That is how your iPhone, Microsoft Office, and PlayStations stay seamlessly updated with security fixes.
Blockchain is a new technology that is stored in many places at once. It is like a public bulletin board, where individuals can post details of transactions, all these posts are accompanied by digital signatures and can’t be deleted or changed. Experts and researchers from around the world, are suggesting the use of blockchain technology to improve all internet connected device security. Already many networking giants and business groups from around the world have started an initiative to form or develop such system using blockchain technology.
Smaller companies need to program all products to check it in the blockchain system periodically; this will help in decreasing any chances of cyber-attacks. Each device needs to have a strong identity, to ensure that the manufacturer is communicating with the right device. This will give confidence to customers that their equipment is efficient and is up to date with security features.
All these systems should be easy to program on small devices with limited processing power and memory space. Standard ways of communicating, as well as authenticating updates are necessary. Existing blockchain technology looks promising and it is up to blockchain innovators to continue finding better ways to check the countless numbers of “internet of things” devices for security threats automatically.
Importance Of External Pressure
Presently, it won’t be enough to develop blockchain based systems which are capable of strengthening smart devices. If manufacturers are not using those systems, all of its products will be at risk to cyber-attacks. Businesses which are making cheap devices with small margins won’t add these layers of protection without assistance or support from outside. Pressure from government regulations and technical assistance is necessary to make the shift from present-day practices.