Is Blockchain the Answer to IoT Security Question

The Internet of Things (IoT) has invaded every aspect of our lives. Today, we have smart homes with internet-connected home appliances, smart cars, internet-connected fashion wearables, and RFID sensors everywhere. The technology we once used to fantasize about and that used to star in sci-fi movies is our reality now. 

Using a smart security lock you can now provide remote access, regardless of your whereabouts, you can regulate the heater in your home through your smartphone regardless of wherever you are sitting, and if you want to listen to music, you just have to say the word and it starts to blare in every corner of your home

Internet of Things (IoT) is becoming Ubiquitous 

Internet of Things (IoT) has been welcomed with warm open hands by individuals and enterprises alike since high-speed internet has become accessible and affordable to everyone, courtesy of providers like AT&T Internet Service. 

One can assess its popularity by determining the colossal number of IoT devices utilized by households. In 2018, households owned 10 billion IoT devices, and it is expected that by 2020 the world will have 20 billion IoT devices and 64 billion IoT devices by 2025. 

The manufacturing industry employs the most IoT devices as they infuse IoT in every step and cycle of manufacturing, procurement, and transportation process. IoT devices are the linchpin of the logistics industry today as they enable them to track the location of each product in their giant fleet. 

That’s not all, IoT has been implemented in government programs too such as Los Angeles is installing IoT sensors in its 145,000 streetlights and 4,500 intersections to collect data and improve situational awareness. 

Internet of Things (IoT) is vulnerable to attack 

Your smartphone usually manages all smart appliances in your house, including your security locks and camera. Imagine if someone gains access to your phone and they unlock your smart lock and enter your home. Scary, isn’t it? And it’s especially likely as IoT devices are managed by a central hub, and if that’s compromised, all other devices are compromised.

IoT is a centralized system, in which one focal point enables the connection and interaction of other devices. Even if the devices are placed next to each other, they have to communicate with the hub in order to interact. This is the greatest vulnerability in the IoT system.

Moreover, in any industry such as a production facility, hospitals, or corporate offices, devices need to be inserted at multiple points to install the IoT system. Each of these devices can be a potential portal of a security breach. In addition, IoT devices aren’t equipped with powerful computational power so they cannot execute complex security processes.

There are vulnerabilities in everything, however, being unaware and ignorant of these vulnerabilities make them doubly dangerous. In fact, 48% of U.S. organizations have experienced a security breach in their IoT system. And most organizations aren’t aware of these chinks in their IoT armor. IoT devices are built without much security considerations and regulatory compliance as they immediately connect to the Bluetooth and Wi-Fi without much verification, and are installed by people unaware of the security measures against any threats. 

Furthermore, IoT devices require a timely upgrade of the software in order to deal with new and emerging threats, but most manufacturers and IoT designers don’t keep that in mind. Therefore, most IoT devices have outdated security features, which makes them susceptible to security threats. Despite a username or password, or two-factor authentication required for access to the device, the system isn’t secure and requires much more robust protection. 

Biometric verification is one such security measure that can solve most security issues in the IoT system. However, biometric technology is still not foolproof, as it cannot consistently verify individual fingerprints, facial features, or voice accurately. 

The clock is ticking as we get inundated with more IoT devices; the more devices flood the market, the bigger and more complex their interconnected mesh of network would be, and the more difficult it would be to come up with a viable IoT security solution.

Blockchain can be a viable solution

Blockchain technology has created quite a buzz since it was introduced in 2008. The technology has successfully introduced a secure payment system via cryptocurrency, and multiple industries have adopted the technology to bolster the security and efficacy of their systems.

The technology is a decentralized digital ledger that irrevocably records and secures transactions. The blockchain consists of a network of computers called nodes, which enable the decentralized and independent nature of the blockchain. 

An IoT network, on the other hand, is a highly centralized network, in which a centralized hub controls all devices in its vicinity, and a hacker only needs to compromise the hub to launch an attack. Conversely, the blockchain network is highly decentralized. 

If both systems are fused, then it may just be the answer to our IoT security question. The decentralized system of the blockchain would ensure that an entire IoT network isn’t reliant on a single focal point.

It may be virtually impossible for hackers to attack the entire blockchain as they would need to overcome the majority of the nodes in the network, which is highly unlikely. All nodes are linked with each other, and if one node is attacked, all others will be quickly warned and they will thwart the attack. 

Moreover, the irrevocable nature of the blockchain ensures that transactions cannot be tampered with by any unauthorized individuals because transactions are ineradicable and are secured by a hashing feature. In addition, the network requires the approval of other nodes to process a transaction. 

In an IoT system, any product or activity wouldn’t occur without the consensus of the majority of the nodes in the blockchain. For example, in a supply chain, every movement of the product will be tracked and traced by IoT sensors before it reaches a consumer. But, one thing that would be different is that the movements of the product will be recorded as a transaction in the blockchain. If there is any deviation in the procedure such as delayed delivery, the nodes will not record the transaction and the entire network will be alerted of the delayed delivery. 

All in All…

Blockchain may just be what we need to secure the vast and complicated IoT network and thwart any cyberattacks. This can further spur the adoption of IoT devices, but this time there won’t be walking time bombs, ready to bring down the entire network via one single central hub.