Blockchain and IoT to Come Together as BIoT By CIOReview Team

Blockchain and IoT to Come Together as BIoT

CIOReview Team | Monday, 12 March 2018, 06:10 IST

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Blockchain and Internet of Things (IoT) are two technologies that are causing tangible disruption in an unprecedented manner. According to a Gartner study, blockchain is expected add $3.1 trillion in business value by 2030. There is another report that projects the global IoT market to grow to $457B by 2020. Analysts are now visualizing a scenario where Blockchain and IoT will come together as BIoT. IoT is increasingly being looked at with Blockchain in the same frame. Although blockchain is not the answer to every challenge of the digital economy but it is certain that blockchain will play an increasing role in the IoT and will, in turn, give rise to a new technology trend that is BIoT. Theoretically, it makes perfect sense. IoT is an ongoing proliferation of always-online, data-gathering devices into our work and personal lives. Blockchain, at the same time, is an encrypted, distributed computer filing system designed to allow the creation of secure and real-time records. Bringing these two together, there can be a verifiable and more secure method of recording data processed by devices in the IoT, as the devices often lack the authentication standards necessary to keep user data safe.

Security is one of the top concerns for the IoT ecosystem. It is evident from that fact that it exposes multiple devices, huge amounts of data, supply chain partners and the community as a whole to security breaches. Critical infrastructure will be damaged if hackers penetrate through the broad range of IoT applications and devices. To ensure trust, authentication and standardization across all elements of IoT are essential for widespread adoption. Blockchain in IoT promises to be the missing link enabling peer-to-peer contractual behavior without any third party to authenticate the IoT transaction. Blockchain technology promises to provide a simple infrastructure for two devices to directly transfer a piece of property between one another with a secured and reliable contractual handshake. Allowing access to data from IoT devices to be managed through blockchain would create an additional layer of security that a hacker would have to bypass. Secured by some of the most robust encryption standards available, it will be a daunting task for a hacker to go past this layer. This is why there is a lot of excitement about the advent of BIoT.
 

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