Internet of Things and blockchain

The Internet of Things (IoT) is currently one of the biggest trends in technology and is growing in popularity. IoT is not currently the only technology making breakthroughs, as blockchain, the basic technology behind cryptocurrencies such as Bitcoin, is also a top issue. In many ways, IoT and blockchain are a perfect match, and the integration of these two technologies means that the Internet of Things and IoT are growing faster than any other technology in the world.

One of the main problems with the IoT is its security, and here the blockchain comes to its aid to secure the data from IoT sensors. Atonomi is an embedded solution for IoT developers and manufacturers that enables secure transactions between IoT devices using blockchain-based invariable identities.

The Atonomi Security Protocol verifies the identities of the devices and tracks their reputation. Blockchain and the Internet of Things are disruptive technologies that are rapidly changing the world of technology.

We are not alone: Technology analytics company Gartner has news for companies that are planning to integrate their products, services and services with blockchain.

60 to 75 percent of the companies have already merged and plan to do so next year, according to Gartner.

Members of the two organizations will now work together under the IIC to research, develop and promote practices related to the Internet of Things and IoT systems, including blockchain. This figure rose to 89% in 2016, signaling that companies with large investments in IoT technology see almost an opportunity to use blockchain technology to improve IoT security and reliability. In order to make IoT and blockchain work side by side even more airtight, KPI, which Gartner defines as a "KPI Center of Excellence" with its sophisticated IoT implementations, plans to connect its IOT systems to blockchain as early as next year.

Founded in 2014, the US-based IIC promotes the use of the Industrial Internet of Things (IIoT) by integrating distributed ledger technology (DLT) or IoT. Ledger Insights reported a few months ago that the two organizations are jointly running a blockchain and IoT project. The two consortia have already worked together on projects such as the Blockchain Challenge and the Trust to Trust Blockchain Project, as well as other projects.

Blockchain technology improves security by bringing scalable, distributed security and confidence to IoT devices, applications and platforms. The technology uses a hashing algorithm to create an invariable record of transactions. This information can only be encrypted and accessed with a public or private key. In a distributed blockchain network or IoT network, transactions could be authenticated on the basis of pre-defined rules and authenticated by each device in a peer-to-peer mesh.

Bennet refers, among other things, to actions of rules-based devices that are automatically executed or triggered by blockchain-based applications. Self-executing code that could be embedded in an IoT chip could determine what actions take place if these conditions are met. The complexity can be seen in the use of blockchain technology in a number of different applications such as smart contracts.

In spring 2017, I wrote about some of the practical aspects that blockchain can address in the IoT and how it can accelerate the development of the IoT. As we all know, even in an IoT blockchain context, contracts are much easier than in any other context.

Through windpassing, blockchain technology promises to be the missing link enabling peer-to-peer contract behavior without a third party having to certify IoT transactions. The third feature of this example is that the iOTA project uses an innovative blockchain called Tangle, specifically designed for IoT devices. At the same time, the MIOTA token is traded on the cryptocurrency market and has an impressive capitalization that represents value for investors.

It is worth acknowledging that the development of the blockchain and the Internet of Things is still a long way from being implemented, but it is still a promising area of research and development.

Several security issues remain unresolved and legal issues remain unaddressed, such as the lack of a legal framework for the use of blockchain.

The report concludes that organizations implementing IoT solutions continue to face the challenges identified in mitigating the unique threats to IoT and blockchain technology, which promises to play an important role in addressing these challenges. The study says many devices will benefit from blockchain services that provide security and other features through upstream API transactions and notes on the network. It is possible to take immediate advantage of the integrity and authenticity of these services provided by blockchain implementations, and niche providers will begin to offer these services.

Closely linked to security, the report states that connecting IoT sensors and devices to the blockchain allows multiple participants to share information about their devices that can be independently verified by all parties. This upstream capability can be used to secure trusted communication between devices such as a network of sensors and save money for organizations. Second, security is closely linked to the ability to connect IoT sensor devices to blockchains, which saves businesses money, "the report said.

Ethereum, IOTA