IoT has transformed every facet of our lives. Governments, industries, businesses, corporations, and even startups have become increasingly reliant on IoT for data accumulation, processing, and storage. To acquire a competitive edge in the industry, businesses are becoming digitalized, and automation has emerged as the next goal for many major corporations.
That said, it’s no secret that IoT poses significant security threats to a company’s IT and OT environment. Since all the companies’ data is uploaded to the cloud, it has become more vulnerable to cyber-attacks.
Blockchain — A Surefire Way for IoT Security
Blockchain is a database that stores data in blocks chained together. It is also used as a ledger for monetary transactions. Therefore, many people associate Blockchain with bitcoin and cryptocurrency. It can, however, be used to mitigate data security risks caused by IoT.
A blockchain ensures data integrity and therefore, once you record the data in a Blockchain, it can’t be tampered with. According to Statista, the total installed base of Internet of Things (IoT) connected devices globally is anticipated to reach 30.9 billion units by 2025, rising from 13.8 billion units expected in 2021.
Supply Chain Management
Today, the biggest IoT challenge in the supply chain is the lack of traceability and transparency. Blockchain can redefine smart chain management by enabling quick and low-cost delivery of goods. Blockchain can improve traceability and automate interactions among partners.
The Blockchain doesn’t rely on a single database; it increases data transparency. It records price, location, date, quality, and other information to manage the supply chain. All participants can easily trace this information, so there are minimum security risks. There will also be fewer losses due to gray market trading and stakeholders will be more engaged in the process.
The decentralized Blockchain system uses smart contracts to form a trust base. Blockchain transactions are traceable, transparent, and irreplaceable.
Securing IoT networks
Blockchain records and monitors the interactions between multiple devices. It allows businesses to conveniently access activity logs and keeps track of any peculiar online activity that may occur on the network, such as suspicious sign-in or access attempts.
There are numerous ways in which Blockchain can ensure IoT security in businesses. Industries are largely incorporating IoT in their business operation, which poses risks including but not limited to human error, unauthorized access, data theft, and data loss. They can mitigate these risks at affordable costs by using Blockchain technology.
If you are looking for IoT cybersecurity solutions to enhance your business operations, feel free to discuss your concerns with our experts. At Dexcent, we have a team of engineers and technical experts who can assess your business requirements in detail and provide industrial security consulting services at cost-effective rates.