Iot blockchain use cases
Blockchain applications go far beyond cryptocurrency and bitcoin. With its ability to create more transparency and fairness while also saving businesses time and money, the technology is impacting a variety of sectors in ways that range from how contracts are enforced to making government work more efficiently. We've rounded up 34 examples of real-world blockchain use cases for this pragmatic yet revolutionary technology. It's far from an exhaustive list, but they're already changing how we do business. Pioneered by Bitcoin, cryptocurrency transfer apps are exploding in popularity right now.
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Iot blockchain use cases
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- Convergence of Blockchain, IoT, and AI
- A survey on blockchain-based platforms for IoT use-cases
- Role of Blockchain Technology in IoT Applications
- Blockchain Use Cases: The Internet of Things (IoT)
- Blockchain: The Missing Link Between Security and the IoT?
- Blockchain adoption in IoT
- Industry Use Cases on Blockchain Technology Applications in Iot and the Financial Sector
- How can organisations use blockchain alongside AI and IoT?
Convergence of Blockchain, IoT, and AI
A successful cyber-attack can be the downfall of any well-positioned business. Data breaches not only cause significant financial losses but are also the leading cause of a bad reputation for victim companies. Blockchain started out as the technology behind Bitcoin but has popularly grown into a promising mitigation technology for cybersecurity.
What is Blockchain 4. Use Cases of Blockchain for Cybersecurity. It is quite a tough and challenging time for businesses that operate on digital network platforms.
Cyber-attacks and breaches continue to haunt online activities at even more sophisticated and damaging levels. As this nightmare continues to escalate, it is not only small businesses that fall prey to the attacks but also large IT companies like Siemens, Facebook, Yahoo, Microsoft, and LG, just to mention a few.
Ransomware attacks and other forms of data breaches have now become a day to day challenge for companies. Recent analysis and statistics indicate that even sacrosanct state procedures like Presidential elections are not safe from these attacks. This shows that cybersecurity is no longer an issue to companies alone, but also to governments and other agencies.
For the development of viable cybersecurity protection strategies, it would be prudent to analyse the recent cyber-attack trends and statistics. With such tremendous financial impacts, companies continue to increase their investment in cybersecurity.
The cryptocurrency is unregularised by legacy government currency rates. This has quickly transformed it into the most preferred mode of anonymous operation in illegal activities like the cyber crime and drug trade. With a new person joining social media platforms every 15 seconds, the ransomware vulnerability scope continues to widen. According to reports by Cybint, two-thirds of companies have experienced attacks such as social engineering incidents, phishing, and DDoS attacks in the last three years.
On the contrary, the cost of hacking is almost insignificant, with cyber-attack tools now available on the Dark Web for as low as one dollar, with other complementary services being offered for free. It becomes more alarming that it takes an average of 5 minutes to hack an IoT device.
The current fast-paced advancement in technology also offers an incubating effect to cyber-attacks to continue becoming more sophisticated and executable. With the rolling out of the game-changing fifth-generation 5G networks that offer ten times faster download speeds, this will inevitably create more opportunities for hackers. Faster speeds will increase the chances of more devices being hacked and the execution of larger cyber-attacks.
There is a huge commercial appetite for the Internet of Things IoT. Almost everything, ranging from furniture to utility equipment, is being fitted with internet-connected sensors. According to Gartner, by , there will be an increase in the number of things connected to the internet, from 14 billion to 25 billion. Most of these new technologies have patchy security features that tend to attract hackers. Also, home automation features could lead to more homes being vulnerable to cyber-attacks by criminals.
Blockchain technology is a distributed and decentralised ledger system that can record transactions between multiple computers. Blockchain started as the technology behind bitcoin but has popularly grown into a promising mitigation technology for cybersecurity. Notably, human error remains to be the leading cause of data breaches. Blockchain fully automates data storage hence reducing the human element in these data storage systems.
Blockchain can be utilised in any sector or industry. This is because any kind of digital asset or transaction can be inserted in blockchain, from any industry. The new technology is considered a reliable cybersecurity protocol due to its capabilities of indicating any foul play and providing certainty in the integrity of transactions. Blockchain technology was designed to be transparent.
Therefore, opposing the famous misconception, blockchain offers no privacy or confidentiality of any transactions made through it. When termed as secure, it is meant to describe the integrity of the transactions, not its privacy. Although not unbreakable, blockchain has evolved to become one of the most foolproof forms of transacting in the digital network realm.
As designed and intended, the technology has been credited for its information integrity assurance. If well-utilised, many sectors can benefit from it. With the potential of being practical to many utilisations, blockchain can be implemented into many uses.
One of the best uses would be utilising its integrity assurance for building cybersecurity solutions for many other technologies. Below are some use cases of future beneficial use of blockchain to strengthen cybersecurity:. Securing Private Messaging: With the internet shrinking the world into a global village, more and more people are joining social media.
The number of social media platforms is also on the rise. More social apps are being launched with each dawn as conversational commerce gains popularity. Huge amounts of metadata are collected during these interactions. Most social media platform users protect the services and their data with weak, unreliable passwords. Most messaging companies are warming up to blockchain for securing user data as a superior option to the end-to-end encryption which they currently use.
Blockchain can be used to create a standard security protocol. For enabling cross-messenger communication capabilities, blockchain can be used to form a unified API framework. In the recent past, numerous attacks have been executed against social platforms like Twitter and Facebook. These attacks resulted in data breaches with millions of accounts being breached and user information landing into the wrong hands. Blockchain technologies, if well implemented in these messaging systems, may prevent such future cyberattacks.
IoT Security: Hackers have increasingly used edge devices, such as thermostats and routers, to gain access to overall systems. With the current obsession for Artificial Intelligence AI , it has become easier for hackers to access overall systems like home automation through edge devices like 'smart' switches. In most cases, a large number of these IoT devices have sketchy security features. In this case, blockchain can be used to secure such overall systems or devices by decentralising their administration.
The approach will give the capabilities of the device to make security decisions on their own. Not depending on the central admin or authority makes the edge devices more secure by detecting and acting on suspicious commands from unknown networks. Normally, hackers penetrate the central administration of a device and automatically gain full control of the devices and systems.
By decentralising such device authority systems, blockchain ensures such attacks are harder to execute if even possible. These attacks shut down or slow down the resource systems. On the other hand, an intact Domain Name System DNS is very centralised, making it a perfect target for hackers who infiltrate the connection between the IP address and the name of a website. This attack renders a website inaccessible, cashable, and even redirectable to other scam websites. Fortunately, blockchain can be used to diminish such kinds of attacks by decentralising the DNS entries.
By applying decentralised solutions, blockchain would have removed the vulnerable single points exploited by hackers. Decentralising Medium Storage: Business data hacks and theft are becoming a primary evident cause of concern to organisations.
Most companies still use the centralised form of the storage medium. To access the entire data stored in these systems, a hacker simply exploits but a single vulnerable point. Such an attack leaves sensitive and confidential data, such as business financial records, in the possession of a criminal.
By using blockchain, sensitive data may be protected by ensuring a decentralised form of data storage. This mitigation method would make it harder and even impossible for hackers to penetrate data storage systems. Many storage service companies are assessing ways blockchain can protect data from hackers. Apollo Currency Team is a good example of an organisation that has already embraced the blockchain technology in their systems The Apollo Data Cloud.
The Provenance of Computer Software: Blockchain can be used to ensure the integrity of software downloads to prevent foreign intrusion. Just as the MD5 hashes are utilised, blockchain can be applied to verify activities, such as firmware updates, installers, and patches, to prevent the entry of malicious software in computers. In the MD5 scenario, new software identity is compared to hashes available on the vendor websites.
However, in the case of blockchain technology, the hashes are permanently recorded in the blockchain. The information recorded in the technology is not mutable or changeable; hence blockchain may be more efficient in verifying the integrity of software by comparing it to the hashes against the ones on the blockchain. Verification of Cyber-Physical Infrastructures: Data tampering, systems misconfiguration together with component failure have marred the integrity of information generated from cyber-physical systems.
However, the capabilities of blockchain technology in information integrity and verification may be utilised to authenticate the status of any cyber-physical infrastructures. Protecting Data Transmission: Blockchain can be used in the future to prevent unauthorized access to data while in transit. By utilising the complete encryption feature of the technology, data transmission can be secured to prevent malicious actors from accessing it, be it an individual or an organisation.
This approach would lead to a general increase in the confidence and integrity of data transmitted through blockchain. Hackers with malicious intent tap into data amid transit to either alter it or completely delete its existence. This leaves a huge gap in inefficient communication channels, such as emails. Diminish Human Safety Adversity caused by Cyber-attacks: Thanks to innovative technological advancements, we have recently seen the roll-out of unmanned military equipment and public transportation.
These automated vehicles and weapons are possible thanks to the Internet that facilitates the transfer of data from the sensors to the remote-control databases. When tapped into, these networks offer complete control access to vital automotive functions to the hackers.
Such occurrences would have a direct impact on the safety of humans. But through data verification conducted on blockchain for any data that goes in and through such systems, many adversities would be prevented. No matter how it is utilised, the key component of blockchain technology is its ability to decentralise.
This feature removes the single target point that can be compromised. As a result, it becomes utterly impossible to infiltrate systems or sites whose access control, data storage, and network traffic are no longer in a single location. Therefore, blockchain may be one of the most efficient mitigation strategies for cyber threats in the coming days.
Nevertheless, blockchain, just as with any other new technologies, faces many startup challenges as it undergoes the painful process of growth. He is a regular speaker at external conferences and a technology writer for international newspapers on a variety of technology and cybersecurity topics. He holds a master's degree in computer science, cryptography and network security.
A survey on blockchain-based platforms for IoT use-cases
Blockchain technology is providing a reliable and secure foundation for IOT devices, powering innovative blockchain IOT use cases across all industries, from supply chain to pay-as-you-go mobility. IoT is thriving, gearing up for explosive growth in the coming years. By the end of , there will be some With tremendous power to complement each other, blockchain IoT use cases are naturally expanding, from manufacturing to retail, supply chain to mobility. What makes blockchain and IoT work so well together? Despite the many opportunities that exist in IoT, this burgeoning sector is not without its challenges.
Role of Blockchain Technology in IoT Applications
The aim of this paper is to evaluate the use of blockchain for identity management IdM in the context of the Internet of things IoT while focusing on privacy-preserving approaches and its applications to healthcare scenarios. The paper describes the most relevant IdM systems focusing on privacy preserving with or without blockchain and evaluates them against ten selected features grouped into three categories: privacy, usability and IoT. Then, it is important to analyze whether blockchain should be used in all scenarios, according to the importance of each feature for different use cases. Based on analysis of existing systems, Sovrin is the IdM system that covers more features and is based on blockchain. For each of the evaluated use cases, Sovrin and UniquID were the chosen systems. This paper opens new lines of research for IdM systems in IoT, including challenges related to device identity definition, privacy preserving and new security mechanisms. This paper contributes to the ongoing research in IdM systems for IoT. The adequacy of blockchain is not only analyzed considering the technology; instead the authors analyze its application to real environments considering the required features for each use case. Sousa, P. Report bugs here.
Blockchain Use Cases: The Internet of Things (IoT)
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Blockchain: The Missing Link Between Security and the IoT?
The Internet of Things IoT has recently emerged as an innovative technology capable of empowering various areas such as healthcare, agriculture, smart cities, smart homes and supply chain with real-time and state-of-the-art sensing capabilities. Due to the underlying potential of this technology, it already saw exponential growth in a wide variety of use-cases in multiple application domains. As researchers around the globe continue to investigate its aptitudes, a collective agreement is that to get the best out of this technology and to harness its full potential, IoT needs to sit upon a flexible network architecture with strong support for security, privacy and trust. On the other hand, blockchain BC technology has recently come into prominence as a breakthrough technology with the potential to deliver some valuable properties such as resiliency, support for integrity, anonymity, decentralization and autonomous control. Several BC platforms are proposed that may be suitable for different use-cases, including IoT applications. In such, the possibility to integrate the IoT and BC technology is seen as a potential solution to address some crucial issues.
Blockchain adoption in IoT
Nikhil Gangaraju. As 20 billion connected devices come online in the next few years 1 , The internet of things is poised to play an increasingly important role in our economy. Blockchain technology promises to address a number of these issues and industries today have started actively experimenting with use cases that bring these cutting-edge technologies together. Research published by Cisco and the Boston Consulting Group shows that while only a small number of firms are currently experimenting with IOT and Blockchain, these early use cases prove that substantial advantages can be achieved in certain applications. These applications include areas in which:.
Industry Use Cases on Blockchain Technology Applications in Iot and the Financial Sector
The use of IoT is giving rise to smart living, smart factories, smart vehicles, smart homes, and smart farming. Every industry wants to reap from the advantages that arise from the use of IoT technology. Almost every person now owns a smart device. All this shows that the number of IoT devices is on the rise.
How can organisations use blockchain alongside AI and IoT?
The Internet of Things IoT connects people, places, and products, and in so doing, it offers opportunities for value creation and capture. Sophisticated chips, sensors, and actuators are embedded into physical items, each transmitting data to the IoT network. The analytics capabilities of the IoT use this data to convert insights into action, impacting business processes and leading to new ways of working. However, there are still a number of technical and security concerns that remain unaddressed. Security is a major concern with IoT that has hindered its large-scale deployment. In DDoS attacks, multiple compromised computer systems bombard a target such as a central server with a huge volume of simultaneous data requests, thereby causing a denial of service for users of the targeted system.
The IoT industry is poised for mass adoption and security is one of the critical aspects holding it back. The content industry has been grappling with security for decades. What can we learn from that to better secure IoT devices and machines? Users will indeed never trust a connected front door lock if there is a realistic chance that a hacker could take control of it. Hackers taking control of an army of Autonomous vehicles is an even scarier prospect.
Making data-driven decisions can help you obtain a competitive advantage—and when so much is at stake, the trustworthiness of that data is critical. That's why blockchain and IoT are increasingly becoming part of the data discussion across many sectors. The Internet of Things IoT has revolutionized how enterprises make crucial decisions by harvesting information from new and previously unexpected sources. Machines at the edge, embedded with IoT sensors, relay real-time information, from which analysts can extract comprehensive intelligence.