The frenzy of Internet of Things development is arising at the perfect time to incorporate blockchain technology with smart contracts functionality to maximize the cybersecurity of the these IoT devices.
Initially, computers were the primary device connected to the internet providing basic data transfer, and a novel form of human communication, email. Since the landline telephone was already ubiquitous in the population, the next major addition was cellphone connectivity through data communication or WiFi. With further electronic circuity size reduction and other advances, more and more devices are being produced that have internet connectivity built-in. From health tracking, to smart home, to smart car, to smart business machines, most devices will eventually have the software capability to transmit acquired data through the internet to an application that could also reply with commands to perform some subsequent action. It is possible that the billions of IoT devices that will be connected to the internet by 2020 will be primarily used by business.
However, a major stumbling block to adoption of IoT devices is their perceived lack of the security against cyberattacks. Building control systems, networked security cameras, baby cameras, wifi routers, home appliances and medical devices are just a few of the categories of devices that are vulnerable if to cyberattack if the proper security precautions are not taken.
Enter the blockchain. Blockchain technology, although primordial in development, has already shown through the Bitcoin formulation that sender – receiver instructions may be transmitted through a distributed ledger to ensure reliable, secure and private authorized use between parties because of the extensive use of mathematical algorithms and cryptography in compiling and transmitting the data. Next, add smart contracts functionality to the IoT blockchain software, and the secured uses may be unlimited.
Thus, blockchain technology has the promise to not only provide a secure means of processing and transmitting data by network connected devices, but also a secure means to augment the basic blockchain instructions with augmented capability via the addition of dependent smart contract functionality.
Commentary by Attorney Timothy F. Mills, Editor / Action Cyber Times™ © 2018 All Rights Reserved.
Action Cyber Times™ provides resources for cybersecurity, data privacy, compliance, breach reporting and risk management, intellectual property theft, and the utilization of emerging technologies such as artificial intelligence, machine learning, blockchain DLT, advances in cryptographic applications, and more.
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