IoT Chain- Securing IoT devices using blockchain technology
The Internet of Things (IoT) is a term used to describe the interconnection of computer devices embedded in everyday objects enabling them to share data. It is the network of physical devices, home appliances, and any other items embedded with electronics, software, sensors, and connectivity which enables these objects to connect and exchange data. The figure of online-capable devices increased 31% from 2016 to 8.4 billion in 2017. As per the estimate, the IoT will consist of about 30 billion objects by 2020 and the global market value of IoT will reach $7.1 trillion by 2020. IoT will make human life easier and it will be part of our day to day activities in future. Using IoT many things will be possible. One of the benefits I can see in near future is, using wearable devices you can store your personal health data to secure platform and AI can analyze your health data and can provide you real-time health advice, maintain well-being, and identify risks to prevent disease.
But currently there are many issues with IoT network. First, it’s not 100% secure, there were some attacks on IoT devices in recent time. Also, the owner doesn't control over their own data.
IoTChain
IoT on Chain (also known as IoT Chain or ITC) looks to solve current IoT security and safety issues using distributed ledger technology. Using a hybrid approach of blockchain, Practical Byzantine Fault Tolerance (PBFT), and blockless Directed Acyclic Graph (DAG) architecture, ITC able to create a decentralized IoT network with unparalleled speed and security that allows users to maintain their data sovereignty.
IoTChain is based on blockchain technology and the basic architecture of blockchain is immune to traditional internet attacks. The feature of IoT’s information encryption and secure communication is security through publicity, and this will help protect users’ privacy. Management of identity access and multi-party consensus will contribute to the recognition of misbehaving nodes and prevent malicious nodes from accessing or destroying the network.
Due to the centralization design of traditional IoT architecture, the users’ behavioral data is stored in the center servers controlled by merchants. Thus, the users’ data is prone to be leaked out and the users’ privacy, as well as safety,y will face severe threats. In ITC, users’ data belong to themselves. Any company who intends to do bigdata analysis or algorithm model training of advertisement recommendation need to request the data from ITC and they need to pay the ITC tokens to the user who provides the data.
ITC’s vision is to implement impenetrable security in their Internet of Things network and to give control of data back to its rightful owner. ITC will also promote the development of artificial intelligence through user data. ITC plans to provide unparalleled stability and speed for data transfer. Their test network supports 1,000 transactions per second but it can scale a magnitude of 10 million if necessary. IoT Chain's goal is to reach 100,000 transactions per second before the main network is implemented. Under this network, the interconnection of IoT devices of a home, a business or even a city can truly flourish without worry of transfer congestion, malicious attacks or losing privacy.
If you want to know more about ITC, you can follow Superbloom below at their social sites -
Website: https://iotchain.io/
Telegram: https://t.me/IoTChain
Twitter: https://twitter.com/iot_chain
Great article, thanks for the right up on IoT. Interesting area they are attempting to combat.
Yes and that's the reason why decentralization is better than centralization of data, the former is much better as the data is in the hands of the user and not in the hands of a third party
IoT devices have been on the news recently as well, a casino was hacked by a thermostat on a fish tank, mental!
It will be interesting to see how they pull it off the scale of what they are trying to accomplish is legitimately INSANE even the transactions per second that their shooting to hit are astronomical numbers
I think that's why they opt for a different blockchain architecture to suffice that part.
This is true I'm sure IoT Chain have thought of every kind of solution possible.
Cool write friend. Your depth of understanding of the project is reflected in your write up. Thanks for this.
its good to see community members stepping up like this for the projectit shows that people have a good grasp on what they are trying to accomplish
Nice to see this coming to life, i understand ledger is like an external device, will they like store data externally?
basically its a hardware device for your private key think of it like a offline hardware secured version of metamask, its really popular for serious crypto holders
Interesting article, thanks for sharing, its always good to learn something new about IoT technology.
True, I learnt a whole lot today after reading this article very informative.
Wait it can scale 1000000 per sec wow! With the security it's guaranteeing alongside, I like this project
Iot chain trying to scale 100,000 transaction per second.. This is huge and super fast can't wait to see this work.
That is an impressive number. If you think about it it has to given most IoT devices execute transactions frequently and somewhat requires live updates.
Good part is, ITC solution will be cost effective and based on decentralized blockchain technology.
Nice article. Its good to see IoTChain is focusing on security and protecting user data as well as user interest.
That's the most important thing good tech companies try to handle. Due to the numerous attacks from crackers
One very attractive feature of ITC is the fact that individuals data actually belong to them as against some devious elements using the data for malicious purposes
The security problem experienced in the IoT sector of network connection is what the centralized security firms seem not to have been able to properly cob. ITC will hopefully put a lasting end to it using the decentralized system.