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Recently, blockchain technology has been adopted widely by a range of small and large enterprises. This increased adoption reflects the growing realization that in the current technological landscape, blockchain technology holds significant value.
Today, the IoT faces a range of different security issues. It turns out that the complex yet high-security properties of the blockchain technology can be used to solve the security issues in the Internet of Things.
The internet of things revolves around obtaining and transmitting huge chunks of data through linkages in real-time. Since all businesses require a high level of security and privacy, the protection of this data is a big concern.
Now, note that this data goes through a range of integrated devices and solutions, which includes various platforms and analytics capabilities. Moreover, the data also goes through a wide variety of administrative boundaries, each of which carries its own policies of privacy protection. As a result of this, it is often very difficult to ensure that the IoT system is functioning safely.
Apart from data protection, on-time and safe delivery of data to the right place in the right form is also important.
Blockchain refers to a distributed ledger in which an increasing amount of transactions and data records get maintained. The recording of transactions in blocks ensures that every transaction is arranged in a correct sequence with a timestamp.
Since this technology happens to be decentralized, it is not controlled by a specific administrator or an authority. Moreover, the blockchain technology makes use of cryptography algorithms that are designed so as to allow high security and prevent data distortion.
At the same time, all of the blocks on a network have hashes to previous blocks. This means that it is not possible to substitute an intermediate block in the blockchain. Today, blockchain technology is widely being adopted due to which investment in this technology is at its peak.
It seems as if an increasing number of corporations, universities, and governments are making use of it.
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In case the IoT network gets decentralized, a big amount of security challenges will be solved. Capabilities of the blockchain technology which includes decentralization, autonomy, scalability, and trustworthiness make it a big component of the overall ecosystem of IoT.
In relation to the internet of things, it is possible to apply blockchain in order to process multiple transactions, coordination of millions of devices, and to track them. Essentially, it is possible to ensure that the data is properly managed at various different levels by investing into the blockchain technology.
Since blockchains make use of cryptography, additional security and privacy could be obtained by integrating it into the IoT sphere. Moreover, transactions can be recorded into the blockchain carefully and in an orderly fashion. This means that it would be possible to record a history of the devices that are connected.
Moreover, since blockchain technology works without the need of a centralized authority, the benefits and integration possibilities that it offers to IoT are endless.