IoT devices are growing at a rapid pace. According to a research and advisory company Gartner, It is estimated that the IoT device will reach 20 Billion by the end of 2020. BI intelligence predicts the IoT devices to reach 24 billion. IHS Markit estimates the IoT devices to reach 125 billion by 2030. The revenue generation is also on an upsurge. According to IDC, The IoT revenue is expected to hit 357 billion dollars by 2019. McKinsey and Company, an international management consulting firm expect the IoT devices to have an impact of 11 trillion dollars by the end of 2025. These data have made it clear that the IoT industry is set to grow exponentially over the next decade.
IoT is a network of connected devices over the internet that collects and exchanges data. IoT- enabled platforms offers a common platform for the devices to store the data and communicate using a common language. Sensors and other communication devices are embedded in devices like phones, laptops, electrical appliances, TVs, cars and other home appliances that enable them to send or receive data via the internet. IoT platforms then analyze the data and share valuable information about the health of the device and other information to the relevant companies.
IoT devices are constantly sharing critical information making a vast pipeline of data, which makes it a target of cybercriminals. Privacy and security of the collected data is a major concern for enterprises. The Mirai Botnet DDoS attack affected many companies like Twitter, Netflix, and Reddit. Blockchain can be an able technology to provide security solutions to IoT data. Blockchain provides a cryptographically secured, distributed ledger that allows secure transfer of files between parties. Traditionally IoT systems send the IoT data collected from the device to the cloud where the data is analyzed and processing using an analytics tool. This type of centralized system provides very limited scalability and creates a lot of network security concern for organizations. Blockchain provides a decentralized and distributed network that can work wonders to handle the scalability issue. Smart contracts in blockchain allow the companies to handle all the compliance issues.
Many platforms have started providing blockchain IoT platforms. One of first IoT platform is IOTA. Companies like Bosch, Fujitsu, and Volkswagen have started using IOTA platform to secure their IoT data.