In 2016 a major DDoS attack handicapped the internet by penetrating the Mirai botnet, compromising approximately 100,000 devices in the process. This reflected poorly on the state of IoT devices that promised to revolutionize the lives of the common man. The major issue with IoT security model is its centralized client-server approach that uses a central authority to monitor IoT devices and the data generated, thereof. As all the IoT data are aggregated in a singular space, its security is shrouded in the garb of vulnerability. To strengthen the security architecture of IoT devices, a more transparent and decentralized methodology is incumbent. Blockchain can come to the aid, ailing IoT landscape.
The advantage of the blockchain-based security model is that information can be stored at different locations, allowing greater accessibility to users. In addition, to facilitate auditability and accountability, private blockchain network can be constructed where all users are authorized to access the network. Currently, blockchain is being used by a wide range of industries, ranging from pharmaceuticals to retail, in a bid to mitigate security risks.
With a proper decentralized peer to peer security model, billions of transaction of data can be secured. Moreover, it will go a long way in reducing the load on traditional data centers along with lessening the overall maintenance cost. As blockchain has the ability to break down the data in the decentralized ledger, this turnkey technology is poised to revolutionize the security model of IoT ecosystem. From warding off compliance risk of industrial IoT devices to ensuring safe transaction in banking operations, blockchain systematically eliminates tech world's overreliance on centralized data center infrastructure.