The internet is such an evolving ecosystem, and the Internet Of Things is an incredible part of it, connecting physical devices to exchange data. Expenditure on IoT technical products and services rose to $120 billion, and from experts, it is expected to continue increasing to as much as $253 Billion 2021 with 16% annual growth rate. Asia has been known to have the fastest growth rate and is projected to take up around 35% of worldwide IoT expenditure in 2021, while pure IoT technical services expenditure will hit the $143 billion mark with 17% annual growth rate.
The significant challenges IOT devices face are traditional attacks which cause a whole lot of damage because of the centralised management structure which has made private data prone to hacks occasionally.
Available IoT solutions today have failed to satisfy service supply and customer expectations. Presently, the security model based on closed source (often called “security through obscurity”) has exposed its potential safety hazards and is likely to be abandoned gradually and be replaced by a new security model (security through publicity). For this to happen, it is eminent that the model must be upgraded to open source software even though the current open source systems in use are still very vulnerable to mishaps and are not readily available. They are less prone to government interference and other targeted attacks.
Therefore, we believe that the open source systems will play an important role in home automation as well as networking of vehicles and other devices. IOT Chain, a high-security lite OS is taking the IOT to the blockchain, and these are some of the advantages that advantages of blockchain technology
The mere ideology of having everyone in charge of bookkeeping has brought apparent advantages like;
High security: The underlying architecture of blockchain is immune to traditional internet attacks and hacks. The blockchain will enable IoT’s information encryption and secure communication which will help protect users and ensure privacy.
IOT Chain brings more to the table by solving some of the issues that the blockchain cannot address. Management of identity access and multi-party consensus will contribute to identifying malfunctioning nodes and prevent malicious nodes from accessing or destroying the network. The structure based on chain data will be conducive to building electronic evidence which can be tested and traceable. Also, the low-cost feature of decentralisation and multi-centres will weaken centralisation and reduce the operation cost of the centralised architecture.
While we applaud the incredible features of the blockchain, we can only be very objective by recognising that although blockchain has many distinctive merits, there are still quite a few barriers to its widespread application. For instance, Bitcoin’s POW (Proof of Work) which has a high resource consumption level, while most IoT devices have low computing and network capabilities with very short battery life.
Though the blockchain has provided decentralised ideas and technology, which are very suitable for the self-service, self-maintenance, self-transactions and shares between machines in IoT industry. It has failed to solve some relevant issues such as the form of consensus, quick pay on small amount and protection of data privacy. For these problems, IoT came up with its exceptional solutions, including PBFT, SPV, DAG, CPS cluster technology, big-data analysis smart contract ChainCode and so on. These lapses on the side of the blockchain and the solutions proffered, gives relevance and value to IOT Chain.
