The explosive growth in the field of computer science gave birth to a whole new range of fields within its domain, each remotely connected to each other. Artificial Intelligence and Internet Of Things have completely revolutionized the way humans deal with day to day problems. Blockchain is just one of these revolutionary innovations that has completely altered the fashion in which transactions are carried out.
The robotic devices set up in order to automatically generate a sequence of instructions according to their functionality are governed by none other than IoT. These artificially intelligent devices are capable of making rational decisions based on the data they collect via their perceptrons and actuate the methods they are programmed to do. The data collection mechanisms are well defined for these devices through which they obtain data and act after processing it. This data is vulnerable to attacks and can be corrupted unless a stubborn defense mechanism is set up within them to fight off the malicious attacks.
Recently, a report was published by Gemalto, the leading digital security company, in which the fact that merely 48% of the businesses in which IoT is employed are capable of perceiving a breach, was brought to attention. However, many of these companies have made tireless attempts at making their systems less susceptible to malware threats. Previously where companies allotted merely 11% of the IoT budget to security have now moved it upto 13%. The devices connected via IoT are alleged to grow more than 20 billion by 2013, making it mandatory for various companies in this sector to reconsider the security protocols set in place. Jason Hart the CTO Data Protection at Gemalto voiced his concern regarding this matter saying,
Given the increase in the number of IoT-enabled devices, it’s extremely worrying to see that businesses still can’t detect if they have been breached. With no consistent regulation guiding the industry, it’s no surprise the threats – and, in turn, vulnerability of businesses – are increasing. This will only continue unless governments step in now to help industry avoid losing control.
Like crypto, government has failed to provide regulator framework for this technology as well. According to the survey conducted it was brought to attention that 79% of the companies urge the government to provide a set of guidelines on IoT security and 59% are unaware about the identity of the incumbent institutions. Almost 95% businesses and the consumers believe that a proper regulatory framework needs to be drawn up for the use of these IoT devices.
The lack of control over data has also been a major concern for the consumers, 62% of them feel that data should be kept in a more secure manner and 54% feel that due to data connectivity, all devices lack privacy. Due to data being accumulated from millions of devices, protecting it from being leaked proves to be an unimaginable task and merely 59% of the companies have admitted to investing in cyber and IoT security and encrypting their data.
This is where blockchain comes in. Blockchain provides a safe means of storing data. Data that is kept on the blockchain is safe, transparent, immutable and tamper proof which makes it such an ideal technology to be incorporated to safeguard data and remove potential threats. According to the report, the adoption of blockchain has indeed picked up pace moving from 9% to 19% in the last year. Also, due to the brilliance of the marketing of all blockchain based platforms, 23% of all believe that Blockchain technology can indeed secure the IoT devices.
To conclude, although blockchain has a wide range of merits over the archaic protection protocols, there is yet much that needs to be uncovered. The technology is still in its infancy and a mass adoption may be a possibility in the future but not without the help of the authorities in charge. The governments really need to consider drawing legal framework for the newly emerging technologies. So there is a governing authority that would promote trust in the masses about nascent technology.