Smart appliances secured by blockchain-based protocols implemented to improve decentralization, security, and privacy gaps found within the systems of the Internet of Things.
A decentralized Internet of Things (IoT) connection system secured by blockchain protocols. With the cryptographic algorithms used in blockchain protocols, user data is secured simultaneously, eliminating failure points by creating a more resilient ecosystem for devices. Some IoT gaps include security, cloud attacks, privacy and data storage, and inadequate infrastructure. As IoT devices gather an immense amount of data, blockchain protocols can hide and secure information in the distributed ledger, making devices safer from attacks.
By decentralizing IoT with blockchain, devices can benefit from an unparalleled security infrastructure that overcomes cloud-based flaws. Also, decentralized applications are much less risky in terms of falling victim to tampering and fraudulent activity, because a Distributed Ledger Technology is precisely characterized by its asymmetrical cryptography that timestamps and makes data transactions storage immutable. Additionally, a decentralized IoT system could make it more accessible and reduce damage costs from hacks, as the structure of the technology itself can avoid them.
With Smart Contracts able to automate verification of transactions, there is no need for consumers or brands to build trust relations, which in the end could ideally lead us to a future characterized by decentralized autonomous corporations and organizations. In other words, DAOs could represent a more prominent presence throughout all industries by securing the connection between Autonomous Vehicles, smart appliances, supply chains, and even energy markets. The application of blockchain on the IoT could be the ultimate means to disseminate new methods to secure data transactions and storage at the same time as monopolies are put at risk.
Blockchain-based IoT System