Feb 28, 2018
Every second, 266. Every minute, 15,982. And every day 23 million – are the number of devices connecting to the Internet of Things now. Two years from now the figure will mushroom to 1585 per second, 95,129 a minute, and 137 million each day. That’s about 50 billion IoT-connected devices, approximately six for each person in 2020.
That’s a huge number. Isn’t it?
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Because:
In a nutshell, account name, password, and potentially a two-factor authorization system is the current technical scope for the security of IoT.
“The proliferation and ubiquity of IoT-connected devices in the enterprise is creating a much larger attack surface and easy entry points for hackers to gain access to the network. The solution starts with real-time, continuous visibility and control of devices the instant they connect – you cannot secure what you cannot see.” Michael DeCesare, ForeScout President and CEO.
The more straightforward solution to this conventional IoT security approach is blockchain.
“Blockchain will add $176 billion in business value by 2025, and $3.1 trillion by 2030.” Gartner.
By definition, blockchain technology is a decentralized database that stores the transactions of every entity across the peer-to-peer network.
To explain blockchain in simple terms, we have created the following comparison:
A world of transactions without blockchain. | A world of transactions with blockchain. | |
---|---|---|
Separate ledger for each participant increases the possibility of human error or fraud. | Single tamper-proof shared ledger. Once recorded, transactions cannot be altered. | |
Reliance on intermediaries like banks, government, credit card companies and so on for validation creates inefficiencies. | All parties must give consensus before a new transaction is added to the network | |
Can be a paper-laden process, resulting in frequent delays. | Eliminates or reduces paper processes, speeding up transaction times and increasing efficiencies. |
In the image below, we have summed up the four key benefits of employing blockchain for IoT.
According to global estimates of foodborne diseases from the WHO, every year one-in-ten people fall ill globally, and around 420,000 die as a result of contaminated food, of which 30% (125,000) are children. These diseases are caused by 31 agents like bacteria, chemicals, viruses, and toxins.
Access to information and traceability is the only solution to find out instantly about where and when the contamination of food happened. Otherwise, it can take weeks to identify the precise point of contamination. Contamination of food can occur at any point of production: growing, harvesting, processing, packaging, storing, shipping, and preparing. With IoT and blockchain, it’s possible to:
Today, Costco, Golden State Foods, McCormick and Co., Nestlé, Tyson Foods, and Walmart are marching aggressively to implement the blockchain ecosystem into their operations to promote global food safety and improve customer experience.
The bottom line is any business that has a system employing IoT network can implement blockchain technology and simplify business processes, strengthen customer confidence, and achieve significant cost efficiencies.
For details about how blockchain application development can revolutionize many aspects of your business, contact our subject matter experts.
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