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.
Great write up on what I think is a potentially fantastic project. Security based on the blockchain protecting IoT devices is indeed interesting.
It's one aspect of the internet that most persons are yet to find a solution to. Security is a top priority to everyone
Yeah, even large companies have IoT devices that could be security risks, it's an exciting time and i think there's a great future for the project.
IoT devices is increasing in both quantity and popularity as it affects the tiniest of things and everyone in time to come, so we are looking at protection of everything within the space, we live in a world of mobile and internet
IoT devices expected to expand to ~50 million devices, IoT Chain looking to implement a secure solution to take care of the forever growing devices
I don't think it's only 50 million. As per their expectation they will expand till 253 Million by 2021.
Wow this is having it's own unique side and very scalable, they even went as far solving a particular problem of the blockchain, the high consumption rate, nice
Nice article, ITC will help protect the data of users of IoT, creating a secure and more friendly environment
Yeah, IoTchain is what IoT needs, users who use their devices can be rest assured of top notch security.
At least there wouldn't be a need for manufacturers to have their own platforms. They would save tons on that.
Yes. With ITC, users can now have peace of mind knowing fully well that ITC got them back up.
this will promote the use of IoT devices which in return helps IoT_Chain
With IoT chain i think we are going to see less attacks on the IoT devices. Which is good for the technology and users also.
It should be a good communication platform if we can see good adoption which I’m hopeful for they seem to have the performance that should entice strong partners to sign on to the platform
Yea, they do, we all know that security is of utmost importance and that is what all users seek, so ITC is more like the needed project that will give users that serene feeling
usually with IoT much of if is personal data. for example the gps tracking feature or even usage log. That is personal for many.
once IoT will be used by the mass, the importance of security will be clear
I think it will be implemented at a global scale once it gets the ball moving and people see the benefits, especially with more sophiscated attacks these days, hackers are getting sneakier by the day.
Another very interesting contribution, thank you
There are now many estimates of what the volume in the IoT area will be. Although they often differ, one thing is clear: it is going to be a huge market
I express to IOTChain that they play an important role in this market. The potential for this is certainly there
It is already a big one. IoT are already taking over the tech world with more and more devices coming out every day.
The demand is already out there IoT devices are everywhere today and each will need security IoTchain offers.
It’s gonna be interesting to see how a project like this evolves as the actual industry it’s built for expands and grows over the next few years as well
The thing with a market the size of iot all ITC needs to do is corner even a small part of the market and they will have critical mass to be a hugely successful business longterm they just need to get some adoption
Nice work!
Of course
IoT_Chain is doing wonderful work, their progress is impressive
I'm hearing a lot of good things about the IoT Chain project, it's very interesting and you have written a great article about it. IoT is a massive market and IoT Chain could potentially earn a lot by targeting it.
The IoT Chain takes extra measures of precaution to not let any unauthorised access to any of your devices.
this article gives a good summary on what IoT_Chain is about, thanks for the share
Expenditure on IoT technical products and services it is expected to continue increasing to as much as $253 Billion 2021? IoT is huge market and it will be used everywhere.
I agree. I heard that there will be approx 6 IoT devices used per person in coming few years.
That is a lot of different devices that will all need security to protect users data from being accessed by hackers or malware.
yes, I IoTchain team is capable for implementing the proper security for those devices.
I have quite a few different devices that are connected to IoT and I never realised that I was at risk until I read this article, it sounds like the solution IoTChain is developing could help protect a lot of peoples private data.
I really liked what we can do with IoT. How it can make our life simpler.
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