The Internet of Things has become increasingly popular in recent years due to its ability to connect a wide range of devices and facilitate the exchange of data and communication. With the growing IoT environment, the security threat has also increased as IoT devices are decentralized which makes them susceptible to cyber attacks, data breaches and unauthorized access. This article will explore how blockchain technology can potentially address these security issues and provide a more comprehensive framework for safeguarding connected devices.

The various Security Challenges in the IoT Landscape and how Blockchain enhances the IoT security.

The amount of data that IoT devices can process is huge, all sent in a chain and vulnerable to cyberattacks. That's where the Blockchain architecture comes in - it can be used to verify, standardize and secure the use of data handled by IoT devices.

For IoT security, the blockchain can keep track of the data collected by sensors, without them getting duplicated by bad data. They can also send data using Blockchain without needing a third party.

The IoT landscape faces a number of security challenges, that includes the Vulnerability of Connected devices, privacy and data integrity concerns and also scalability and trust issues that arise from an expanding network of connected devices.

Following these issues, the Blockchain Technology is able to address the risks of sharing and storing data in the IoT and thereby enhance IoT Security by,

1. Increasing coordination between devices - Blockchain technology is distinguished by its capacity to address scalability, dependability and privacy concerns. It facilitates the coordination of devices, the monitoring of millions of interconnected devices and the processing of transactions. This decentralized approach involves the implementation of cryptographic algorithms to ensure the privacy of customer data. The level of connectivity it offers is unparalleled, as the Blockchain is underpinned by an optimal platform.

ii.Blockchain identity - Blockchain identity is characterized by its capability to store data in a chain of transactions that helps prevent it from being changed or altered upon verification . This structure further ensures that the data is being stored in an equitable manner to avoid any serious compromise of data integrity.

iii. Secure processing of transactions - Here transactions refer to actions that are created by the participants in the system. And, the Blockchain technology records those transactions and or digital interactions in a secure, transparent and efficient manner. How does Blockchain technology do this?

Each block records a particular transaction with a timestamp and verifies that it’s in the correct order , allowing no room for manipulation, and if anyone wants to add a transaction to the chain everyone in the network is required to validate it through an algorithm. Then the approved transactions are collected together and put in a block and distributed to each node in the network. Further, the new block and the blocks created are verified with a single fingerprint. Therefore, by adopting a standardized, single-point communication model, one is able to cut down the use of big data centers and reduce storage, therefore reducing your worry about errors in nodes being dragged by a crash or arrest.

iv.Keeping track of data - By incorporating all devices that can interact with ledgers, embedded in Blockchain, IoT devices are ultimately secure in transactions. Furthermore, the information provided by customers can be monitored to ensure that the experience is seamless and remains private and untraceable. Furthermore, by utilizing storage and encryption, all parts of the chain can depend on the data. Technology, through machines, can take on the workload of humans, eliminating the need for manual processes. The blockchain is an effective tool for addressing scalability and trust problems. The keys will remain private and no one can overwrite the codes, providing the security that is desired in IoT operations.

The Advantages of Blockchain on IoT.

The combination of the Internet of Things (IoT) and blockchain technology opens up new opportunities that, in turn, eliminate inefficiencies, increase security and transparency for all stakeholders, while allowing secure M2M transactions. The combination of these technologies enables the tracking of a physical asset from the point of production (e.g. at the source of raw materials) to every stage of the supply chain up to the final consumer.

The three main areas of benefit of the Blockchain on IoT are,

• Increased Security: Blockchain technology provides transparency. It verifies who has access to the data, who is trading, and records all of the transactions. It also adds a layer of encryption, eliminates a single point of fault, and quickly identifies the weak link across the entire network.
• Increased speed of transactions: Since the blockchain acts as a peer-to-peer ledger to a certain extent, non-trusted parties can communicate directly with each other, reducing the number of manual processes and speeding up the transaction flow.
• Reduce costs: Automating transaction verification and processing on blockchain allows the entire ecosystem to be proactive at a fraction of the cost.

The adoption challenges faced by Blockchain technologies:

As beneficial as Blockchain technologies are in IoTs, they face certain adoption challenges when it comes to the actual implementation, theses challenges are,

• Lack of knowledge : Blockchain is a relatively new technology, and there aren't a lot of people with the skills to make and use it. To bridge the skills gap, businesses can use BaaS (Blockchain as a Service) to get the benefits of blockchain without spending a lot of money on the technical expertise needed.
• Lack of Financial resources : Getting blockchain up and running isn’t cheap. And for many businesses, 2020 was a year of financial constraints due to the COVID-19 pandemic and the disruption it caused. Another lesson learned from COVID-19 is that organizations – especially IT departments – can change faster than previously thought possible.
• Lack of trust among users : The third major restriction to widespread adoption is the lack of trust of many blockchain users. There are two main reasons why this might be the case: organizations don't trust the security of the technology, and they don't trust other people who are part of a blockchain network and,
• Lack of Blockchain interoperability : Many companies tend to build their systems with different features. These different blockchains don’t talk to each other, and there isn’t a single standard that allows different networks to talk to each other.Blockchain interoperability is the ability to exchange, view, and access data across different blockchain networks without a middleman or a central authority. Without interoperability, widespread adoption can be almost impossible.

In Conclusion,

As the world continues to become more interconnected, it is essential to ensure the security of the Internet of Things (IoT) ecosystem. Blockchain technology has the potential to overcome the security issues posed by connected devices. Its decentralized, transparent and unchangeable nature allows it to provide reliable solutions for data security, identity management and automation.

Nevertheless, widespread adoption will necessitate overcoming technical, regulatory and interoperability barriers. By taking proactive steps to address these issues and promoting industry cooperation, we can lead the way towards a more secure and trusted IoT environment.