Connect with us

Hi, what are you looking for?

The American Genius Real EstateThe American Genius Real Estate

Real Estate Technology

The magic solution to smart device hacking could be blockchains

(TECH NEWS) The hackability of the IoT leaves device owners open to security breaches, but there could be a major revolution in cybersecurity if blockchains have anything to do with it,

blockchain internet of things crypto

World less hackable

While super cool, the Internet of Things (IoT) is also extremely ripe for exploitation. The hackability of the IoT leaves device owners open to security breaches, but hey guess what? Blockchain technology might be here to save the day. Or at the very least, make your devices more secure.

bar

Simple guide to blockchains

As we’ve discussed before, some companies have developed IoT safety scanners. Prompted by major attacks, internet security companies introduced scanners that alert IoT users of possible network vulnerabilities. However, simply receiving an alert isn’t a strong enough security measure against potential attacks.

According to IoT World News, blockchain technologies could be the next step to bulk up IoT security. Wait, what’s a blockchain though? A blockchain is essentially a secure digital ledger of transactions that isn’t stored in a single location. Bits of information are recorded across multiple nodes within the network. Whether public or private, there is no centralized hub of information.

The decentralized structure means the whole system won’t collapse if one part of the blockchain is compromised.

In order to take down a network, hackers must penetrate at least 51 percent of the network’s nodes. This is typically not a good return on investment for cyber criminals since the cost of hacking far outweighs the potential reward.

Advertisement. Scroll to continue reading.

Hackers being watched

Additionally, messing with a blockchain is risky since all data transactions are transparently recorded. With traditional IT architecture, hackers just need to breach a firewall or other defenses that are in place. Once they’re in, it is unlikely their tampering will immediately be noticed. It’s even more rare for malicious changes to be recorded in a traditional system.

But blockchains update any time an action is taken, even if it’s not financial. Anyone with access to the blockchain can see all activities since changes are updated across all nodes.

[clickToTweet tweet=”If someone hacks a blockchain, their action is recorded and potentially traceable back to them.” quote=”If someone hacks a blockchain, their action is not only recorded, but also potentially traceable back to them.”]

Cryptography and digital signatures add another layer of security to blockchain. Every transaction has to be secured with digital signatures and encryption. Identity authentication and privacy protection are inherent to blockchain, which is great for IoT device users since these are major concerns.

Strengthening IoT security

IoT devices could also benefit from the supply chain transparency of blockchain. Every interaction, from part registration to sourcing and pricing, could be recorded through blockchain. This would make all relevant product information securely accessible, making it easier to track phases of new products. Right now this process is fragmented and often difficult to piece together. Using blockchain would increase visibility and accountability for each step.

Advertisement. Scroll to continue reading.

Though blockchain offers many benefits, analysts stress that this technology isn’t a magic fix for all digital security problems. However, widespread implementation would certainly increase network reliability and security.

#BlockchainMagic

Written By

Lindsay is an editor for The American Genius with a Communication Studies degree and English minor from Southwestern University. Lindsay is interested in social interactions across and through various media, particularly television, and will gladly hyper-analyze cartoons and comics with anyone, cats included.

AdBlocker Message

Our website is kept FREE to you by displaying online ads to our visitors. Please consider supporting us by disabling your ad blocker OR subscribing to our email newsletter: https://theamericangenius.com/housing/get-the-newsletter/

The Daily Intel
in your inbox

Subscribe and get news and EXCLUSIVE content to your email inbox.

Advertisement

KEEP READING!

Real Estate Technology

Autofill settings in browsers can be susceptible to phishing scams where websites can acquire personal information.

Real Estate Technology

(TECHNOLOGY NEWS) Smart home devices and neat money-saving gadgets cost a chunk of change up front. How long does it take for them to...

Real Estate Technology

(HOMEOWNERSHIP) Customization is a draw of owning a smart home, but what happens to the tech and data that has been collected when you...

Real Estate Technology

(TECHNOLOGY) We've known that blockchain technology will permeate the real estate industry, but this is the case for why it is unavoidable, and we...

The American Genius' real estate section is honest, up to the minute real estate industry news crafted for industry practitioners - we cut through the pay-to-play news fluff to bring you what's happening behind closed doors, what's meaningful to your practice, and what to expect in the future. We're your competitive advantage. The American Genius, LLC Copyright © 2005-2022