Blockchain For IoT Security

INTRODUCTION

Blockchain technology has become a potent remedy for security issues pertaining to the Internet of Things (IoT). Strong security measures are essential in a world where gadgets are communicating autonomously and are becoming more and more linked. Originally intended to serve as the basis for crypto currencies, blockchain technology has developed to provide a decentralized, unchangeable record that can improve the security and integrity of Internet of Things ecosystems. This cutting-edge technology is essential to securing the future of the Internet of Things because it offers trust, transparency, and tamper-resistance, which are transforming the way IoT devices communicate data and verify transactions. In this article, we will explore the applications, benefits, and implications of blockchain for IoT security.

Figure 1. Blockchain & IoT Illustration 1

IoT has gained a lot of support throughout time from both major corporations and ordinary users. But there are a lot of security issues that arise with the widespread use of this new technology. In other words, anything that is linked to the internet poses a risk to network security. Over 100 IoT corporate professionals were questioned by the San Francisco-based Internet of Things World conference, which found that the two biggest obstacles to technology adoption are security and execution.

The bulk of private and sensitive data on the network is very susceptible to cyberattacks since, as to the 2020 Unit 42 IoT Threat Report, 98% of IoT device traffic is now unencrypted. Furthermore, because 57% of IoT devices are susceptible to medium-severity assaults, hackers may readily take advantage of them. In order to safeguard IoT networks and devices, we must reevaluate our approach to business network management in light of the benefits of IoT and its rapidly expanding popularity.

But first, what exactly is wrong with the existing security standards for industrial IoT security, and is there a way for internet of things developers to address is effectively?

 WHAT ARE THE IOT THREATS?

Convenience is Prioritized Over Security

Figure 2. Breakdown of Top IoT Threats

The main purpose of connected devices is to make life easier for users by facilitating simple network access, which is often accomplished automatically or by providing login credentials. People may now simply use their smartphones from anywhere in the world thanks to this. Cybercriminals can then use these new avenues to access internet-connected gadgets and steal sensitive medical or financial data, among other personal information.

Ironically, the majority of users are prepared to forgo security in favor of convenience even when they are aware of these IoT device risks. Smart speakers like Google Home and Amazon Echo, which are frequently utilized in Internet of Things home automation, are perhaps the most well-known example of this trade-off. The workers of both firms do, in fact, listen in on customers' chats in order to improve the services, but this has had very little effect on the gadgets' sales statistics.

Security is Secondary to Profit-making

For instance, a Milwaukee couple had a privacy invasion event reminiscent of a scenario from a horror film. Their smart home system was compromised by a cybercriminal, who also turned up the volume on loud music, spoke with them on the webcam, and adjusted the temperature to 32 degrees Celsius. Even though this was a really innocuous deed, these kinds of things are happening increasingly frequently and need to raise serious concerns. Ultimately, the privacy of an average customer is a low-hanging fruit for hackers. Most customers don't appear to care unless their personal information is taken and utilized improperly.

In the current competitive landscape, time to market is an essential business statistic. Regretfully, making sure the gadgets are stable and secure comes second. As per the Global Print Security Landscape research, a startling 60% of organizations in Germany, France, and the UK experienced printer-related hacking in 2019, resulting in damages over $400,000.

The Centralized IoT Network Model

IoT currently employs a centralized networking approach, sometimes known as the client/server model. IoT devices connect to a cloud server via a single gateway, which they utilize to exchange data. Despite being used for several decades, this approach is no longer appropriate given the growing number of IoT devices and the amounts of data they exchange. There are several issues with the centralized architecture, including:

High maintenance and equipment expenditures for networking and centralized clouds. The more linked gadgets there are, the more expensive things will get.

Limited data exchange with other centralized infrastructures leading to low interoperability.

A single gateway is unreliable since it can be used to compromise one device and gain access to an entire IoT network.

The Mirai incident is one of the examples proving that the centralized model is not reliable. Being the greatest DDoS attack ever, Mirai caused a temporary failure of numerous famous websites, including Amazon, Reddit, CNN, Netflix, the Guardian, Twitter, Spotify, and GitHub. Through the unsecured network, the Mirai botnet first targeted prominent DNS service Dyn before moving on to target the largest websites on the internet. The businesses suffered millions of dollars in losses as well as damage to their reputations.

BLOCKCHAIN IOT SECURITY COMES IN…

One ground-breaking technology that may hold the answer to solving IoT security issues is blockchain, or decentralized distributed ledgers. An IoT network based on blockchain technology may be able to enhance security and address many of the issues with the present architecture.

Blockchain is a powerful tool in the fight against Internet of Things cyberthreats because of these characteristics.

Decentralization

A blockchain ledger removes the single point of failure by storing data among several nodes located around the globe. Every node in the network needs to accept and validate any new data before it can be added. As a result, modifications cannot be made without the consent of all network users. Peer to peer communication is the name of this strategy, which aims to shield blockchain transactions from nefarious actors. There is no possibility of a man-in-the-middle attack, in which hackers intercept data transferred between a server and a device, because there isn't just one server.

Figure 3. Universal Digital Ledger

Public Access

Since blockchain is public, any member of the network may access it. The shared history of blocks and transactions that have been saved is visible to all network users; however, access to the content requires a private key. This maintains data security while providing total transparency to all activities. A piece of data cannot be altered after it has been recorded on a blockchain.

Secure Data

Blockchain secures data using sophisticated encryption techniques, increasing its privacy. The main reason for doing this is to reduce risk when conducting financial activities. Secure data communication between connected things can be facilitated by IoT devices using the blockchain technology to send and receive messages in a manner similar to financial transactions.

 EXAMPLES OF BLOCKCHAIN MECHANISMS FOR IOT SECURITY

By facilitating direct information exchange between connected devices rather than the use of blockchain in IoT security reduces the vulnerability of IoT to cyber-threats. According to a Gartner report, the US's IoT-enabled enterprises with the greatest percentage of blockchain use are in the energy, transportation, and pharmaceutical industries. Each of these sectors depends on the movement of tangible items, and most businesses that have successfully embraced blockchain technology are longtime IoT users.

Putting chips in every Internet of Things device is arguably the most promising approach to successfully integrating the two technologies. For instance, the partnership between IoT carrier 1NCE, blockchain-anchoring security expert Ubirch, and mobile security firm G+D Mobile Security has produced an IoT security solution that greatly boosts security by utilizing sensor-embedded chips and blockchain technology. By eliminating the need for data to pass from sensors to the cloud for approval, the risk of "man in the middle" hacking assaults is completely eliminated. Currently, the data is encrypted using a private key right on the device and is linked to a public blockchain, meaning that every time a certain sensor is accessed, the information is permanently documented on a ledger. Using smart contracts for this objective creates additional chances to improve cybersecurity within businesses.

Figure 4. Blockchain & IoT Illustration 2

Swiss firm Modum.io uses blockchain technology and Internet of Things to monitor package temperatures that are sensitive to heat for Swiss Post. For logistics organizations, cargo that is sensitive to temperature is a key risk. By creating the MODsense T temperature logger, which automatically records temperature each time the packet is inspected along the route, Modum.io has found a solution to the issue. Customers are not the only ones protected, since it also gives Swiss Post information into the precise mechanisms underlying temperature-related issues. Since the temperature fluctuation data is stored on the blockchain, data manipulation is prevented. To witness the technology in action, view the following video:

These blockchain and corporate IoT applications have the potential to greatly raise standards in other sectors of the economy, such the food and pharmaceutical industries. For instance, a lot of medical equipment needs to be stored at temperatures that are permitted by regulations. Although IBM's Food Trust has been in development for a while, the combination of blockchain technology and IoT sensors can lead to much more fascinating possibilities.

A proof-of-concept for an IoT system enabled by blockchain, named ADEPT (Autonomous Decentralized Peer-to-Peer Telemetry), has been created by IBM and Samsung. Peer-to-peer messaging and smart contracts are used to build a distributed Internet of things network. A smart home might benefit from the use of ADEPT. A Samsung washing machine, for instance, could become a semi-autonomous equipment with self-service and maintenance capabilities. The machine will automatically install software upgrades and alert the operator to any malfunctions. The washing machine may interact with other intelligent devices in a network to maximize energy efficiency by using ADEPT. For example, if the TV is on, it may delay a washing cycle for a few hours. Additionally, it enables the machine to control the amount of detergent it uses by allowing it to pay for the purchase and get a delivery confirmation from the merchant. The owner of the washing machine will then get a notice on their smartphone regarding the transaction. This is not as futuristic as it seems, and ADEPT-like technology could hit the market shortly.

Pharmaceutical supply chains were the focus of Chronicled, a self-described IoT and blockchain laboratory, since they combined these two technologies. The devised technology hinders criminals' ability to unload stolen medications and enables drug manufacturers, distributors, and hospitals to track every stage of drug shipping.

 BLOCKCHAIN IOT SECURITY IMPLEMENTATION CHALLENGES

Adopting blockchain for IoT security has numerous benefits, but the technology is far from flawless. Blockchain performs a good job in the crypto currency space as a technical enabler for Bitcoin, safeguarding private financial information during money transfers. IoT, however, requires control over a network of devices, necessitating the implementation of multi-layered security.

One of the main obstacles to adoption is ironically connected to one of the benefits of blockchain technology: in order for an activity on the network to take effect, other network users must authorize it. Denying access to a linked device in the event of a clear security breach, for instance, would greatly reduce the harmful effects of malware propagating across that device. Obtaining permission from most entities might be challenging when dealing with thousands of "things" connected to a vast network.

It appears that this may be used to smaller systems, such as smart homes, at the very least. Sadly, there is yet another issue: most home devices lack the processing power necessary to keep up a blockchain.

This problem cannot be solved easily, but a customized blockchain platform may be able to help. The ability to quickly remove compromised devices from the network without requiring a traditional blockchain consensus is a requirement for blockchain developers. Until ready-made solutions hit the general market, organizations should carefully assess their privacy requirements, select an appropriate blockchain type, or request the creation of a new one.

Figure 5. Blockchain & IoT Illustration 3

CONCLUSION

IoT device and network security is a complicated issue that calls for innovative solutions and a thorough approach. Applying blockchain technology to an IoT ecosystem is one potential means of improving security and dependability.

Blockchain technology decentralizes Internet of Things networks, removing single points of failure and adding extra security to linked devices, making them less susceptible to malware and other threats. Decentralized IoT infrastructures also operate more autonomously and have reduced maintenance costs for networks and equipment.

Blockchain, however, is not a magic bullet for every IoT or telecom security issue. In order to safeguard and verify the rapidly expanding network of interconnected devices, a comprehensive plan incorporating many IoT security techniques is required.

Stay Informed, Stay Safe!