The integration of blockchain technology is becoming more crucial in today’s digital landscape for ensuring the security of connected devices. Devices are interconnected more than ever before, which has created the need for vigorous cybersecurity measures. Blockchain technology is the perfect answer for protecting the next generation of connected devices, as it provides a decentralised and secure method of data management and identification.
Connected device hacking has become more prevalent, as hackers have been able to target centralised authority which is the weak point of connected device security. A breach of this can lead to information being accessed by criminals through smart devices that can be used to steal assets. Security precautions are necessary in blockchain technology because of the attraction this presents to cybercriminals.
This article will examine blockchain technology and discuss its potential applications for protecting connected devices against cyberattacks.
How Blockchain Technology Can Help
There are around 50 billion connected devices in circulation throughout the world, with this number looking to reach 75 billion by 2025. These devices have lacked secure technology for a long time, as the creators of them have not been able to fully combat hackers. This is where blockchain technology comes into play, as blockchain connected devices are much more difficult for cyber criminals to exploit.
Let’s take a look at some of the ways that connected devices can be secured by the blockchain:
Smart Contracts
Smart contracts are algorithms that run on blockchain technology if specific requirements are met. These algorithms can look for authorised users and provide access to them while also limiting what these authorised users can do once they obtain access to a connected device. This can help better secure the connected devices, as even if someone does gain access they can’t get total control over your device.
Because there’s no third party involved with smart contracts, there’s no need to question whether information has been altered for personal benefit. Encrypted records of transactions are shared across the connected devices too, which means that they will be able to be tracked properly by the blockchain technology and stall any hacking attempts.
Blockchain Cryptography
Connected devices will communicate with each other, so it’s important to keep these communications secure. These networks will rely on both public and private keys for access rights, as the blockchain uses these keys to decrypt and encrypt communications for ultimate safety.
Digital signatures can be implemented by the blockchain to verify an authorised device. This stops cyber criminals from gaining access to private information that could lead to them stealing things such as money, assets and cryptocurrency. Luckily, there are crypto recovery options to aid with this if connected devices are not secure enough.
Distributed Trust
While usual security systems will rely on central authorities, the blockchain will instead distribute the trust across various networks for the best possible protection. Hackers won’t be able to get into these devices as easily.
This creates a transparent, secure and decentralised environment where multiple parties can interact confidently. This is particularly valuable in the realm of connected devices, where security and reliability are paramount.
Secure Data Sharing
Blockchain enables the secure sharing of data created by connected devices between many different parties. The system guards against illegal access and guarantees data integrity.
Once data has been recorded by the blockchain, it can’t be modified or deleted but only shared. This helps to prevent any document tampering and ensures that your personal information doesn’t get into the wrong hands. This will create trust between the connected device companies and the users, as they know the accuracy and authenticity will be present.
Past Interaction Recordings
Connected devices that are secured by the blockchain can create a list of past device interactions, which can help them spot any anomalies. This increases the chances of cybercrime activity being detected and keeps personal information more secure.
Previous records can be collected and be analysed by the blockchain to help with securing the connected devices. Security teams are able to use this data to conduct thorough investigations. This can help with tracing the attack back to its origin and prevent it from happening again.
Enhanced Authentication
Fine-grained access control allows the blockchain to use granular control over permissions. This will enable organisations to define access levels and roles with increased accuracy, which ensures that only authorised users can gain access to the resources found on the connected devices. This will limit the chances of any breaches of data.
The blockchain also uses Zero-Knowledge Proofs (ZKPs) to enable authentication without having to reveal any private information. Participants can prove possession of data without disclosing what’s included in the content. This will minimise the chances of hackers or scammers being able to gain access to information that can result in your assets being stolen.
