Blockchain in the Internet of Things
The role of Blockchain in the Internet of Things (IOT): A SWOT analysis.
12:19 09 September 2017
Blockchain is a “distributed ledger” technology that offers an effective solution to preventing IoT security breaches. Implemented by Bitcoin, it features the finest auditing process requiring at least 50% of the nodes on the network to validate any data.
The SWOT Analysis
· Strength – The most important aspect of Blockchain is that it has no centralised network. This means that no single node in the network can authorise or approve a modification in the block. To validate changes, at least 50% of systems on the network must verify the data. This is important because it eliminates any room for any single point failure, making the IoT ecosystem more secure and resilient to threats.
· Weakness – It requires massive processing power to create and run encryption algorithms.
· Opportunity – Secure communication between IoT devices. By utilising the power of a Blockchain technology, the IoT can enjoy secure communication in an IoT powered network.
· Threat – The implementation of the technology could prove to be challenging. For instance, there are legal issues that need to be taken care of before the technology’s cross-border application.
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