The Internet of Things (IoT) is the network of physical objects such as smart appliances, smart security systems, smart locks, and smart doorbells, etc. that are embedded with software, sensors, and other technologies to connect and exchange data with other devices and systems over the internet.
A blockchain is a digital ledger of transactions photocopied and distributed across the entire network of computer systems on the blockchain. Blockchain is a system of storing information that makes it difficult or impossible to change, hack, or cheat the system. Based on a peer-to-peer (P2P) topology, blockchain is a distributed ledger technology (DLT) that permits data to be stored globally on thousands of servers – while letting anyone on the network see everyone else's entries in near real-time. That makes it difficult for one user to gain control of the network. Since data is encrypted and decentralized, requiring approval from most of the network, information is tough to alter.
Since blockchain removes control of the data from any single authority, it is the perfect IoT network solution. As IoT networks are for individual networks of devices, blockchain's decentralized nature gives the user complete control over their data.
Blockchain technology permits the creation of individual blocks of data in the form of a chain. Each time a block is completed, it becomes part of the previous block and gives way to a new partnership in the blockchain. The finished block is a permanent record of transactions in the past. The recent transactions are recorded in the current one. This way, the whole system works in a cycle, and data gets permanently stored. To be attached to the blockchain, each block must hold the answer to a complex mathematical problem created using a cryptographic hash function, which is irreversible. The node that solves the mathematical problem acquires the right to place the next block on the chain and broadcast it to the network. As the data on each new block is partly calculated from details held on the blockchain's previous league, to change a partnership, an unauthorized person would have to change the information on all the blocks connected to it to prevent the change from being instantly observed. Suppose a hacker tries to alter the digital ledger. In that case, the other nodes will resist this change and prevent the data from being altered.
If an unauthorized person succeeds in gaining control over the majority of the nodes on the network, it would be possible to alter the blockchain. Since each node has its own unique access key code, it isn't easy to control all nodes.
Most current IoT architectures use centralized cloud computing. This centralized authority is the weak point when it comes to IoT cybersecurity. To operate normally, IoT devices rely on this authority to determine how they behave. If there is a violation of security at the central authority, then the information being sent by the smart devices is mostly at the power of hackers. Since IoT data traffic is not encrypted, hackers can easily steal or destroy the target network data and bring servers down.
We can secure IoT devices using blockchain. Since blockchain technology's decentralized nature would nullify any significant attack, hackers would have to pick out individual nodes on the network to obtain the data they want. Smart devices can actively participate in validating transactions through blockchain. Hence blockchain networks would be able to protect against any hack by validating fixed acceptable behavior for any irregularities.
This means that the network would guard against any hack by validating predetermined' acceptable 'behavior for any irregularities. Once a device on the web was recognized as not acting correctly, it could be secluded to prevent it from being used to attack further sensitive data or unlock a person's house, lockers, etc.