In our fast-paced digital world, the big web of the Internet of Things (IoT) connects everything from our homes to our cars, devices, and people through the Internet. With the help of special sensors and tools inside them, these devices collect and share data about how they’re used and what’s happening around them.
The analytical capabilities of IoT can influence business processes and result in new ways of working through the transformation of the data collected into insights. A report by Statista says there will be 29 billion IoT devices by 2030. The report predicts that the global value of the IoT market will reach one billion by the same year.
From manufacturing and automotive to healthcare and lifestyle — IoT will soon become an integral part of our lives in any domain. With such enormous data being transmitted and processed, there’s always a chance that someone could break in or hack it. There’s a growing need for security and trust in data transactions. Hence, cybersecurity in IoT is a prime concern today.
Blockchain technology can make a significant impact here. Storing IoT data in the blockchain adds an extra layer of security that helps in protecting data from hackers. In this blog, let us dive deeper to understand the challenges and benefits of blockchain technology and discover how blockchain empowers users in the age of IoT.
Understanding the Background of Blockchain IoT
Blockchain IoT, short for Blockchain Internet of Things, refers to the integration of blockchain technology with the Internet of Things (IoT) devices and systems. It involves using blockchain’s decentralised and immutable ledger to securely record and manage data generated by IoT devices. This fusion enhances the security, transparency, and efficiency of IoT networks by providing a trusted and tamper-proof method for storing and sharing data among connected devices.
Working Mechanism of Blockchain IoT Combination
Multiple sources verify each blockchain transaction and record it in a shared ledger distributed across all nodes. This process prevents disputes and builds trust among all authorised network members.
Each node holds a complete copy of the blockchain ledger and collaborates to validate and record transactions. This decentralisation makes it challenging for any individual or group to manipulate data or control the network. Even if one node fails or is compromised, the rest of the network functions normally.
Integrating IoT with blockchain allows smart devices to operate autonomously while enabling seamless tracking of communication between devices.
Challenges in Implementation of Blockchain and IoT
Ensuring data security is crucial and challenging in a typical IoT ecosystem. The reason lies in its architecture, which has a centralised client-server model. This model makes it susceptible to a single point of failure that can lead to cyber-attacks.
No doubt blockchain technology decentralises the network of IoT devices. There are still challenges that cannot be neglected while designing the working model of IoT devices using blockchain. Let’s discover some of the main challenges:
- Scalability: Handling such vast volumes of data generated by an extensive network of devices and ensuring minimal latencies during transactions is a major challenge. Setting up a transparent data model in advance helps avoid problems when launching the product.
- Sensor Reliability: Another challenging aspect is sensor reliability. They might mess up measuring the criteria needed to complete a transaction accurately. It’s crucial to prevent external interference from changing sensors and establish a safe and secure environment for recording data and transactions.
- Security Risks: The use of smart contracts to harness the extended capabilities of Blockchain IoT might result in security risks. These smart contracts can have bugs, making them vulnerable for hackers to exploit. To avoid this issue, examining and testing smart contracts is essential.
- Confidentiality of transactions: The transaction history isn’t always available on public blockchains because analysing transaction patterns can reveal user or device identities. Businesses should consider their privacy needs and use private or hybrid blockchains instead.
Advantages of Blockchain IoT
Each transaction gets documented in a digital ledger, organised into a data block, and added to an unchangeable data chain. This feature makes blockchain internet technology an excellent choice for enhancing IoT security. Here are its key advantages:
- Better Security: Blockchain allows for selective management, analysis, personalisation, and data sharing among authorised parties, ensuring legitimacy and trust. It strengthens privacy agreements and secure communications by tracking access to IoT data and transactions via a trusted digital ledger. Supported by multiple security layers, blockchain safeguards data and limits access to authorised users.
- Reduced Costs: Blockchain facilitates peer-to-peer data submission without central control, reducing business expenses compared to scaling a centralised infrastructure. Decentralisation cuts cost and eliminates single points of failure, effectively addressing IoT’s scalability needs.
- Financial Transparency and Security: Having a straightforward way to transfer money or data along a timeline-marked chain is essential. Blockchain strengthens the integrity of ledger information and prevents unauthorised access or tampering.
- Supply Chain Operations: Blockchain and IoT can boost efficiency by removing intermediaries, speeding up transactions, and reducing costs. Typically, each intermediary adds fees to transactions, but blockchain validation allows direct data exchange, cutting out these fees.
- Accelerating Data Validation: Blockchain speeds up transaction validation by leveraging trusted nodes and meeting IoT performance needs, thereby creating quick IoT data exchange. Its openness, interoperability, and adaptability to multi-cloud environments make it versatile.
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Career in Blockchain & IoT
Blockchain and IoT are revolutionising industries worldwide, creating a demand for skilled professionals who can navigate these cutting-edge technologies. Careers in blockchain IoT offer exciting opportunities for innovation and growth, with roles spanning development, implementation, security, and more.
As a blockchain IoT professional, you could work as a:
- Blockchain Developer
- Blockchain Engineer
- IoT Solutions Architect
- Security Specialist
- Data Analyst
- Smart Contract Developer
If you are intrigued by the benefits and career opportunities of blockchain technology and IoT, a B Tech in Blockchain is suitable for you. Choosing the best engineering university in India is your first step, and Shoolini University is your destination.
Shoolini offers top engineering courses for students, such as B Tech CSE Blockchain & IoT, B Tech CSE AI, B Tech CSE Cybersecurity, and many more.
Why Shoolini?
Top-notch Rankings
Situated in the serene landscape of Himachal Pradesh, Shoolini University is the No.1 Private University in India (Times Higher Education World University Rankings and QS World University Rankings). The Times Higher Education Rankings by Subject puts Shoolini at the No.1 spot for Engineering among private universities in India.
Tech-Oriented Curriculum
The Yogananda School of AI, Computers, and Data Science is renowned for its cutting-edge facilities. Shoolini offers an all-encompassing platform that converges artificial intelligence, computer science, and data science. Guided by a progressive curriculum, the institution develops experiential learning, delivers education tailored to industry needs, and ensures students learn the latest technological advancements.
Research Excellence and Innovation
Shoolini University is recognised as a prominent institution in India, with an impressive track record of over 1500 patents filed by faculty and students. The curriculum, strongly emphasises research and equips students with vital skills and knowledge to thrive in today’s ever-changing world. Shoolini is proud of its expansive infrastructure, including 12 Centres of Excellence and more than 104 advanced laboratories. These promote research and support paper publications in high-impact journals.
Summit Research Program
The university’s flagship Summit Research Program (SRP) offers a fully immersive residential experience. It empowers students to initiate research projects, publish papers, and file patents starting from their first year of undergraduate studies. Students are assigned a mentor from their first year itself, helping them file patents and write papers.
Expert Faculty
At Shoolini University, students learn from experienced and renowned faculty members with diverse backgrounds and qualifications. Many of our faculty members have been trained at prestigious institutions such as Oxford, the National Cancer Institute, IITs, and IIMs. This ensures that students receive exceptional education and guidance, equipping them for success in computer science.
Advanced Infrastructure
Shoolini University features an advanced Experience Centre focused on cutting-edge technologies such as Augmented Reality (AR), Virtual Reality (VR), Internet of Things (IoT), and Drone technology. This modern facility is a nucleus for interdisciplinary research and real-world applications, developing student-driven innovation and creativity.
100% Placement Opportunities
The university has alliances with more than 250+ leading multinational companies. This is why it holds an outstanding 100% placement record, with graduates landing prestigious roles in prominent industries. Through the dedicated efforts of the Placement Cell, the university organises campus placement drives with renowned companies such as L&T, Eicher, Havells, Reliance Jio, Microtek, Onida, Vardhman, and Window IT, opening diverse career pathways for students.
Hands-on Learning Experience
Students actively engage in laboratory experiments, real-world projects, and internships, acquiring essential industry exposure and practical skills to sharpen their analytical and problem-solving abilities. Collaborative ventures with industry giants like IBM, Microsoft, and AWS Academy enhance the curriculum, granting students access to cutting-edge technological platforms and certification opportunities.
Collaborative Ventures and Specialisations
Shoolini University fortifies its educational framework through strategic collaborations with esteemed institutions such as Ikigai Lab, Punjab Engineering College, and IIT Kanpur. These partnerships enrich the learning journey, empowering students to participate in groundbreaking research initiatives and contribute to the evolution of Computer Science and Engineering (CSE).
Shoolini University offers specialisation in B Tech CSE Blockchain & IoT. This allows students to tailor their education to align with their interests and careers in blockchain technology and IoT.
Conclusion
Various sectors are actively investigating solutions that prioritise safety and robust communication. Blockchain technology is a promising avenue to secure data privacy from IoT sensors. It presents a significant opportunity for businesses of all sizes to enhance their operational efficiency. This rapid growth has led to increased demand for blockchain engineers. A B Tech degree with a specialisation in Blockchain and IoT from Shoolini University can help boost your career in this field.
So, what are you waiting for? CSE Admissions 2024 are now open at the No.1 Private University in the country. Apply today!
