To date Internet of Things industry has demonstrated as a disappointing success! On the one hand IOT has shown then potential for how we can seamlessly hook-up our day to day lives with technology in order that we maybe more efficient with ability to multi-task, whilst on the other hand the technology has proved to be full of faults with compromising vulnerabilities when it comes to cyber security.
That maybe all about to change due to Blockchain technology!
The understanding of blockchain technology is that it is built not from a single source but on a platform using several sources that all come together to complement one another. To date, the single source code used in IOT if compromised, would only be able to be rectified by the manufacturer of the code who designed it in the first place.
Blockchain works differently to this. Known as a ‘node’, (A network node is a connection point for data transmissions on a communications network that can function as a redistribution point or an endpoint, according to – searchnetworking.techtarget.com) if a node behaves in a strange way, then the blockchain technology can form a group consensus on whether to quarantine that particular node and continue with providing its system and service successfully.
This is exciting for the future of the Internet of Things. To-date IOT has offered potential; however, the compromising vulnerabilities in cyber security have held it back. Now Blockchain technology could give IOT a new future with a tighter infrastructure in terms of cyber security.
For more information on IOT or if you are a manufacturer who is using or looking to introduce the technology into your products and requires insurance to protect your business, then please contact Crendon Insurance Ltd. Our expert team provide bespoke insurance cover which is tailored to your business needs and can include many aspects from cyber security insurance through to intellectual property.
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