Can Blockchain Contribute towards IoT Security?
Chain of Things is a consortium that is exploring the role blockchain may have in providing security for the Internet of Things.
Case Study 1: Solar
The Chain of Things (CoT) Case Study Projects will document, real world implementations of secure blockchain IoT stacks with emphasis on key security layers. Through multiple case studies, Chain of Things will build a clearer picture of what an optimal IoT+blockchain stack should include and will determine if blockchain technology is an improvement over legacy security solutions. This emerging framework will be an invaluable model for billions of future deployments of secure and stable of IoT/baby AI devices.
The initial CoT case study is focused on the secure logging and organization of solar energy production data onto distributed ledgers for a variety of applications. The initial findings were discussed at the first Chain of Things Event in London.
Dubbed the 4th industrial revolution, the ‘Internet of Things’ will consist of a vast network of sensor nodes that will generate an unprecedented flow of global data. These devices will quietly execute smart contracts with physical actuators that will manage many aspects of our future lives. But what about data security?
With an estimated 20-200 billion connected devices by 2020, this developing industry is still lacking a basic standardized security solution. What public infrastructure hack or medical record data leak will it take for us to fully acknowledge the risk?
It is our responsibility and legal imperative to explore the development of a future resistant open protocol to protect business, government and consumer data. It is negligent to grow this industry without serious consideration of the primary risk.
Chain of Things
Blockchain technology has effectively protected billions of dollars of digital value without a single hack. Can a clever integration of this technology solve the existential security threat posed to IoT? Who knows? Thus far, there is growing interest in the space, with industry leaders such as IBM & Samsung as some of the first to explore potential solutions.
Chain of Things is the first-of-its kind Think Tank and Industry Consortium to answer this critical question: can Blockchain essentially save IoT? Yes or no? If yes, we will support collaborative development on an open source standard to secure IoT devices.
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The CoT Think Tank will:
- Discuss security concerns affecting IoT
- Identify and discuss areas where blockchain technology may be able to address those concerns
- Conduct further research into areas identified with bounties & live case studies
- Explore viability of solutions through event based testing (organization of hackathons)
- Report back on overall findings
- Build an open standard if clear opportunity to use blockchain technology in this area exists
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If you are interested in this area and or are a developer, researcher, security expert, or IoT or Blockchain startup and would like to contribute, please provide the following information and we will add you as a Supporter.
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