Blockchain technology has already demonstrated great promise to be the missing link for enabling peer-to-peer contractual behavior without needing a third party to certify an IoT transaction. It provides the necessary scalability, single point of failure, time stamping, record keeping, privacy, trust and reliability for automated digital transactions. Blockchain technology could provide a simple and secure platform to transfer any type of digital capital with a secured and reliable time-stamped, contractual agreement. By default, this also makes blockchain a rock solid solution for IoT security. The following article takes a deep dive into the features and attributes that blockchain imbues and how the technology delivers in the security space.
Since the start of 2017, Bitcoin has attracted attention from almost all industries and governments, who are trying to see how this technology can be a fit for their use case. A commonly-known “dictionary definition” of the word blockchain is: “a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.” There are other definitions as well.
Although these definitions are rooted in the most popular implementation of blockchain technology—Bitcoin and other cryptocurrencies—blockchain and Bitcoin aren’t identical. Let’s take a look at blockchain technology in general.