Blockchain Can Help The Internet of Things Get High-quality Data And Keep It Safe

In the past few years, blockchain technology and the Internet of Things have made big changes to how business is done on the internet. Blockchain is changing the way people think about big data because it has better data security and data quality. This can be very useful, because security is still a big issue for Internet of Things (IoT) ecosystems. IoT systems put a wide range of devices and a lot of data at risk of being hacked. Blockchain has a lot of potential to keep hackers out of a lot of different fields, from banking to healthcare to smart cities. (data science in Malaysia)

Bank Industry (data science in Malaysia)

In Japan, almost 50 banks have teamed up with Ripple, which is an open source blockchain organisation that has Terra’s third-largest market value. This alliance allows the use of blockchain technology to make transactions that are risk-free and quick at low costs. Traditional financial transactions can be very costly because there are so many chances for hackers to get their hands on the money. Partnering with Ripple allowed the banks to cut the time it takes to process a transaction significantly and almost completely cut the costs of security.

Healthcare industry (data science in Malaysia)

It is very important for a patient’s data to be kept private, kept safe, and kept in order in healthcare. As the number of different IoT devices that monitor a patient’s medical data grows, the number of places hackers can get in also grows. Unfortunately, using blockchain as a solution will be hard for older and bigger healthcare organisations. In order to get blockchain to work, you’ll need to rebuild your database infrastructure, train and hire new staff, and convince directors that it’s worth the money. Health start-ups are more likely to start using blockchain, but older businesses are less likely to make the change.

The main benefit of blockchain in terms of security is that it isn’t controlled by anyone. No one person or company has control over how the data is entered or how it is kept safe. Each computer in the network checks the blockchain’s correctness at least once a day. Data at point A can’t join the chain because it doesn’t match data at points B and C.

Combining Blockchain with the IoT is a good way to use it.

The Internet of Things keeps getting bigger. These devices, on the other hand, don’t always have the security that is needed to keep the data safe. Hackers can damage critical infrastructures when they “break in” to an organization’s computer network and get into its computer system. The use of blockchain in all parts of the IoT ensures that things like authentication, standardisation, and trust are all taken care of.

Data can be trusted to be correct by everyone in the chain of communication thanks to encryption and shared storage. The private keys that allow people to write on the blockchain system are held by machines. A person can’t change the record to show false information. Instead, machines keep a record of the transactions.

Blockchain can also be used to protect very private information, like when smart home devices give hackers access to private information about a person’s life and daily routines. Even though this data has to come from another device or service, it also gives hackers a chance to get into it. Blockchains could be used to store and manage data coming from the Internet of Things. This would add another level of encrypted security.

Also, smart contracts can be made by businesses that work with certain blockchain networks (Ethereum being one example). These contracts let people agree to things when certain conditions are met. This is very important when you want to let a system make a payment after certain things have been done.

It’s been slowed down.

IoT techs and people who install sensors connect the IoT to a single processing system, which leads to data bottlenecks. (At the moment, this happens only a few times a year.) An in-house computer or a cloud service that stores and processes data could be the source of a data bottleneck. With more and more devices connected to a central system and IoT data streams growing at a steady rate, there is a strong chance that bottlenecking will happen, and that its symptoms will show up more and more often (slowness, timeouts, and CPU spikes). Blockchain, because it is not centralised, doesn’t have this problem.

A blockchain storage network copies data to several hundred (maybe even thousands) of devices and computers. This means there is a lot of redundancy and that the data will always be available when it’s needed. There is no longer a risk that a single server will go down, making stored data unreachable.

Putting Blockchain and Big Data Analytics together

Use the data in the blockchain ledger to trade energy and real estate and in many other businesses. It can also be used in other ways. It can also be used to stop fraud, because the technology lets financial institutions check every transaction in real time. Blockchain allows banks to spot fraudulent or risky transactions before they happen, stopping fraud before it happens.

Blockchain and smart grids

There are two main things to think about when it comes to the security of smart grids. This means that the use of smart grids is based on having “remote access” as well as having “automation.” It’s possible for someone to hack into smart grids. Hackers have already been able to get into traditional electrical grids.
Benjamin Gu, the chairman and founder of a cryptocurrency called Daex, says that Blockchain’s technology could make data exchanges, connections, and permissions more secure. Gu told us:

“Public-private encryption with key access is used to keep people’s identities safe.” There are rules for people who want to “get in.” They must prove their identity and permission to do so. If key access codes are kept safe and secure, Blockchain will take care of the rest for you.

Blockchain can also help cities think outside the box when they use big data to help local businesses. Transportation, energy, and even voting can all be more efficient when they are used together. Cities will be more efficient, which will help them (and lower costs). Blockchain has the power to change how we invest and start businesses.

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