Blockchain Transforms The Internet of Things
The new time of the Internet of Things is entering our society. This process will have both some positives and negatives for the future of security. Alongside this change, another emerging technology called Blockchain is becoming important. Cybersecurity platforms running on Blochain technology will secure devices and appliances using digital technology.
Analyts say two leading German companies, Volkswagen and Bosch, are changing the way they work by connecting the Internet of Things (IoT) to the decentralised data market and will use Blockchain as the way forward.
Future Security
Blockchain decentralises the working platforms and makes a cyber-attack far more difficult to achieve and this adds protection to IoT networks.
Recently Bosch and Volkswagen have connected to the IOTA Foundation and are going to use a Distributed Ledger Technology which is a crypto-currency designed for the Internet of Things and created by IOTA.
Bosch said in November 2018 that it wants to use the non-profit IOTA with camouflaged communications channels as it said that logistics is a massive manufacturing global industry and most industries have gone through significant change and innovation but the logistics is too slow.
“It can be said that any use case is feasible where the Bosch XDK measures sensor data, and there are potential buyers for this data,” Bosch explains.
“Blockchain technology makes it possible to generate and store all the necessary documents online on a single platform accessible to all. Since all the parties have access to the same information, there will be far fewer disputes and reconciliation problems, so the process will be quicker and more efficient.”
IOTA says “Enabling the true Internet-of-Things through the Machine Economy
The number of connected devices that will be in use is estimated to reach 75 billion by 2025. From tiny sensors on roads and bridges to wearable electronics, mobile phones, and more, every day the world is becoming more and more interconnected”.
“People and machines can transfer money and/or data without any transaction fees in a trustless, permission-less, and decentralised environment.”
IOTA is established as “the main currency for machines,” the organisation claims.
Automotive uses for Blockchain-like Ledgers
Volkswagen has also been surveying IOTA for blockchain, and other alternative-technology distributed ledgers, include authenticating mileage use. There are of course a number of other distributed ledger technology companies and Hyundai’s blockchain system allows processing of payments over Bitcoin and integrates other blockchain networks.
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