- Although a huge amount of research is still required, but it is believed that IoT’s flaws in terms of security can be fixed by merging Blockchain with IoT.
Blockchain is, without any doubt, the safest way to encrypt & secure data.
- Moreover, the cryptographic algorithm in blockchain makes sure that the IoT data stored in a blockchain network remains private for individual or for all stakeholders connected to the same network.
- For example, in smart contract in which if a part in a vehicle needs to be replaced, then that part first needs to reach a certain amount of shelf life or undergo some form of test that proves part must be replaced.
- In simple terms, smart contracts can be created between IoT devices to exchange data.
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