Transforming Data Sharing
The Internet of Things (IoT) has penetrated almost every sector of the market and made a lasting impact that can be felt everywhere. Now, IoT is being used in conjunction with Blockchain as a solution for some of the most difficult challenges facing IoT. The intersection of these technologies stands to revolutionize not only IoT security but will also speed up timelines of implementation.
The unavoidable problem concerning IoT is that data cannot be fully trusted outside of the data owner’s domain because of the inability to verify that the data was not manipulated before other parties sent, sold or used it. However, the core idea behind Blockchain is completely different in that the technology is instead based on decentralized trust as the data is immutable. Today, companies using IoT-based technologies do not have a solution for sharing trusted data. Instead, these companies collect and store similar data sets independently.
One way that the duo is being used to solve this data security crisis is through the use of trusted execution environments (TEE). A TEE is an isolated area on the main processor of a device separate from the central operating system. The idea behind a TEE is to create a trusted environment that ensures data is not manipulated. IoT devices with TEE collect data that will then be attested and recorded by the original hardware. The IoT hardware can include high power machines such as cars or low power devices such as sensors or wearables. Once recorded, the data is sent to the blockchain through a WiFi, cellular, NB-IoT or other secure network. When the data is stored on the blockchain, it is immutable. This ensures that the IoT data can be verified, traced and trusted by other members of the network without the need for a central authority.
As the world becomes more connected, the number of IoT devices constantly producing data is only growing. While consumers own these devices, they have no guarantee that device manufacturers or tech giants are not misusing or selling their data. Companies are already creating solutions to prevent this mistreatment of data. IoTeX created an open source platform to provide developers with tools and infrastructure that simplifies the process of creating new blockchain applications focused on IoT. The team’s main focus is to build blockchain protocols that are as lightweight as possible so IoT devices can sync data to the blockchain. The blockchains in blockchain architecture allows for data to be stored in both permissioned (private) and permission-less (public) sub-chains with different levels of visibility.
Blockchain and IoT have the potential to transform the way in which data is shared. This combination introduces a uniquely pure source of IoT data in a world in which connectivity has never been more important.