Blockchain: IoT’s best friend?

Written by Hugo Feiler, CEO, Minima

Devices are increasingly becoming connected and any connected device is essentially Internet-of-Things (IoT) device; anything with a chip in it — from smart home gadgets to vehicles, even your mobile phone.  IoT can make day to day life much easier; automating your home and your working environment.

The IoT global market is huge according to IoT Analytics.com:

“The number of connected IoT devices grew to approximately 14.4 billion with roughly $202 billion in IoT enterprise spending”.

Global IoT Market Forecast (billions of connected IoT devices)

Source: IoT Analytics.com

The convenience that IoT connected devices bring presents an expensive security challenge in the form of cyberattacks. IoT devices, by design, communicate via centralised servers which become critical attack vectors, since a cyber-attack on a central server can impair, or worse, bring down an entire network. As highlighted by CNBC:

“IoT devices can be the entry points for attacks on parts of countries’ critical infrastruct…