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An Insight into the Magical World of IoT – Part 2

Posted by Srinivas Dasu

Hi readers, we are here with our second blog on IoT and its implications in Humans life. Our first blog covered the basics of IoT, which included the 4-stage architecture while this blog emphasizes some analytics, security challenges, and interesting facts related to the technology.

IoT 2018 Analytics

 

Reference: https://iot-analytics.com/wp/wp-content/uploads/2018/01/Overview-IoT-Enterprise-Projects-List-2018-Edit.png

Security Challenges of IoT

Main security concerns surrounding IoT are:

  1. Breach of privacy
  2. Over-reliance on technology
  3. Loss of jobs

Any data that’s posted on the internet, is believed to be stored there for eternity. Although, companies employ security measures to protect the information the threat of data breach is paramount.

For instance, in 2017, hackers targeted a hotel in Austria and crippled the smart locks of the guest rooms, which confined the guests to their rooms. The hotel management was helpless as they were unable to issue new keys to get the guests out. In the end, the hotel had to pay ransom to the hackers in bitcoins to reactivate their systems. Considering that nearly all critical infrastructure components could be linked to IoT in future there could be severe threats to national security along with chances of industrial failure.

Thus, when dealing with IoT, special emphasis is on its key driver, Data. Everything revolves around the integrity and security of data. the three important aspects of data that IoT service providers need to ponder over before providing the service.

  1. Data security – at the time of designing IoT services companies should ensure complete data security at all stages of data collection, storage, and processing. Adopting defense in depth approach and encrypting data at each stage can go a long way in ensuring data security.
  2. Data consent – users should have a say in what data they want to share with IoT service providers and they must be notified whenever their data is shared with any service provider.
  3. Data minimization – IoT companies should only collect the required data and retain the information for a limited period.

How Blockchain Aids IoT in Overcoming Security Challenges

  • Blockchain helps track the sensor data measurements and prevent redundancy of malicious data.
  • Deploying IoT devices is complex. A distributed ledger can assist with IoT device identification, authentication, and seamless secure data transfer.
  • Blockchain provides IoT sensors an option to exchange data via its distributed ledger, eliminating the need for third party vendors.
  • Thanks to blockchain’s distributed ledger system, all the devices are interconnected and the failure of a single source within the ecosystem doesn’t make the whole system vulnerable to tampering.
  • Blockchain supports peer-to-peer communication and enables device autonomy, individual identity and integrity of data by taking out technical bottlenecks and inefficiencies from the system.
  • As there is no intermediary in the blockchain, deployment and operation costs of IoT comes down drastically.
  • IoT devices are directly addressable with blockchain, providing a history of connected devices for troubleshooting purposes.

Future of IoT

IoT has the ability to transform our lifestyle. The hope is that it will result not only improve our standard of living but also make us highly productive. For instance, we would be living in smart homes with interconnected and automated devices. Let’s get a better understanding of how IoT will impact our lives in the future.

  • The gate opens automatically when you enter into your house compound wall and the main door unlocks and opens the moment you stand in front of your house.
  • The A/C or room heater automatically turn on and off by sensing your body temperature.
  • The kettles, microwave ovens, and other kitchen appliances notify you when the food is prepared.
  • The refrigerator orders groceries and dairy products from the nearby supermarket when it senses their quantity is less than desired.
  • Other home appliances such as washing machine, television and computer send notification for maintenance.
  • Automated parking zone will guide you to an empty parking slot.
  • The daily medicine pill bottle alarms you to take a pill.
  • Smart shoes track your steps and notify you the remaining numbers to be at par with your weight loss regimen.
  • Blood pressure and sugar testing machines send an alert when checkup is due.

Some interesting facts and estimations about IoT

  • By 2020, 75 percent of new cars will have built-in IoT connectivity.
  • General Electric believes that the IoT can help improve oil and gas exploration. Just 1 percent of improvement could result in $90 billion in savings.
  • Nearly 75 percent of IoT business projects are failing, primarily due to the stringent timeline, limited internal expertise, quality of data, integration across teams and budget overruns.
  • Around 61 percent of business leaders believe that they have barely begun to scratch the surface of the potential of IoT technology.
  • By 2020, 40 percent of IoT technology will be health related – more than any other category – globally 60 percent of healthcare organizations have already implemented IoT into their operations.
  • IoT can help cut down the costs from clinical and operational inefficiencies by 25 percent or $100 billion per year.

Final Notes

The increasing demand of interconnected world has put the spotlight on the Internet of Things. With IoT predicted to have a total economic impact range between $3.9 trillion to $11.1 trillion by 2025, it is no qualms in terming it as the technology of the future.

That’s all from us about IoT!

Let us know your views in the comment section.

Until next time!

 

References:

  1. https://iot-analytics.com/product/list-of-1600-enterprise-iot-projects-2018/
  2. https://go.frontier.com/media-center/20-stats-and-facts-about-the-internet-of-things/

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