Blockchain Technology in IoT Security Market
IoT consists of an inherently distributed client-server model that uses a central authority to manage IoT devices, along with all the data generated across an IoT network. This is the core problem at the heart of security architecture of the IoT. All trust requests are aggregated into a single location, creating a single point of security intelligence that has, at times, compromised IoT security, leading to Mirai-style botnet attacks. On this backdrop, experts advocate the use of blockchain technology to secure IoT ecosystems. In these attacks, IoT devices are unable to adapt their behavior because they are not considered “smart” enough to make security decisions without the help of the central authority.
Blockchain removes this hindrance of, by allowing devices to form group consensus about what is normal within a given network, and to isolate any nodes that behave unusually. It also builds trust by enabling what the five digital security primitives: availability, auditability, accountability, integrity, and confidentiality. In blockchain, data is automatically stored in many locations and is always accessible to users. For auditability and accountability, a private, permission-based blockchain is used – where all users are authorized to access the network – and because all data stored on the blockchain is signed, each device is accountable for its actions. For integrity, blockchain is, at its core, a public ledger of data entries – every deletion or correction of data is entered – and as the entries are confirmed by the network, a complete chain of events is created.
The global blockchain technology market is expected to grow at a compound annual growth rate of 38% and reach $20 billion by 2024.
Maximize Market Research has comprehensively analyzed Blockchain Technology in IoT Security Market emphasizing on the use of Blockchain Technology in achieving greater efficiency and security. The driving forces, as well as considerable restraints, have been explained in depth to attain a balanced scenario. Segment wise Blockchain Technology in IoT Security Market size and Blockchain Technology in IoT Security Market share during the forecast years are duly addressed to portray the probable picture of this exuberant industry. The competitive landscape comprising of key innovators, service providers, market giants as well as niche players is studied and analyzed extensively with respect to their strengths, weaknesses as well as value addition prospects. The report presents significant case studies along with the success stories to motivate and guide the like minds. In addition, Report displays current consolidation trends with respect to prominent mergers and acquisitions, consequent Blockchain Technology in IoT Security Market fragmentation, new trends and dynamics in partnerships, emerging business models. This will enable the reader to comprehend whole IoT Ecosystem with utmost ease and clarity.
Click the link to read the report description and Table of Content of the
Global IoT Security Market Analysis and Forecast 2024.
Global Blockchain Market
Global IoT Market