Will Blockchain Be Secure Enough for the Industrial Internet of Things (IIoT) Industry?
The blockchain technology has been pointed out by many as the technology that will be able to provide the needed protection when it comes to the industrial IoT (IIoT). But there is a flip side to this though.
As the project owners of IoT, the OEMs, and the chipmakers could actually be better suited with the security options that are able to adequately address the low level, data-centered hardware and device as this emerging technology that is hitting the market could prove to be a little expensive solution that might not get to work in the end. All this is according to a report by the Semi Engineering that was published on the 13th of February this year.
The Blockchain Technology Might Not Be The Best Option Just Yet
When we look at how the IIoT is actually being handled this is by the investors and the project owners with the use of the DLT that is being used in the implementation of security features to the IoT, is probably not the best option at the moment, this is as it was noted in the published article.
As per a survey that was sought for 2019 by Gemalto, which is a digital security firm, it was found that about 6% of the IIoT project owners actually have the interest of investing IoT dedicated security, while 44% of the owners stated that the process might be too expensive and could eventually rule out any chances for them to gain any profit.
There Is No Blockchain Template For IIoT
At the moment no blockchain template has been established that could be used for the IIoT, and the sure bet for the investors within the market is to find a cheaper option they could handle. The report also went ahead to reveal that about 48% within the IIoT project can get good control over their current devices to help in the identification of breaches. Thus, even without a set blockchain template in place for this industry, the other options that are in the market seem to be much better.
The Industry Growth Of The IoT
As per a market analysis that was done by the BCC Research the investments that are taking place in the IoT security is expected to grow to about 25.1% every year. What we are saying is it will be valued from $1.7billion during the year 2018 to levels of $5.2 billion when we get to 2023. But on the other hand, there was another report that Juniper Research presented, they firmly believe that by the year 2023 there will be a 300% growth when looking at the IoT security sector.
Some Of The Limitations Experienced In The Blockchain
The blockchain technology still seems to be a very new phenomenon that needs to undergo more developments. Even when we look at the most agile blockchains that are within the market, they are still not efficient to overcome some of the solutions that they are trying to replace slowly.
Additionally, the CTO of the IBM, Bruce Schneier argues that the blockchain technology will not be able to turn the process to be more secure by just removing the trust. What he believes is that it is just a simple rearrangement of the current trust; thus, it is a process of transferring the current trust from humans to the machines.
As a result, it makes it a little pointless when you move the trust from humans to computers, this is regardless of the quality of execution. It is clear that the technology is still in its infancy stages and has a lot to do in growing within the market.