Will Blockchain Secure the Internet of Things?

Andre De Castro, CEO and Founder at Blockchain of Things participates in Risk Roundup with Jayshree Pandya to discuss “Blockchain and Internet of Things”. Introduction It is reported that the World Wide Web (WWW) and its ecosystem seems to have been initially aimed to share confidential information amongst trusted individuals. That was then. Now, the world wide web has fundamentally transformed the way we the humans live and do things. The computer code, connected computers and the web has brought each individual and entity across nations: its government, industries, organizations and academia (NGIOA) a global marketplace. This global marketplace is rapidly growing beyond the geographical boundaries. In this global marketplace, the digital products and services from e-commerce, e-banking, e-voting, e-government, e-socialization, e-education to Internet of Things (IoTs) and more are increasing in numbers and already a reality. As the digital global age witnesses’ transformative technological advances that is disrupting entities across NGIOA, countless business transactions are already happening in the global marketplace. And of course, protecting these digital records and transactions from corruption, manipulation, theft is a vital necessity for each nation. Now, to be able to protect these digital transactions requires fundamental understanding of risks—understanding about where the risks comes from and how can we manage it effectively. The critical security risks of the web originate from not only the digital transactions but each digital initiative, product and service that goes through world wide web or cyberspace. Understandably “Security” for all these initiatives, products, services and applications on world wide web is of greatest importance. As the world wide web expands and goes global from local: and beyond the closed knit circle of trusted individuals, the fundamental trust between the web users disappears. In other words, with the fading trust between web users, everyone using the web is now vulnerable to its security risks. As the vulnerability to the web security increases, there is a growing feeling that the “Security: is rapidly becoming a myth. Now in response: * Some may say that lets not digitalize or be on world wide web. Can that be even an option today for any individual or entity across NGIOA? * Can any individual or entity across NGIOA survive and sustain without going digital in a digital global age?   Beyond Bitcoin There are many who say that the future of the “World Wide Web” could be based on the technology foundation of Bitcoin—and it could end up looking a lot Like Bitcoin. At the core of this belief is the “Blockchain technology on which Bitcoin is based on. In addition, there is a growing belief that the Blockchain technology that conducts and secures transactions on the Bitcoin network and makes them transparent to unwanted people and entities can be used to process complex financial and or non-financial transactions. Moreover, Blockchain can also be used to securely store and transfer any kind of digital information on the Internet. These possibilities and promise of Blockchain is a great welcoming news to not only the web, but also the complex data security challenges individuals and entities across NGIOA currently face in cyberspace. It is believed by many that Block chains could also enable smart devices to become independent agents. These independent agents can autonomously conduct a variety of financial /non-financial transactions. It is reported that across nations there are already several ideas and innovations are on its way that are being built on Blockchain of Things. Evaluating all this potential and promise, there is a growing optimism that the Blockchain technology has the potential to fix ...