Some cyberattacks are simply not possible using blockchain, but data volume and storage are challenges for the technology. The internet had its own “October surprise” when DVR and IP cameras were infected with malware and created a massive outage that took down Twitter, Reddit, The New York Times, PayPal and other major websites. The malware targeted Internet of Things (IoT) devices such as routers, digital video recorders, and webcams/security cameras. Experts fear this may only be the beginning, and with millions of devices across the IoT, the internet remains vulnerable.
The October IoT incident was only the latest security breach against this soft underbelly of the internet. Dennis Gada, VP and global client partner at Infosys, cautions that the vulnerability of IoT is increasingly be exploited. “There are numerous reports around hacking of connected devices and vehicles, including when security researchers took control of the steering and transmission of a Jeep Cherokee, traveling 70 mph on the highway,” he relates. Is there a way to prevent or at least minimize a future attack against the IoT? Blockchain technology may help offer an answer. Gada observes that blockchain offers inherent security not present in current, traditional networks. “Blockchain technology is seen as a way to add security and privacy to sensors and devices,” he states.