By now there are a number of cryptocurrencies that have become almost household names. The main ones people know about are Bitcoin and Ethereum. The total value of all of these digital currencies combined is estimated to be more than $100 billion. However, not everyone wants to get on board the cryptocurrency train. For example, JP Morgan Chase & Company just pointed out that there is nothing backing these currencies and they will all eventually shut down.
Some other people have been saying similar things about the Internet of Things. One champion of IoT is Jason Hope, a tech entrepreneur located in Arizona. He says some people are worried about the hacking risk of these devices, such as someone being able to take control the cameras in a person’s home to spy on the occupants. However, Jason Hope says there are ways to mitigate the risks involved and it is worth it because this technology will change many things for the better.
Jason Hope says that he sees IoT positively impacting society in a really big way. He acknowledges the big security risks involved and how hackers will be very much attracted to these types of devices. Jason Hope says that presently the security in IoT devices is not high enough which places them at risk of being hacked remotely. He says people need to use very good passwords when using IoT devices and he also believes that manufacturers of IoT devices need to be held to high standards. He says at the least the developers of these devices need to use digitally signed and encrypted firmware.
Some are talking about using Blockchain, which underlies cryptocurrencies, as a way to secure IoT devices. Jason Hope says that Blockchain shows that data is legitimate. He says that using Blockchain would result in a decentralized platform which will provide reliable connections to IoT devices. This removes the issue of a centralized platform which can be hacked putting all of the data it has at risk. Some industries are already using Blockchain in their IoT devices such as manufacturing and agriculture. Jason Hope’s Hard Line Stance On the Internet of Things.
The internet as it exists today wasn’t really made for the types of transactions people routinely now use it for. There isn’t enough information about who each person and device is which is a big security risk. Using Blockchain in IoT will provide a way to prove who each person and device is which will make it much more secure.
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