IoT, Cryptography, and Privacy
In today’s day and age the emergence of IoT has been groundbreaking. IoT has transformed the way society operates on a daily basis. IoT, short for “Internet of Things,” refers to the ability to attribute the interconnection of intelligence and advanced digital capabilities to physical, daily objects. By doing so, these objects that were once thought of as everyday, simple items, are capable of sending and receiving data through cloud-based innovations, transforming them into networked objects. This new evolution in the use of items and collection of data enables many new functions to be added to everyday items that are of basic use, enhancing the experience that comes along with the usage of specific objects and devices and opening up new possibilities and applications for their use.
One classic example of the evolvement of items via IoT is the recent “Smart Fridge.” Before this type of refrigerator, the typical fridge has performed its traditional role in the kitchen and household; this extremely useful item has not particularly been linked to complex data collection or in-depth digital use. However, with the shift in the use of everyday objects including the typical fridge into an IoT focus, there has been an adaptation to changing times. Well-known technology companies understand that implementing IoT to elementary products that are within their array of merchandise is an excellent opportunity to improve the customer experience with the product, an ultimate boost for sales.
IoT over time is including the digitization of different products or services from numerous industries. New innovations in the health, education, and financial sector are implemented through IoT. Such examples include IoT tracking systems based on location for patients and staff in the medical field, interactive learning and educational apps, and several banking services. The list of IoT products that are entering the market is growing at a fast rate.
In this case, collecting data related to preferences and habits of individuals in order to perfect the usage of their items increases customer satisfaction and provides companies with more data about their customers. The data collected from merging IoT into a firm’s existing technologies can aid the creation of future objects that are more in-line with consumers’ likes and wants.
The Growing Market
This is a new market that is only expected to expand, and in very large percentages: by 2025 the global worth of IoT technology is estimated to be approximately $6.2 trillion. This is precisely due to the societal shift that this industry that consumers believe to be beneficial for them. Consumers are increasingly purchasing digital items related to IoT because of its capability to ease the typical consumer’s lifestyle, be it the Smart Fridge, Smart Security Camera, or Smart Lock for household doors. We see the satisfaction rates of the consumers and their eagerness to accept this new norm into their typical actions during the day as this system in most cases analyzes user behavior and habits.
A Deeper Investigation into IoT
As influential as the IoT industry demonstrates itself to be, there are other considerations that must be taken into account regarding its implementation and use in order to ensure its efficient long-run integration. All benefits do usually have a catch, and it’s important to have a deeper look into the ways to perfect the use of IoT to improve the experience for customers, as well as the profitability to firms.
The products that are merged with IoT collect vast amounts of data in order to function efficiently-that is, being the most useful to its customers and being most targeted to users in order to improve their experience as a customer. If such valuable user information is being aggregated, this means that potential security challenges can pose substantial threats. This can be related to computer functioning, software, and data interception. For instance, potential software vulnerabilities can be exploited by hackers or computer attacks can occur where the private information of individuals is breached. The interception of people’s confidential and valuable information through IoT systems and devices that lack of security is a very serious threat. Many times a lack of authentication means data safety that is not ensured. These issues are gaining prevalent relevance to IoT because of the vast amounts of confidential information that is stored in numerous system databases, and the potential flaws in these innovations.
Cryptography & IoT
As demonstrated, there is a growing need to address the hazardous issues relating to the implementation of IoT, overall for the good of the users and the firms who are shaping this industry. The potential solution you may ask? Cryptography is a superb possibility
What is cryptography?
Cryptography is a method of storing and conveying information in a specific form that causes only specific entities, who are entitled to understand, to gain access to the data and process its meaning. The form of this data is in plain text that is transformed into unintelligent, seemingly-meaningless text. However, only those who are meant to receive the data can read the text and “decode” the information that is provided and sent.
In present day, cryptography is a useful alternative for various industries who contain valuable information that aims to be restricted from view, such as digital currencies, computer passwords, and e-commerce. The purpose of implementing this is to maintain the security and safety of the data that firms contain for the well-being of the enterprise and its users.
Given the precious information that is collected in IoT systems, this form of data protection can serve as a safety assurance for the IoT market. This is because cryptography allows for the ability to maintain confidential information, overall preventing the risk of data breaches. This is an effective way to keep the integrity and authenticity of IoT devices, which maintains the protection of consumers of IoT products.
By implementing such a use, the predominant communication channels of technology companies associated with IoT has an extra layer of protection because the data is considered unreadable to others. Furthermore, cryptography enhances the authentication process of devices that join the IoT network, which is clearly a secure method of communication. Cryptography steps in as a countermeasure to IoT issues that emerge over time. This overall makes room for security and confidentiality among the system and its communication channels.
Idea of Privacy
The idea of protecting the private information of individuals is not solely restricted to the framework of IoT, but rather to other evolving technological structures in society. These technological innovations have various social and economic applications that impact individuals in the long run, and so the idea behind data protection is for the ability for individuals to be ensured that what they offer as users is being properly taken care of and protected for their well-being. The relevance of IoT to this respect has been thoroughly analyzed and discussed, however this subject should also be focused on other technological and digital frameworks, such as the blockchain network. In this case, financial transactions between individuals are within a network of anonymity, but not privacy. However if we wish to ensure the safety and effectiveness of transacting between individuals on a monetary perspective, the support of privacy protection is also very important to take into account.
Privacy & Blockchain Networks
The same foundation of the value of privacy is considered important regardless of the technological industry we focus on, be it IoT or blockchain. The core of the matter is upholding the rights of individuals to certain standards within the realm of technology as it continues to advance over time. Several firms within the blockchain industry recognize this increased need. As a result they aimed to bridge the link between confidentiality, privacy, and anonymity of the blockchain for the sake of users and the integrity of their values. BEAM, one such enterprise providing blockchain privacy protocol standards upholds the protection of privacy for users in the blockchain network. BEAM plays this active role within the crypto market in order to handle privacy issues efficiently. This is because the firm understands the urgent necessity to develop a standard for data privacy. BEAM, by supporting this right for the well-being of society as it advances in the crypto direction, holds the link between person sovereignty and the financial transaction. This is the mindset that needs to be pursued over time in order to ensure safety and security to the private data of individuals from the technological networks they associate themselves in.
In order to maintain the health and sustainability of IoT and other advancing systems in the long run a certain standard of guaranteed protection within the processes needs to be implemented. IoT is clearly depicted as an industry that will continue to gain more value and influence over time on the global market, and so viewing the results upon shifting to society in this direction means trying to solve the issues of risk for users via implementation of cryptography. This risk is applicable for the bigger picture as well; security in the different systems of technological innovation including blockchain is equally as relevant. By doing so, through the protection of user privacy in these different frameworks, a healthy projection for long-lasting achievement in these industries is more likely to follow.