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Blockchain-enabled IoT: Panacea or Merely Hype?
Today’s IoT networks rely on centralized, brokered communication models. All devices are identified, authenticated and connected through cloud servers. Since all connections between the devices must go through the Internet, even if the devices are located close to each other, the cloud servers will remain both a bottleneck and point of failure that can disrupt the entire network. While this centralized model may continue to support small-scale IoT networks for the time being, it will not be able to respond adequately to the growing needs of IoT networks that must handle communications among tens of billions of unsecured devices with no standard authority for connectivity requirements or IoT communication protocols. Traditional centralized systems are just not able to handle the volume, velocity and variety of data typical of huge IoT networks.
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