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Blockchain Technology can be Critical to IoT Infrastructure Security
The era of Internet of things (IoT) is upon us and it is impacting our lives. Today, technology has pervaded into nearly all walks of life, and constant innovation has made it almost impossible to stay disconnected. However, with all the convenience that connected devices offer, there is also a growing risk of cyber threats that can cripple the IoT networks and infrastructure, and cause considerable economic and personal harm to users. According to a report by Juniper Research, as much as 46 billion IoT devices are expected to be connected by 2021, while the cumulative cost of data breaches between 2017 and 2022 is expected to touch $8 trillion. Securing IoT would require adopting a future-ready, flexible and highly scalable cybersecurity strategy – a significant shift from current reactive approaches used by businesses that involve patching discovered vulnerabilities and adding new solutions without performing a comprehensive assessment.
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