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How to Bring Balance to IoT Device Identity Management with Blockchain
Current IoT authentication models generally rely on verification through username and password. As more and more IoT devices are introduced — it is believed that anywhere between 50 to 200 billion IoT devices will be operating worldwide by 2020 — this authentication method will become extremely difficult to track and maintain. Current identity verification processes heavily rely on the silo of information — one of the most popular examples is using social media credentials to sign on to various third-party services. Yet this form of credential verification is inherently flawed due to its single point of failure and issues associated with scalability. Blockchain technology paired with IoT can provide a more secure and efficient means of identity management.
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