The Convergence of Blockchain and Internet of Things

Dr. John Cohn, an IBM Fellow at the IBM Watson, Internet of Things Division, participates in Risk Roundup to discuss “The Convergence of Blockchain and Internet of Things (IoT)”. Overview Of all the technology trends that are taking place right now, the rapid and unplanned growth of Internet of Things (IoT) brings complex challenges for which perhaps no individual or entities across nations: its government, industries, organization and academia (NGIOA) are prepared for. When physical objects in geospace and space become embedded with sensors and gain the ability to communicate through cyberspace, the new information and communication networks fundamentally changes the way each NGIOA operates and does things in cyberspace, geospace and space (CGS). While the Internet of Things has great promise, the technical / non-technical/ and security challenges must be tackled before the Internet of Things (IoT) or Internet of Everything (IoE) systems are widely embraced. So, how to move forward? What will bring security, scalability, stability and integrity to the IoT/IoE ecosystem? There is a growing consensus that it is blockchain. The convergence of blockchain and Internet of Things (IoT) is one of the transformational trends that will likely shape the future of NGIOA. The fundamental opportunities are there for entities across NGIOA to re-design and re-define systems at all levels and improve quality, productivity, reliability, transparency and trust while reducing costs and risks. However, the transformational potential of the convergence of blockchain and Internet of Things will not be possible to achieve in silo by any entity across NGIOA. Collaborations are a fundamental necessity. It is therefore important that we evaluate: * What is possible with the current IoT technology infrastructure we have in place across nations in cyberspace, geospace and space (CGS)? * What challenges are there due to varying IoT technology standards, guidelines and compatibility issues? * Would the current IoT infrastructure be able to have compatibility issues for the complex process automation? How will the industry approach process standards? * Other than blockchain, what new technologies would be necessary for IoT convergence? * What is the state of IoE infrastructure across nations where real-time data analytics is a real possibility? * Can the centralized model of IoT work? Is there a single platform that can connect all IoT devices and guarantee that cloud services offered by different manufacturers will be interoperable and compatible? * Is there a case for de-centralizing IoT networks? * Can security be managed in the centralized or decentralized IoT model? * What is essential for decentralized IoT model, from technology and process perspective? * Are we moving towards making all IoT things addressable by the existing naming protocols? How would that be integrated on the blockchain platform? * When it comes to the potential for IoT security, how will blockchain be effective? * Will blockchain be able to provide a security model to the IoT? * Will we be able to create a secure and scalable network for IoT? * While blockchain is seen as a way to secure the Internet of Things, is the blockchain sufficient for IoT security? * What parameters and variables of converging technology will be necessary for IoT? * While the imminent process automation would be welcoming, would it not create complex challenges as far as data protection, privacy and the territorial CGS boundaries go? * How will blockchain ensure IoT security? * How will NGIOA create the optimum collaborative platform? * How would security be implemented for all the building blocks of IoT? * How will we be able to manage the blockchain-IoT convergence risks?