The growing need for IoT security prompts company to adopt blockchain in their IoT solutions. Adopting blockchain in IoT may be challenging. Let’s see how.
Many experts have already cited how blockchain can secure IoT. The global IoT blockchain market size is projected to grow to $2,409 million by 2026. However, researches and developments in this area are still in progress. Several challenges exist in adopting blockchain in IoT. Here I will explain the major ones.
The challenges related to adopting blockchain in IoT are as follows:
1. Scalability issues of decentralized blockchain networks
IoT experts and developers want blockchain to secure IoT systems. Their interest in blockchain stems from its security features. Naturally, they want the most robust security that blockchain can offer.
At the time of writing, decentralized public blockchain networks like Bitcoin and Ethereum can offer the highest decentralized security. These networks offer decentralization, transparency, disintermediation, encryption, digital signature, cryptographic hash functions, and consensus algorithms.
What if you dilute any of …