Akshaya IA Term Paper PDF

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BLOCKCHAIN TECHNOLOGYINFORMATION ASSURANCE Blockchain-IoT Integration

Akshaya Lakshminarasimhan BL.BU.P2MBA19008

Table of Contents What is Blockchain? .......................................................................................................... 2 How Blockchain Works? .................................................................................................... 2 Privacy and Security .......................................................................................................... 2 Blockchain's Practical Application ...................................................................................... 2 Bank Use.................................................................................................................................... 3 Healthcare Uses ......................................................................................................................... 3 Smart Contracts ......................................................................................................................... 3 Supply Chain .............................................................................................................................. 3

What Is the Internet of Things (IoT)? .................................................................................. 3 History of IoT ..................................................................................................................... 3 How the Internet of Things Works? .................................................................................... 4 Benefits of the Internet of Things ....................................................................................... 4 Security in IoT .................................................................................................................... 4 Some Security Incidents in IoT: .................................................................................................. 4

Introducing Blockchain in IoT ............................................................................................. 5 Blockchain Benefits in IoT: ......................................................................................................... 5 Blockchain Technology for IoT: ................................................................................................... 5 (Ali Dorri) ................................................................................................................................... 5

Reference: ......................................................................................................................... 6

What is Blockchain? The words “block” and “chain” here, it is about digital information (the “block”) stored in a public database (the “chain”). “Blocks” on the blockchain are the digital pieces of information. Specifically, they have three parts: • Blocks stores information about transactions like the date, time, and amount of the most recent purchase. • Blocks store information about who is participating in transactions. • Blocks store information that distinguishes them from other blocks.

How Blockchain Works? When a block stores new data it is added to the blockchain. In order for a block to be added to the blockchain, however, four things must happen: • A transaction must occur. • That transaction must be verified. • That transaction must be stored in a block. • That block must be given a hash.

Privacy and Security •

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Each system connected in the blockchain network has its own copy of the blockchain, although each copy of the blockchain is identical, keeping the same information across the network makes it more difficult to manipulate. With blockchain, there isn’t a single, definitive account of events that can be manipulated. Here, a hacker would need to manipulate every copy of the blockchain on the network. This is being a "distributed" ledger First, new blocks are always stored linearly and are always added to the end of the blockchain. Usually, after this it is very difficult to go back and alter the contents of the block because as soon as they edit the transaction, the block’s hash will technically change. In order to change a single block, then, a hacker would need to change every single block after it on the blockchain.

Blockchain's Practical Application Blocks on the blockchain store any data apart from making it about monetary transactions This Opens up a whole new world of opportunities of storing data related to property exchanges, in a supply chain, and sensitive information of votes for a candidate.

Bank Use Blockchain in Banks, • Transactions processed in little time, adding a block to the blockchain, at any time this is an opportunity to exchange funds more quickly and securely. • Stock Market, for example, the settlement and clearing process can take up to three days, here the money is not growing or available for liquidity. This entire process can change.

Healthcare Uses Blockchain in Healthcare, • Securely store the patients’ medical records. • A medical record is generated and signed, it can be written into the blockchain, builds Patients confidence about privacy.

Insurance Companies • •

Fast Track Processing of Claims Fraud management involving any legal required applications

Smart Contracts • • • • • •

Rental Agreements Automobile Real Estate Financial Services/Derivatives Legal Processes Loans

Supply Chain •

To record the origins of materials, verifying the authenticity of their products.

What Is the Internet of Things (IoT)? IoT is a device with a sensor, from this data is retrieved and transferred through internet to take an executive action mostly.

History of IoT “Internet of Things” came from Kevin Ashton of Procter & Gamble, He in 1999 in an article had used the words to describe the RFID tags which are used in supermarkets, or mainly in making the supply chains more efficient. So, that is how the phrase came into existence.

How the Internet of Things Works? These devices use Internet to communicate with one another. The idea is basically that the Internet of things is to have devices that self-report in real-time data which improves its efficiency and recording all the important information than depending on human intervention.

Benefits of the Internet of Things The Internet of Things has wide scope of Market, like at Home Assistance, Pure medical, Fitness and Health Monitoring and much more promising ideas which would transform a wide range of fields. In Pure Medical field, the more accurate data at correct timing obtained from continuous monitoring helps the doctors make a better diagnosis and support them in giving a premium healthcare treatments which improves the patients outcomes.

Security in IoT IoT security is the need of the hour, it has become an important part of any device. Vulnerability here, attracts the hackers in getting hands on the information. Also, with IoT devices, the access to the homes and most important areas where information could stored are exposed to social engineering attacks.

Some Security Incidents in IoT: Stuxnet • It was a type of highly sophisticated type of computer worm which was designed to identify the specific machine used in the industry and manipulate it to the requirement. • Here, in this case it was nuclear industry, begins to look for centrifuges i.e, the machines that are used to isolate isotopes of uranium. Stuxnet was sent to reprogram the centrifuges to perform any varying cycles that result in the disintegrating the machine • This Stuxnet which was introduced was programmed with many layers of protection for itself from being detected. It could not be detected on machine which running certain type of a security program, it was also programmed with self-disable and self-erasing features. • It was widely believed that it was created to damage the Iranian nuclear program.

Mirai •

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This is a Specialized malware that is specifically created to exploit the IoT devices security vulnerability. This malware works on the basis of using the common usernames and passwords to gain access to IoT devices. Like For example, Internet cameras, monitors, which runs on the Linux platform may have some default credentials such as a standard operating procedure “admin” and “password,” . This allows the malware to get into easily accessing the system, comfortably install itself, and triggers turning the device in a bot. This attack by Mirai botnet had occurred on October 21st, 2016, this attacked a company “Dyn”, they provide domain name services to notably major companies that core rely on this secured information as their including Netflix, GitHub, Twitter, and Reddit. Major Lessons learnt from the Mirai botnet attack was How all the IoT devices with security vulnerability can be integrated and abused for serious attacks.

Introducing Blockchain in IoT IoT is bringing a lot of new opportunities and these provide an edge for most businesses in current markets and in creation of new markets. It is a wholesome of data, the how the data is processes, when an executive action is taken, and why is it basically collected in the first place. These devices are deployed process data into a useful information without any human intervention at many levels. With so much data collected, stored and processed, the primary concern here is the security for the data from the beginning through end of its processing. This involves in handling them across many boundaries, policies and fundamentally their intent.

Blockchain Benefits in IoT: • • • •

Building Trust between users and devices Reducing any vulnerability in the device with risk of tampering and misuse of the data Reducing costs by handling everything centrally without any intermediaries to handle it. Fast tracking the data processing, Re-engineering the Business process building productivity leading to customer satisfaction.

Blockchain Technology for IoT: (Ali Dorri) A Private immutable Ledger is created, that performs exactly like a blockchain. However it is centrally managed to deal with optimization of energy consumption. This architecture will use the trust that is distributed, primarily to significantly reduce the validation processing time of each block entered.

Reference: 1. https://101blockchains.com/centralized-vs-decentralized-internet-networks/ 2. https://www2.deloitte.com/us/en/insights/topics/understanding-blockchainpotential/global-blockchain-survey-2019.html 3. https://www2.deloitte.com/us/en/insights/topics/understanding-blockchainpotential/global-blockchainsurvey.html?id=us:2ps:3gl:consem21:eng:cons:061620:nonem:na:rDgvbReU:119255 4124:442262763111:b:Blockchain:Blockchain_Survey_2020_BMM:nb 4. https://hackernoon.com/centralization-vs-decentralization-the-best-and-worst-ofboth-worlds-7bfdd628ad09 5. https://consoltech.com/blog/blockchain-cybersecurity/ 6. https://www.forbes.com/sites/andrewarnold/2019/01/30/4-promising-use-cases-ofblockchain-in-cybersecurity/#48f466913ac3 7. https://www.i-scoop.eu/internet-of-things-guide/blockchainiot/#:~:text=IBM%20Blockchain%2C%20for%20instance%2C%20already,in%20myria d%20possible%20IoT%20applications. 8. https://datafloq.com/read/securing-internet-of-things-iot-with-blockchain/2228 9. https://www.investopedia.com/terms/i/internet-things.asp 10. https://www.investopedia.com/terms/b/blockchain.asp 11. Towards an optimized blockchain for IoT, Ali Dorri, Salil S. Kanhere, Raja Jurdak...