Blockchain technology is one of the most popular buzzwords of today’s tech industry; it has been used for everything from cryptocurrency to innovative farming techniques. For example, you can check this home page if you want a dedicated account manager for your bitcoin trading venture. The platform has features like high compatibility with all devices, a massive range of trading tools, and many more. But what if we could utilize this technology in more practical and real-world ways within our supply chains?
In the tech industry, blockchain has become famous thanks to its ability to transfer transactions across a network of computers with no human involvement. The highest-level block is the longest chain, while all other blocks are grouped and secured by a consensus algorithm. This process allows for quick confirmation of transactions without involving third parties or intermediaries.
Blockchain technology has been used as an asset management solution for over a decade; most recently, it has shown potential value in several areas, including food safety and finance. However, one of the most popular use cases for blockchain is in the mining industry, as it offers unaltered data for recording transactions.
In agriculture, food fraud is a growing concern; however, blockchain technology provides a protected method to record and track food product authenticity. As more farmers utilize this technology in their processes, it will allow for efficient tracking of their purchases and help them to obtain fair deals from suppliers. With anti-counterfeit measures built into the blockchain network, companies can monitor all process stages with an unaltered database that cannot be changed or tampered with.
According to the Smart City Council, smart city technology was expected to grow from $16.5 billion in 2019 to $102.5 billion by 2022, resulting in over 14 million new jobs and a 9 percent annual market growth rate. These numbers reflect a growing need for security measures to protect the residents and visitors within a city and those who manufacture and install intelligent city technology.
To address this need, IoT-based security systems can be implemented by companies to prevent these threats from affecting a more comprehensive range of devices. In addition, robust security measures must provide high protection against hackers, including implementing blockchain-based technology in the city’s infrastructure.
Blockchain security is a complex issue, as the implementation can vary drastically depending on the use case and the size and complexity of the city’s infrastructure. However, according to experts, people can use blockchain technology in many smart city technologies, including energy production, water management, traffic management/integration, transportation fuels, health monitoring systems, and financial platforms. In addition, blockchain can provide remote access anywhere on an individual device, such as a tower or asset.
THE PROPOSED SECURITY FRAMEWORK:
To protect the citizens and residents of a smart city, the network must be built by people on a solid foundation. This protection can be implemented on the central device or remotely within a decentralized network, although it is more cost-effective to implement in both scenarios.
The proposed security framework will consist of several layers, including:
1) Network layer: This layer is responsible for identifying and establishing contact with devices within the blockchain network. It will also provide access to applications through APIs by connecting them to other layers to share information between systems.
2) Application layer: This layer is responsible for the communication between other devices within the network through APIs. The purpose of this layer is to allow for data transfer and intelligent contracts. The key benefits of using this system are its ability to provide a completely decentralized network with no central points of failure, thus providing a high level of security and reliability.
3) Data layer: This is where data can be recorded and stored within the blockchain infrastructure. It will also allow for complete encryption while providing a means to access information across other devices in real-time. The key benefit of utilizing blockchain technology in this process is its ability to store large amounts of data at a meager cost.
4) Cryptographic layer: This layer will protect the data while it is being transferred between devices. It will provide a more secure method to send data from one device to another and add a layer of security to the stored information.
The data security layer is critical for protecting intelligent city infrastructure to prevent hackers from accessing and affecting the entire network of devices. In addition, it can be implemented by companies to prevent attacks such as DDoS (distributed denial-of-service) or CTOS (cross-site scripting), which are occurring at an alarming rate within the cyber security industry.
Identity management in smart cities:
Identity management is a significant concern among the general public, and it has been an issue that has plagued online platforms for years. It is due to the issue of identity theft and the high risk of hacking. In current technology, many companies have opted to use centralized identity management systems that generate identification tokens for their customers. However, these tokens are stored on centralized servers where hackers can easily steal them.
Almost every central platform, such as Facebook and Google, utilizes this method to prevent data breaches and ensure their customers’ information is secure. However, because these systems are centralized, they can be hacked, and thus, the customer’s user account could be compromised.
It can result in the leakage of user information, thus exposing customers to a wide range of risks, including identity theft and fraud. Blockchain-based solutions provide a more secure alternative that can protect customer data while providing efficient functionality through innovative contract technology.