The Internet of Things (IoT) has made our lives easier and streamlined many of our daily tasks. Everything from our cars to our refrigerators is now connected to the internet. IoT has begun to touch almost all aspects of our lives from grocery shopping to our daily exercise routine. It has exploded over the last few years and is projected to continue its growth. Two billion devices were in use in 2006 and this number is expected to balloon to 200 billion devices by 2020. That convenience comes with a price. IoT has also exposed us to a greater threat to identity theft and data security issues.
Consider a device like your smartphone. It houses personal information like bank passwords, health statistics, frequently visited locations, email and can even unlock the front door to your home. Losing a device like this then becomes not only a major inconvenience, but it unlocks the key to our digital identity. Recent improvements to security on connected devices have helped in reducing the risk, but there is still the threat of a data breach.
A large number of devices and manufacturers makes it difficult to standardize the IoT. It is a highly distributed network of devices all with different hardware and software. Much like the internet itself, these devices are only homogeneous in the protocols they use to converse. This presents a weakness for those looking to exploit the IoT. The story of data fraud and identity theft becomes an all too often article in the daily news.
So, with the increased risk to your security from using connected devices, how do you protect yourself? This article explains some measures that you can take to reduce the risk of using connected devices. It offers solutions like choosing devices from reputable manufacturers, choosing a unique password for each device, and only storing the minimum amount of data required to use each device. While these approaches offer more security than not, a secure form of authentication or identity verification would allow your devices to connect more securely. By allowing each device to verify who they are interacting with eliminates much of the risk.
Velix.ID offers a decentralized approach to identity verification and device authentication. A decentralized approach to identity verification offers a solution to the security problem inherent in IoT. Decentralized authentication provides a way for each device or service to prove its identity to the network. By decentralizing, no one organization holds the keys to your identity but everyone is able to prove their identity as well as determine the identity of the party with whom they are sharing their data.
Velix.ID uses blockchain for distributed identity verification. Blockchain is the backbone of cryptocurrency like BitCoin. The blockchain technology uses a ledger to store the identity of all users on the network. The ledger is distributed across the network and allows all parties to verify the identity of all other on the network. The beauty of this solution is that it is decentralized. The ledger can be distributed without out the risk of data breach. Its security is provided in large part to this decentralization. The ledger is governed by a consensus of the network. No one entity or group of entities can maliciously influence the network. Their service can be utilized across all IoT devices to authenticate and confirm the identity of those communicating over the internet. Velix.ID greatly reduces the risk of using the IoT and makes it safe to use your devices again.
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