Gemalto has reported organisations turning to blockchain while the industry decides on appropriate security solutions and regulation.
The use of blockchain-based technology to help secure Internet of Things (IoT) data, devices, and services doubled last year, a report from Gemalto has revealed.
According to the company’s The State of IoT Security report, released on Tuesday, blockchain has emerged as a potential aid to the IoT security dilemma, with adoption of the technology surging from nine percent to 19 percent in 12 months.
In surveying 950 IT and business decision-makers from around the world, Gemalto heard that 23 percent of respondents believe that blockchain technology would be an ideal solution to use for securing IoT devices, with 91 percent of organisations that are currently not deploying the technology likely to consider it in the future.
«As blockchain technology finds its place in securing IoT devices, businesses continue to employ other methods to protect themselves against cybercriminals,» the report says.
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73 percent of respondents from the Middle East said they are keen to explore the use of blockchain for securing the IoT. 68 percent of India’s respondents also agree, and 56 percent of US respondents share the same sentiment.
«With a significant proportion not yet adopting, or considering blockchain, organisations could be putting themselves at substantial risk and opening themselves up to breaches,» the report says.
Only 3 percent of total respondents do not want blockchain anywhere near the IoT.
29 percent of those surveyed by Gemalto said they use biometrics to secure the IoT, with 40 percent wanting to eventually do the same.
71 percent of respondents said their organisation encrypts its IoT data, while password protection is adopted by 66 percent, and two factor authentication by 38 percent.
However, 48 percent of businesses said they are not able to detect if their IoT devices suffer breaches.
