Challenges faced by the IoT industry
Lack of security
According to Gartner, by 2020 the number of IoT devices is predicted to hit the 20 billion mark. Despite the rapid growth, connected devices remain susceptible to DDoS and other attacks.
Due to the absence of shared and secure storage for trusted users, fraudsters can steal the data collected from IoT devices and use it for malicious purposes.
Poorly traceable supplies
IoT-connected devices used in supply chains cannot guarantee real-time data on each transportation step, from physical conditions to individual characteristics of consignments.
IoT data analysis and management can often be a time-consuming and grueling process, requiring manual attention to manage assets and audit data.
Connected devices cannot prevent data corruption bringing counterfeit supplies to the table. The Global Brand Counterfeiting Report 2018 states that the online trading sector alone lost an estimated $323 billion because of fakes.
Centralized cloud-based platforms often need high scalability, with an ever-growing number of connected devices and operations performed on the network.
Meet OLWay: a blockchain-based solution for supply chain, logistics, and IoT
OLWay is a platform where you can connect with your clients on a decentralized network, store supply-related info in an immutable database, and integrate with IoT sensors for tracking shipping data (temperature, humidity, barometer, luminosity) all the way to the destination.Request a demo
Blockchain solutions for IoT from Aetsoft
Blockchain-based ledgers are built fully encrypted from the ground up, and can’t be attacked using traditional hacking methods.
Blockchain and IoT provide a network where data leaks are almost impossible. Only users with the appropriate private keys can see the data, while for others it will be inaccessible.
Transparent supply chains
With blockchain, all parties involved in the transportation process can see the actual data about supplies — from loading to shipment — sent from connected sensors.
Blockchain smart contracts leave no space for human error. They automate operations with IoT data items, thus allowing for their remote management.
On a blockchain, every piece of data is signed with a digital tamper-proof key, which guarantees the authenticity of IoT-connected assets with a low chance of corruption.
Aetsoft builds a limitless environment for IoT platforms' network scalability so that any expansion in size or the number of operations will not bring downtime or crashes.
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Areas across which Blockchain enables IoT
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