Today, blockchain is being investigated as a tool to better secure Internet of Things (IoT) networks, potentially reducing the significant risk that can accompany IoT use.
Say for example, you have an office building that has a guard outside that checks the I.D.s of people before letting them in. This is what we have now in IoT.
In the case of blockchain we don’t have a guard standing there; this person can get in. However, before that happens 80 to 90 percent of the people in the building have to identify this person and say it is OK for them to enter. It is a peer-to-peer system. You have to have the voting of roughly 8/10 saying this is a valid transaction. That is safer because it is not just one person signing off.
If you just have just one guard, as we do in traditional IoT security, what happens if that guard is corrupted or can be bribed to get in?