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What Will the Convergence of Blockchain and IoT Bring Us?

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Every second, 266. Every minute, 15,982. And every day 23 million – are the number of devices connecting to the Internet of Things now. Two years from now the figure will mushroom to 1585 per second, 95,129 a minute, and 137 million each day. That’s about 50 billion IoT-connected devices, approximately six for each person in 2020.

That’s a huge number. Isn’t it?

But the increasing web of IoT-connected devices is becoming a concern today

Because:

On October 21, 2016, websites like Airbnb, Amazon.com, BBC, Netflix, Twitter and such well-recognized 70 service providers got affected and went down for a day by a Distributed Denial of Service (DDoS) attack. To launch this world’s most massive cyber-attack, three hackers infected 300,000 IoT-connected devices with Mirai botnets which generated the traffic of 1,200,000,000,000 (1.2 trillion) bits per second. That’s approximately the amount of traffic caused by downloading 1,200 movies per second.
IoT-connected devices like security systems, printers, smart video conferencing systems, VoIP phones, intelligent fridges, or smart light bulbs can be hacked in as little as three minutes but can take days or weeks to remediate.
Hackers can recruit IoT network associated devices such as web servers, routers, modems, network attached storage (NAS) devices, CCTV systems, and even …

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