The question perhaps that everyone is asking is if we can balance power with accountability. The tech expert, Jason Hope quotes the 1993 Jurassic Park movie and nods a yes to the question. The film comes to mind as he ponders through what the tech industry has managed to achieve within five years since the inception of the Internet of Things and the parallel growth of IoT devices and cryptocurrency. According to Jason Hope, it is inevitable that there will be a merger between the two industries.
As a responsible member of the tech industry, perhaps the best question to ask is if we have developed methods of securing the IoT devices and cryptocurrency industry. On a recent article, Jason Hope highlighted some challenges facing the merger between IoT and Digital currencies. The major problem is as below:
Attacks via Botnets
Attacks by the use of botnets are on the rise. This method of attack manipulates the devices to carry out malicious attacks. The aspect that makes IoT devices unique is that they are small and easy to use. However, developers have not created many tools that can handle computing power necessary to manage encryption. As a result, they are prone to security risks, and learn more about Jason Hope.
Cryptocurrency is currently a subject of scrutiny. The cryptocurrency market is worth billions. The CEO of JP Morgan, Jamie Dimon said that the currency is not a real thing. He added that the industry would blow up and eventually close. Jason hope says that it makes sense for a banker to voice doubts about the industry. The issue being that in the case a cryptocurrency is stolen, does the owner get the same protection as a client in Wells Fargo? It should be noted that one unit of Bitcoin surpassed the value of one ounce of gold. The cryptocurrency industry utilizes the method of barring the existence of one central and corruptible database (blockchain). It is virtually everywhere and nowhere all at once thereby making it inherently secure. Forays have been made to apply blockchain to IoT. However, before its actualization, IoT devices manufacturers should, in the meantime, protect the interest of consumers through encryptions as an industry standard.
Jason Hope is an entrepreneur in the tech industry. He is a believer in the actualization of the Internet of Things. Jason studied at Arizona State University where he graduated with an honors degree in Finance. His career kick-started by forming a mobile communication company. Today, he invests in startups and focuses on biotechnology and philanthropy. Recently, Jason donated $500,000 to SENS Foundation. The organization develops and avails rejuvenation biotech that addresses age-related diseases, and more information click here.