Blockchain, or distributed ledger, is sometimes described as a ‘solution in search of a problem’. There are many valid applications outside of pure cybersecurity — for example, reducing transaction costs in complex legal situations like house purchase, or tracking the location of physical goods in distribution or supply chains — but improving cybersecurity has had few valid and proven proposals.
Seema Haji, who leads product marketing for Splunk’s emerging markets group, is confident that blockchain has a future in IoT, but suggests it won’t happen overnight. “Blockchain’s ability to scale to accommodate the sheer volume of data produced by IoT devices in the next five to 10 years,” she says, “will be a major hurdle to overcome. Additionally, processing billions of data exchanges between devices on a daily basis will likely be a resource-intensive and expensive endeavor.”