Samsung recently announced at its developer conference (SDC) its new security solution, Knox Matrix, which uses blockchain technology to secure an ecosystem of devices. Samsung Knox is Samsung’s security platform that has made significant progress within mobile devices. Our smartphones are not the only device prone to vulnerabilities in today’s digital world. Most people are involved in one or more digital ecosystems that could span a multitude of devices. As the number of smart home and IoT devices continues to increase, It has become equally difficult to ensure that every device connected to the network is secure. Samsung Matrix looks to enhance the security of connected devices using blockchain technology. Let’s take a look at Samsung Matrix and what it means for the connected digital ecosystem. IoT, meet blockchainThe Internet of Things (IoT) is a broad term for any device or thing that is connected to a network of other devices or things. The most relevant example is a home deemed smart with a connected doorbell, speaker, television, stove, refrigerator, etc. As IoT devices have risen in popularity and the number of IoT devices continues to increase, the vulnerabilities within the ecosystem rise along with it. It also doesn’t take much to compromise the security of an ecosystem. All it takes is for one device for an ecosystem of connected devices to be at risk, and you are only as good as your weakest link. These security vulnerabilities could be several problems, like outdated firmware, within an IoT device that leaves it vulnerable to bad actors. I believe security could be one of the biggest setbacks for IoT in the future if it is not made a priority early on. Samsung’s solution for securing connected ecosystem devices is to use blockchain technology. Blockchain technology has blown up this past half-decade within fintech for its ability to secure and validate a payment on a blockchain. One reason it’s great for fintech is that the data accumulated within a blockchain, also known as a distributed ledger, is unchangeable within its sequence without changing the block before or after it. It is a chain of data validated by the block of data before and after it. Samsung’s Knox Matrix implements a private blockchain within a person’s ecosystem of devices. Samsung says a user’s connected devices have enhanced security through multi-layered mutual monitoring. Knox Matrix creates a chain of trusted devices no matter the operating system, and the more devices within the ecosystem, the more secure; there are more chains of trust. Samsung says that the initial rollout of Knox Matrix will be exclusive to Samsung devices, with eventual support for other manufacturers’ products with a developer SDK. While blockchain technologies within fintech have blown up recently, there are more scams concerning blockchain than there are real-world use cases and innovative solutions.
All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/patrickmoorhead/2022/10/12/iot-meet-blockchain-knox-matrix-is-samsungs-new-peer-to-peer-iot-security-platform/
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