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The Internet of (Insecure) Things: Could Blockchain Be the Solution?

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The Internet of Things is taking a while to get off the ground. And with so many high-profile hacking attacks and PR disasters affecting big players like Yahoo and Jeep, it’s hardly surprising. The Internet of Things is looking a lot more like the Internet of Insecure Things, as parents watch their children’s smart dolls being hacked and patients worry about who’s controlling their cardiac devices.

According to a survey by Gemalto, a staggering 96 percent of businesses and 90 percent of consumers believe that there is a need for better security around IoT applications. Most consumers fear that hackers will take control of their devices and cause them to malfunction or break. And 60 percent of us are concerned about our data being leaked or stolen. At this juncture, we may be a long way from finding a secure solution for integrating IoT technology fully into our lives.

Yet, despite fears over the security of IoT technology, we’re still using it (albeit nervously) quite a lot. Gartner researchrevealed that some 8.4 billion connected “things” were in use last year – and that number is expected to rise to 20.4 billion by 2020. But, of course, the wider the adoption of the technology, the greater the opportunities for innovative hackers.

WHY IS IOT TECHNOLOGY SO VULNERABLE?

Even if you don’t follow the industry closely, you probably haven’t escaped the headlines about high-profile IoT hacks: self-driving cars out of control, hospital equipment being tampered with, and the like. Over the last few years, the main security breaches have been achieved by cracking weak passwords on IoT devices.

In what are called DDoS attacks, cyber criminals find vulnerable devices to prey on and take control of. Cybersecurity professionals are more than familiar with these types of attacks, but IoT has seen an explosion in their frequency and potency. The more devices that are out there, the more passwords there are, and the greater the opportunity.

“It’s clear that both consumers and businesses have serious concerns around IoT security, and little confidence that IoT service providers and device manufacturers will be able to protect IoT devices,” says Jason Hart, Chief Technology Officer at Gemalto.

COULD BLOCKCHAIN BE THE ANSWER TO IOT INSECURITY?

Blockchain technology could certainly play a key part in securing IoT devices, thanks to its cryptography and decentralization. As IoT technology grows, scaling it will prove increasingly challenging through centralized models vulnerable to DDoS attacks. With blockchain tech, consumer data could remain private and secure, even with billions of devices connected. Thanks to the way it authenticates users and devices with multi-factor authentication, blockchain could remove the threat of crackable passwords, making IoT devices significantly harder to hack.

In fact, blockchains are already experiencing success when it comes to IoT. IBM’s Watson IoT platform allows devices to send data to a blockchain to be included in tamper-resistant records and shared transactions, while validating transactions through smart contracts. Telstra is also using a blockchain effectively to secure smart home IoT ecosystems. Biometric authentication allows them to verify the identity of devices’ owners.

Blockchain could be the answer to IoT’s insecurity. The problem that remains is convincing nine out of ten people that their devices are in fact secure.

Altcoin

Altcoins May Consolidate for Six Months or More Before “Altseason” Kicks Off

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Bitcoin has been stuck in a period of consolidation for the past several days and weeks, which has proven to be a positive thing for altcoins, as many have been able to post decent gains over the past few days.

It is important to note that analysts do anticipate altcoins to potentially consolidate for many more months before the prophesized “altseason” kicks off, but there is a possibility that they will see a decent sized uptrend in the short-term.

Altcoins Pop as Bitcoin Consolidates Around $8,300

At the time of writing, Bitcoin is trading up marginally at its current price of $8,320, which marks a slight retrace from its daily highs of $8,400 that were set over night, and it appears that this price is a short-term resistance level for BTC.

Multiple altcoins have been able to surge amidst this bout of sideways trading for BTC, with XRP surging nearly 4% yesterday and quickly climbing back into the $0.30 region, which is significantly higher than its recent lows of $0.24.

Luke Martin, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes that XRP is the strongest major altcoin as far as TA is concerned, which could mean further gains are imminent in the near-term.

“$XRP is the strongest major for the 3rd/4th week in a row,” he explained.

Today, Binance Coin (BNB) has led the markets as it has been able to surge nearly 5% to its current price of $18.97, which marks a decent climb from its recent lows of under $16 that were set earlier this week.

Will Major Cryptos Trade Sideways in Near-Term?

Naturally, any major Bitcoin movement will likely provide some guidance to the aggregated crypto market, it is important to note that one analyst believes that altcoins may trade sideways for the coming six months regardless of how Bitcoin trends.

Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying that most major alts will either incur a “nice” uptrend in the near-future, or will be stuck in an “accumulation” range for the coming six months or so.“A few examples of coins having similar cycles and “W&P Pivots”. $XRP $LTC $ADA $ETH $ZEC $NEO. Ichimoku on the 1W for all suggest the possibility of a nice trend, or a 6 month accumulation. #CryptoIkagi March-April 2020,” he said while pointing to the below charts.

The coming few weeks should provide insight into where most major altcoins will head in the near-future, and any further extension of their recent incurred upwards momentum may mean that an uptrend is imminent.

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Altcoins may face imminent mass consolidation

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  • Industry experts at the Delta Summit see a squeeze in the Altcoin market.
  • Bitcoin is dominating around two-third of digital coins supply.
  • Mass consolidation could also see the evaporation of many projects.

“Extinction Rebellion” is one of the movements fighting climate change – but Altcoins’ attempt to rebel may be futile. FXStreet’s Tomàs Salles is attending the Delta Summit in Malta and reports about a growing notion that the number of cryptocurrencies will significantly fall. 

Andy Cheung, Head of Operations at OKEx, says that projects that have failed to reach a critical mass may reach the end of the road sooner rather than later. His views are shared with several other prominent industry leaders. 

No fewer than 2,940 crypto projects are currently listed on CoinMarketCap. Bitcoin is worth around $146 billion, Ethereum around $18 billion, and Ripple just over $10 billion. Tron, which has enjoyed a surge of late, is worth less than $1 billion and is located in third place. Overall, the total market cap of all the coins and tokens listed on the website stands at around $217. Bitcoin, the granddaddy of cryptos, is worth around 67% of the market. 

Bitcoin dominance October 2019 coinmarketcap

Source: coinmarketcap.com

It is essential to stress that some projects may have a brighter future than others. Ethereum, which powers several ventures, may consolidate its power and emerge stronger. Ripple, whose technology is used for transactions, may morph into a successful blockchain company – but perhaps lose its prominence as a cryptocurrency. 

Other projects down the line may rise or fall on adoption – which may become the key to success. It may replace wild speculation as the prominent driver of prices.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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Altcoin News Today – September 27, 2019

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  • Major Altcoins Hit 6-MONTH Lows 
  • Ripple, EOS, Litecoin and Others Lead the Decline 

With the recent price movement of altcoins, there have been several price crash of altcoins doing the week, with some little consolidations here and there, still, the price has hit a dead end. Altcoins are still trying to recover from Tuesday’s sudden price crash, the price movement left double-digit losses for altcoins. Unfortunately, Bitcoin took the strongest hit with a massive loss of up to 34% with other altcoins hitting several month lows.

As of yesterday, the trading price of altcoins received some consolidations, sadly today, the trading price is showing a plunge towards the downward trading price. Almost all the top 10 altcoins by market cap have hit a 6-month low, this happened shortly after the massive decline of BTC’s trading price.

Stellar (XLM) the 10th most popular coin narrowly escaped the red zone, the coin is currently trading at $0.058, amassing a 3% profit. As at the time of writing, Litecoin, EOS, and Binance Coin have declined to their lowest trading point of 6-months following Bitcoin’s major sell-off pushed traders to quickly withdraw for the market.

In the last 24 hours, Ether declined by 2.35%, currently trading at $164 per coin, recording a loss of $60 for the past 7 days.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1Bitcoin(BTC)$8,004.26-4.72%

Ripple is not left out of the price decline, currently, XRP is trading at $0.22, which is below 1.58% on the day. XRP is currently is the biggest loser amongst other altcoins by market value. Going by the altcoin price analysis, XRP is way above other altcoins after hitting its lowest trading price in almost 2 years. Bitcoin cash (BCH), Ether (ETH) and Bitcoin SV (BSV) experienced the least effect of the downward price flu after hitting just 4-month lows.

With the downward price movement of altcoins, several analysts are thrown into a state of contention as to which coin will get support first as most of the coin has passed below their 200-day moving average point, indicating a long-term market condition as at July. Going by the overall market cap as of September 24th, 2019, a total of $16 billion has been withdrawn out of the altcoin market excluding Bitcoin.

Other altcoins that declined and are experiencing exit of cash include EOS – 3%, BCH – 4.7%, while ADA and TRX are both experiencing losses close to 3%. Huobi Token (HT) is having is worst out of the altcoins, the coin is down almost at 5%. Currently, the total cryptocurrency market cap is at $213.5 billion, with Bitcoin making overall up to 68.2%.


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