Samsung recently announced at its Developer Conference (SDC) its new security solution, Knox Matrix, which uses blockchain technology to secure its hardware ecosystem. Samsung Knox is the Samsung security platform that has made great progress in mobile devices.
Our smartphones are not the only vulnerable device in today’s digital world. Most people participate in one or more digital ecosystems that can span many devices. As the number of smart home devices and the Internet of Things continues to increase, it is also becoming increasingly difficult to ensure that every device connected to the network is secure.
Samsung Matrix is looking to enhance the security of connected devices using blockchain technology. Let’s take a look at the Samsung Matrix and what it means for the connected digital ecosystem.
Internet of things, learn about the blockchain
The 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 that is considered smart with connected doorbell, speaker, TV, stove, refrigerator, etc.
As the popularity of IoT devices rises and the number of IoT devices continues to increase, the vulnerabilities within the ecosystem grow with it. Nor does it take much to compromise on ecosystem security. All it takes is one device to be at risk for an ecosystem of connected devices, and you’ll be as good as your weakest link. These vulnerabilities could be various issues, such as outdated firmware, inside your IoT device making it vulnerable to bad actors.
I believe that security could be one of the biggest setbacks for the Internet of Things in the future if it is not given priority early on. Samsung’s solution to securing connected ecosystem devices is to use blockchain technology.
Blockchain technology has exploded the last half-decade within fintech for its ability to secure and verify payment on the blockchain. One of the reasons it’s great for fintech is that the data accumulated within the blockchain, also known as a distributed ledger, is immutable in its sequence without changing the block before or after it. It is a sequence of data that is validated by the data block before and after it.
Samsung’s Knox Matrix implements a private blockchain within a person’s hardware ecosystem. Samsung says that connected user devices have enhanced security through multi-layered mutual monitoring. Knox Matrix creates a chain of trusted devices regardless of the operating system, and the more devices within the ecosystem, the higher the level of security; There are more chains of trust. Samsung says the initial launch of the Knox Matrix will be exclusive to Samsung devices, with eventual support for other manufacturers’ products with the SDK developer.
While blockchain technologies within fintech have exploded recently, there are more blockchain-related scams than real-world use cases and innovative solutions. Needless to say, many amazing technologies in the field of fintech and cryptocurrency have yet to change the world. I think Samsung has a real-world use case here with blockchain that addresses the need for more security within the Internet of Things.
Its highest value proposition is rooted in blockchain technology; The more devices connected to the Knox Matrix, the more secure the ecosystem becomes. The Internet of Things space is expected to grow even further over this next decade, and the Knox Matrix is naturally adapting to it.
Knox Matrix also improves security by monitoring mutual threats to trusted devices. Every device within the Knox Matrix is accountable to the other devices in the ecosystem. It also protects sensitive information by sharing credentials from a device to a device and makes login and payment processes more convenient due to the secure and decentralized nature of how data (sensitive data) is stored on the blockchain.
It’s interesting to imagine someone accessing your banking credentials because they were able to access your computer through your refrigerator. I think IoT devices will continue to proliferate and should continue to increase in the home.
Samsung addresses the lack of security within the Internet of Things with the Knox Matrix, which secures a hardware ecosystem through a private blockchain. The best part about the Knox Matrix is that it only gets better and more secure as more devices are added to the connected ecosystem.
Note: Jacob Freeman contributed to this article.
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