Smart Home Companies Eyeing Blockchain for Data Security, Navigant Reports

Smart home industry leaders are experimenting with blockchain technology to address concerns about data security and protection, Navigant Research reported Wednesday. Increasing high-profile customer data hacks and security breaches are a growing challenge to the smart home market, and blockchain and distributed ledger technologies provide a common platform to support smart devices and boost data security, it said. Although blockchain technology can enhance the smart home experience, “crucial questions need to be addressed before consumers welcome blockchain into their homes,” said analyst Johnathon de Villier. Test programs will be needed to evaluate blockchain-based platforms in connected homes to determine scalability, interoperability and deployment, he said. Smart home companies should be technology-agnostic and explore partnerships to improve cybersecurity for the nascent technology, he said.