Quote:
Originally Posted by Hog's Gone Fishin
The Blockchain to Soothe IoT Woes?
On the other hand, blockchain technology relies on peer-to-peer validation instead of a central, authoritative trust. Data on a blockchain is also cryptographically encrypted. In the IoT space, where every device communicates with each other, using a blockchain essentially negates all of the problems listed above
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this is just not true.
blockchain does not create or eliminate trust. It merely converts trust from one form to another. While we previously had to trust financial institutions to verify transactions, with the blockchain we have to trust the technology and the peer itself.
Peers can be compromised. There are already rumors of man in the middle exploits being on the cusp of release.
There is no chance in hell block chain will be mainstreamed without an authoritive 3rd party between the transactions and peers.