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Preface

blockchain-based IoT network, an improved K-Nearest Neighbor (KNN) classifier is

postulated. It is observed that the Improved KNN (I-KNN) surpasses the Traditional

KNN (T-KNN) with an accuracy of 96.7% and 81.6% for the I-KNN classifier and

T-KNN, respectively.

Banking sector contributes to 70 % of Indian Gross Domestic Product (GDP)

and for India to meet its economic aspirations, it should enable this vivacious

sector to grow at 8–10 times of its current pace, in the next 10 years. This pace

of active growth requires a double engine of sophisticated technology and a tech-

enabled, scalable, and a secured banking system. Implementing Blockchain Tech-

nology (BCT) in the banking sector provides a realistic solution which when coupled

with devices connected by Internet of Things (IoT) will result in secured, fast-paced,

cost-effective, and transparent growth of the sector. The prevalence of personalized

banking, secured banking, connected banking, and digital banking are use cases,

made possible through interface with IoT. Chapter “Leveraging Blockchain Tech-

nology for Internet of Things Powered Banking Sector” delves into the opportunities

in the banking sector to be explored and challenges to be met in the BCT-IoT imple-

mentation process. BCT- and IoT-based opportunities such as peer-to-peer lending,

Know Your Customer (KYC) updation, cross-border transfer payments, syndicate

lending, and fraud reduction are some of the banking operations that are elaborated.

To strengthen the banking network, the consensus algorithm of blockchain network

is much required and the use of IoT devices to act as nodes is pertinent. The blend

of both in the banking space has to be further reinforced.

Internet of Things (IoT) is characterized by heterogeneity of devices, software,

and communication protocols when it comes to the implementation of any practical

solutions. Especially in use cases such as smart cities, where scalability is very

important and increased, the complexity of an Internet of Things system introduces

issues on the management and privacy of both (smart) devices and users. Identity and

Access Management is the set of policies applied on a system restricting or allowing

access of acting entities (devices and users) to the system’s services. OAuth and

Single-Sign On are two of the widest used implementations for Identity and Access

Management. Chapter “Identity Management in Internet of Things with Blockchain”

targets on exploring the new ways in which blockchain technology can significantly

improve Identity Management in IoT by utilizing decentralized identity structures

and specific cryptographic techniques applied by it.

Internet of Things is transforming devices making them “smart”, thereby over-

lapping the digital and physical worlds. Interaction between IoT devices creates

networks with unprecedented scalability which however creates many exploitable

vulnerabilities due to the lack of built-in security in IoT devices. Blockchain can

resolve this particular limitation due to its immutable, decentralized nature. Indus-

trial Internet of Things (IIoT) uses IoT devices to analyze and manage industrial

data in real time for various purposes. Thus, protecting this data from different types

of attacks is necessary, for which blockchain is viable. In chapter “An Efficient

Hash-Selection-Based Blockchain Architecture for Industrial IoT (IIoT)”, the

authors have proposed a novel blockchain-based model that groups IIoT devices into

tier-based clusters depending on computational capability by benchmarking. Each