BCoT: Concluding Remarks

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risks, and regulatory issues also pose serious challenges. Issues of security, privacy,

trust, and scalability also remain matters of serious concern in this regard.

This chapter attempts to highlight the accompanying challenges and issues in a

BCoT architecture while putting forward the recent best practices that have evolved

to counter these issues.

2

Key Takeaways

This volume is focused on targeting these glaring issues with due recourse to the

challenges encountered in having a full-fledged BCoT in practice while stressing

different novel initiatives to address the concerns. The volume is thus aimed to foster

aknowledge-baseonblockchaintechnologyhighlightingtheframeworkbasics,oper-

ating principles, and different incarnations. The fundamental problems encountered

inexistingblockchainarchitecturesandmeansforremovingthosehavebeencovered.

It also touches upon blockchain-based IoT systems and applications. The book also

covers the applications and use cases of blockchain technology for industrial IoT

systems. In addition, methods for inducing computational intelligence into existing

blockchain frameworks, thereby thwarting most limitations, are also on the cards.

Blockchain in IoT has been duly emphasized with reference to a detailed overview

on IoT and industrial IoT (IIoT) including the proof of concepts of distributed ledger

technology (DLT). The issues of identity management interoperability in IoT and

IIoT have been addressed with a case study of the Polkadot protocol with relay

chain. In addition, Hyper Ledger Indy also been discussed with examples of onboard

processing of drones. This exhaustive treatment on the subject matter has reiterated

the effective use of blockchain in IoT for identity management.

The irresistible explosion in the volume of data in the virtual world has opened the

need for the concept of cloud computing. As a fallout, data security, confidentiality,

integrity, and availability on-demand have assumed paramount importance. Tradi-

tional solutions such as cryptography only are no longer effective enough. Recent

trends in hybrid frameworks of data encryption algorithms like the Advanced Encryp-

tion Standard (AES) and Elliptic Curve Cryptography (ECC) have been evolved for

the effective distribution of keys to thwart potential attacks in the SaaS layer. Further-

more, authentication using a decentralized block-chain architecture can ensure data

availability and integrity in the cloud IaaS layer, thereby adding to cloud security

(CIA).

A balanced combination of blockchain, the Internet of Things, and artificial intel-

ligence is expected to boost business models, goods, and services. Machine learning

algorithms can help make blockchain-based IoT network smart applications that are

more robust to attacks.

Blockchain technology has also made inroads into the financial sector indis-

pensable in data management and transparent money transfer. The integration of

blockchain technology into the banking domain is inevitable, and the policymakers

are busy with their persistent endeavor to make this integration seamless with proper