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checks and balances. Regarding handling possible risks associated therein, promising

fintech companies in technical collaboration with blockchain technology specialists

are already taking this new paradigm one step ahead with several chatbot-managed

branches, chatbot financial advisory services, and asset management applications.

The use of blockchain technology for streamlining the process for digital identity,

cross-border payments, KYC updates, and credit rating evinces the relevance of the

technology along with IoT. The integration of servers, providing accessibility on a

real-time basis, and multiple device-based operations of accounts have made banking

very simple, cost-effective, and popular.

The most abstract perspective of blockchain-enhanced identity management for

IoT is the IAM models designed from a techno-political point of view. It specifies

not only the methodology for the identification of an entity in an IoT environment

but also indicates the ways with which the system can interact with other entities.

Adaptive integration of IAM contributes to the model abstraction by precise scaling

and interaction with the IoT-based system. At the same time, digital identity is also

evolving due to the significance of its use both in any IT implementation and in users’

everyday life. Its uses find applications in a wide spectrum of scenarios ranging from

the simplest communication between a smartphone and a light bulb to identifying a

digital twin in any environment. The SSI model is considered the last stage of the

digital identity evolution, which can be owned and managed by entities themselves.

The application adaptive combination of the technologies mentioned above poses

a large scope of research challenges for the designers. Performance in terms of

speed and data consumption is a matter of concern, especially for low-end devices

operating on the edge. IoT systems are characterized by extremely fast response

time with lightweight architecture. Executing computation-intensive cryptographic

algorithms like ZKP is a costly task for edge nodes in terms of both time and storage.

A blockchain-enhanced IAM system adapted to IoT environments is to offer truly

decentralized digital IAM. At the same time, every device and user can verify and

be verified across an IoT network in real-time environments.

Blockchain-enabled IIoT networks are evolving at a very high pace. It is becoming

a new standard in worldwide progress. The combination of blockchain and IIoT will

bring huge technological leaps that will bring remarkable enhancements to various

facets of human life to make our society smarter and easier. Recent models effi-

ciently utilize the computational power of the devices in the IIoT network to create a

blockchain using the most suitably fitting hash algorithm. New benchmarking algo-

rithms can be designed to be applicable on wide-ranging devices instead of compu-

tationally similar devices. These benchmarking algorithms also help to cluster the

numerous devices in the IIoT network into different tiers. Based on the tier of a device,

a computationally suitable hash algorithm can then be devised. Securing industrial

IoT using efficient blockchain design enhances and expands IIoT applications.

With the advent of the quantum computing paradigm, blockchain-for-IoT has

become a fully secured system. Quantum-based blockchain-for-IoT is a distributed,

quantum-based DL that customizes rules for the transaction chain (as per standard

specifications of IoT systems), develops a ledger-pruning mechanism, and imple-

ments a lightweight consensus mechanism. The building block is a new single-time