Blockchain based Internet of Things (Debashis De, Siddhartha Bhattacharyya etc.)

Blockchain-Based Internet of Things:

Challenges and Opportunities

Tripti Paul and Sandip Rakshit

Abstract ThemajorityofinteractioninanIoT(InternetofThings)ecosystemoccurs

via Machine-to-Machine interactions. As a result, establishing conﬁdence among

the participating equipment is a signiﬁcant challenge, particularly given the fact

that IoT technology has not been adequately addressed. The Blockchain enables

autonomous smart devices and completely removes the need for intermediary parties.

However, since Blockchain enables increased scalability, security, dependability, and

privacy, it can function as a catalyst in this area. This may be accomplished by

utilizing Blockchain technology to monitor and utilize billions of devices connected

to IoT ecosystems in order to facilitate and/or coordinate transaction processing.

By eliminating a single point of failure, the implementation of Blockchain in the

IoT ecosystem will also improve reliability. The cryptographic algorithms used to

encrypt the block data and the hashing techniques can provide additional security.

Keywords Blockchain · Internet of things · Decentralized ledger · Hybrid

blockchain

Introduction

The Internet of Things (IoT) is an evolving technology that has evolved and achieved

tremendous reach without human–human workers’ involvement in science and engi-

neering applications to solve problems [1]. That makes it possible to create an inter-

action between human to machine, machine to machine, often smart working force.

A popular operating picture (COP) was made possible by the IoT through numerous

modern-day living applications [6]. The COP is done through the developments seen

in wireless sensor network systems that have connected across the network, sharing

T. Paul

Indian Institute of Technology (Indian School of Mines), Dhanbad, India

S. Rakshit (B)

American University of Nigeria, Yola, Nigeria

D. De and S. Bhattacharyya (eds.), Blockchain based Internet of Things,

Lecture Notes on Data Engineering and Communications Technologies 112,

https://doi.org/10.1007/978-981-16-9260-4_2