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T. Paul and S. Rakshit

data and conducting different analyses [9]. Therefore, it is clearly understood that

IoT is not a single technology; it is a mixture of different technologies that will work

to achieve smartness [25]. These innovations include communication technology,

IT, electronic sensor and actuator technology, and developments in computing and

analytics that are trending [20]. When operating from a broader and larger applica-

tion point of view, integrating all such technologies could make it complicated and

difficult to manage [2].

Thus, the IoT is characterized as an internet-based network of connected objects

fordatacollectionandsharing.Protection,storage,costandcloudattacks,andprivacy

concern billions of connected devices in IoT [21]. The storage of large data volumes

raises the question of cloud platform storage and security. With ongoing develop-

ments in Blockchain, new transformations in the IoT industry will be brought about.

Blockchain helps to monitor billions of connected devices, process transactions,

and communicate between IoT devices [28]. Blockchain’s decentralized solution

prevents the failure of a single source, thereby ensuring the IoT industry’s most

robust framework. Due to the convergence of Blockchain and IoT, IoT industry

producers will benefit from significant cost savings [14].

Cryptographic signatures improve the IoT security feature. The tamper-proof data

guarantees an immutable and timestamped transaction [9]. The distributed storage of

IoT data saves the expense of IoT by avoiding service providers’ monopoly and the

cost of harm to hackers. Distributed ledger offers smart contract trust between parties

and IoT devices, and automated services. While the IoT has many advantages and

can solve various problems in different fields, there are still challenges [16]. Such

difficulties may be in the form of solving security problems, privacy concerns, etc.

A blockchain is like a distributed ledger that’s open to everyone. The technique

has an attractive feature that, once any data has been registered in a blockchain, it

becomes verydifficult tomodify[18]. Bitcoinis thefirst successful blockchainimple-

mentation. Bitcoin is cash that is digital. It is a digital currency and online payment

mechanism that uses cryptographic methods to monitor the creation of currency units

and validate money’s movement, functioning independently of a central bank [3].

Today the world has discovered blockchain technology implementations in many

sectors, where trust is needed without the intervention of a centralized authority [24].

The blockchain technique was originally established by a team of researchers in 1991

and was originally designed to timestamp digital documents so that they could not be

backed up or tampered with, just like a notary; though, it was totally unused before

Satoshi Nakamoto adapted it to create the digital Bitcoin cryptocurrency in 2008 [18].

The blockchain network has no central authority. That really is the concept of a

democratized structure. The data is available to everyone and anyone to see because

it is a distributed and unchangeable ledger [17]. Therefore, whatever is created on the

Blockchain is transparent and everyone involved is responsible and accountable [22].