Blockchain-Based Internet of Things …

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5.9

In Voting

Three-quarters of the world’s countries are democratic and rely on the consensus of

the electorate to elect officials. Sadly, the voting systems at present are unreliable

and vulnerable to manipulation. To recognize the rationality of individual people,

Blockchain will strengthen the system. Correspondingly, the decentralized ledger to

store voting data via Blockchain implies that a centralized authority does not control

the outcome.

6

Risk and Challenges of Blockchain in IoT

The Blockchain is still in the initial phases of development, and there are several

distinct forms of potential barriers. The types of barriers are internal and external,

including those relevant to technical issues with the underlying technology, current

business robberies and controversies, public opinion, government policy, and

technology’s mass acceptance [8, 23, 24].

6.1

Decentralization

When it comes to private blockchains, decentralization is approached differently.

Because everyone on the network is identified, it does not matter if just a dozen

nodesmanagethenetwork.Thiscanbeproblematicwhenacompanylike“Facebook”

tries to build a global cryptocurrency Libra on a private network with a limit of 100

participants to start with. Only completely decentralized blockchains are immune

to tampering and censorship, and only a few examples of genuinely decentralized

blockchains are accessible so far.

6.2

Energy Consumption

To verify transactions and maintain confidence to connect them to the network,

Blockchain technology operates on the proof-of-work mechanism. To solve complex

mathematical puzzles, this mechanism needs a great deal of computing power to

process, validate, and most importantly, protect the entire network.