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

T. Paul and S. Rakshit

The Blockchain’s potential beneﬁts extend beyond political economy, it applies

to humanitarian, political, social, and scientiﬁc areas, and speciﬁc groups are now

leveraging blockchain technology to solve real-world problems. The Blockchain

may be used for any kind of asset register, warehouse, and distribution, covering

all ﬁnancial, commercial, and money sectors; hard assets (physical property); and

intangible assets (ideas, reputation, intention, health data, votes, etc.). For instance,

blockchain technology may be used to enact decentralized cloud functions that histor-

ically mandated administration by jurisdiction-bound entities to ﬁght oppressive

political regimes. Other sectors and classes of the industry can be freed from skewed

regulatory and licensing schemes subject to hierarchical power structures and the

inﬂuence of strongly supported special interest groups on governments, enabling

new disintermediation business models beyond those situations in which the public

interest must transcend government power structures. In addition to economic and

political beneﬁts, the Blockchain could act as the archive of public records for whole

organizations, including documenting all data, activities, identities, and properties.

Scalability, as well as a lack of speed, skill, and standards, may have a nega-

tive impact on the development of new organizational models, such as decentral-

ized autonomous organizations, both in the implementation and development of

new blockchain applications. Yet, amid these difﬁculties, almost every industry has

encountered hundreds of new applications that implement distributed ledger tech-

nologies and are already beneﬁting from this fundamental technology. This will

require more computing power that IoT devices already suffer from. Therefore,

further study is required to resolve this current constraint.

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