Unifying Blockchian and IoT:Security Requirements, Challenges, Applications and Future Trends

Abstract

Blockchain is a decentralized and distributed public ledgers which holds sensitive and invariant data in an encrypted and secured manner to ensure no mid-way alterations are possible in a transaction, proving user a secure and trustable facility. While cryptocurrency like Bitcoin are major and most popular faces, Blockchain technology has gained a huge momentum recently. Objective of this paper is to layout a detailed survey on blockchain technology, to explain some important terminologies related to Blockchain, to compare IoT and traditional network on the basis of security, compatibility and capacity and to provide an insight on blockchain based IoT and Industrial IoT. Later, the challenges faced while adopting blockchain in IoT and it’s future scopes are discussed.