A Systematic Framework for State Channel Protocols Identification for Blockchain-Based IoT Networks and Applications

Adoption of Blockchain for the Internet of Things (IoT) has seen a steady increase of interest for overcoming some key challenges like security, privacy and decentralization. However, most blockchains are computationally expensive, have scalability bottlenecks and, if not adopted efficiently may lead to higher transactional costs which are not suitable for most IoT network deployments. State Channel protocols for blockchain networks have been one of the solutions for improving the scalability and minimizing the computation overhead in the system. In this paper, we analyse various state channel protocols and propose a systematic framework to decide upon choosing a specific protocol and apply them for IoT networks as per the needs and requirements of the enterprise.