Comprehensive Study on Incorporation of Blockchain Technology With IoT Enterprises

Abstract

Unprecedented advancement in wireless technology, storage, and computing power of portable devices with the gigabyte speed of internet connectivity enables the possibility of communication among machine to machine. IoT has a different way to connect many nodes simultaneously to store, access, and share the information to improve the quality of life by the elimination of the involvement of human. Irrespective of unlimited benefit, IoT has so many issues that arise to eclipse IoT in reality because of its centralized model. Scalability, reliability, privacy, and security challenges are rising because of the huge numbers of IoT nodes, centralized architecture, and complex networks. Centralized architecture may lead to problems like a single point of failure, single way traffic, huge infrastructure cost, privacy, security, and single source of trust. Therefore, to overcome the issues of the centralized infrastructure of the IoT, the authors diverted to decentralized infrastructure. It may be the best decision in terms of performance, reliability, security, privacy, and trust. Blockchain is an influential latest decentralization technology to decentralize computation, process management, and trust. A combination of blockchain with IoT may have the potential to solve scalability, reliability, privacy, and security issues of IoT. This chapter has an overview of some important consensus algorithms, IoT challenges, integration of the blockchain with IoT, its challenges, and future research issues of a combination of blockchain and IoT are also discussed.