Blockchain-Based Internet of Things: Review, Current Trends, Applications, and Future Challenges

Abstract

Advances in technology always had an impact on our lives. Several emerging technologies, most notably the Internet of Things (IoT) and blockchain, present transformative opportunities. The blockchain is a decentralized, transparent ledger for storing transaction data. By effectively establishing trust between nodes, it has the remarkable potential to design unique architectures for most enterprise applications. When it first appeared as a platform for anonymous cryptocurrency trading, such as Bitcoin, on a public network platform, blockchain piqued the interest of researchers. The chain is completed when each block connects to the previous block. The Internet of Things (IoT) is a network of networked devices that can exchange data and be managed and controlled via unique identifiers. Automation, wireless sensor networks, embedded systems, and control systems are just a few of the well-known technologies that power the IoT. Converging advancements in real-time analytics, machine learning, commodity sensors, and embedded systems demonstrate the rapid expansion of the IoT paradigm. The Internet of Things refers to the global networking of millions of networked smart gadgets that gather and exchange data. Integrating the IoT and blockchain technology would be a significant step toward developing a reliable, secure, and comprehensive method of storing data collected by smart devices. Internet-enabled devices in the IoT can send data to private blockchain networks, creating immutable records of all transaction history. As a result, these networks produce unchangeable logs of all transactions. This research looks at how blockchain technology and the Internet of Things interact to understand better how devices can communicate with one another. The blockchain-enabled Internet of Things architecture proposed in this article is a useful framework for integrating blockchain technology and the Internet of Things using the most cutting-edge tools and methods currently available. This article discusses the principles of blockchain-based IoT, consensus methods, reviews, difficulties, prospects, applications, trends, and communication between IoT nodes in an integrated framework.