A Proposed Secure Wearable Device Payment System Based on Blockchain Technology

Abstract

Given that they are employed in several services, wearable technology is growing in popularity. The wristwatch gathers several types of personal information. Consumers may find gadgets convenient, but there are also security dangers that alert users to the possibility of cybersecurity breaches, device intrusions, and vulnerability-exploiting. Hacking may make the collected data visible since devices are vulnerable to assault. Issues with these devices include security flaws, Bluetooth troubles, and the absence of authentication and location tracking. The Internet of Things (IoT) includes wearable gadgets as cogs in the wheel that might have an effect on the banking and financial industries. Therefore, since blockchain technology has gained a lot of attention recently and is now one of the most popular ways to securely transfer data through decentralised peer-to-peer systems, it is imperative to employ its security capabilities on the existing IoT-based wearable payment system. A secure, decentralised transaction execution process is made possible by blockchain, an unchangeable ledger. It has a great reputation and more customers thanks to its complex yet safe technique. Based on blockchain technology, this research suggested a secure wearable device payment system.