Abstract
Blockchain is one of the latest technologies of the decade, and it is on the rise. When bitcoin and the idea of cryptocurrency were first introduced to the market in 2008, some saw the revolutionizing potential of Blockchain technology, the platform behind cryptocurrency. Blockchain technology (BCT) helps businesses provide security to data and information, reduces costs by eliminating unnecessary middlemen, and delivers transparency and traceability. This ensures end-to-end synchronization, i.e., having a perspective from the customer’s end. Blockchain is a public ledger that maintains records of all the transactions held on a Blockchain network while working in a distributed manner. It is a peer-to-peer(P2P) network that does not require any central authority. The global market for BCT is projected to reach US$30.7 billion by 2027, trailing a post-COVID-19 CAGR of 43% over the analysis period 2020 through 2027. Internet of Things (IoT) is another rapidly growing technology that has captured the attention of many enterprises in its ability to deliver a smart network of connected devices that can enhance the user’s experiences in interacting with a device. IoT is a growing industry and has been paving the way for Industry 4.0 in the front-line industries. The limitations demonstrated by IoT in the real world have not deterred researchers and enterprises from finding solutions. One of the most common solutions is the integration of Blockchain with IoT. In this chapter, various applications of IoT on the Blockchain platform will be identified and the associated challenges/benefits compared to its traditional system and latest developments. The study aims to determine the challenges faced by the BCT with IoT as a technology and its possible solutions.
Published Version
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