An Empirical Analysis of using Blockchain Tech-nology with Internet of Things and its Application

Abstract

Blockchain technology uses the cryptographic technique to create expanding list of data records called blocks. Along with transaction and timestamp data, each block holds a hash value obtained using cryptographic technique. Blockchain gains importance for its decentralized data transaction and authorization without the need for third-party intervention. Although, it is mostly used in Finance sector these days, due to its inherent ability to protect data it can be applied to every field of computation especially in fields where data transaction is voluminous. Internet of Things (IoT) is one such area where it involves collection, transfer and processing of real time data from objects, humans and sensors to automate various tasks. Hence, this paper reviews the blockchain technology, and how it can be coupled with IoT to overcome the privacy and security issues. This paper first systematically introduces the concept of blockchain technology, its applications along with the need for IoT devices and its implementation. Finally, it discusses the blockchain based IoT (BIoT) its architecture, advantages, challenges in implementation