Analysing the Security Aspects of IoT using Blockchain and Cryptographic Algorithms

Abstract

Technological advancement is a never-ending field that shows its evolution from time to time. In 1832, with the invention of the electromagnetic telegraph, the era of the Internet of Things (IoT) began. Within the time of 190 years, this technological domain has revolutionized IoT and made it omnipresent. However, with this evolved and omnipresent nature of IoT, many drawbacks, privacy, interoperability, and security issues have also been generated. These different concerns should be tackled with some newer technologies rather than the conventional ones as somehow, they are only the generator of those issues. Outdated Security could be an appropriate issue of IoT along with the centralized point of failure. It also possesses more concerns and challenges to tackle. On the other side, there is a visible solution to address the challenges of IoT in this developing domain of technology. The visible approach is Blockchain which acted as the backbone in securing Bitcoin in 2008, which was created by the pseudo group named Satoshi Nakamoto. Blockchain has evolved from Blockchain 1.0 to Blockchain 4.0 as the latest one depicts its amalgamation with another component of Industry 4.0 i.e., Artificial Intelligence (AI). AI will give the ability to think logically and like humans. In addition to this SMART solution, there is also an advanced cryptographical technique known as the Elliptic Curve Digital Signature Algorithm (ECDSA) which can enhance the security spectrum of IoT if applied appropriately. This paper produces a vision to enhance and optimize the security of IoT using a network peer-to-peer technology Blockchain along with advanced cryptography.