Approaches to Adopt Blockchain Technology for Internet of Things

Abstract

Blockchain technology promises a revolution across the majority of industries by eliminating the need for a costly intermediary to assure trust among the parties in two sides of a transaction. Many industries, including banking, insurance and healthcare, have already deployed blockchain-based solutions. Internet of Things (IoT) businesses has not been an exception as already a large body of literature has addressed many proposals for utilising blockchain technology to improve reliability and connectivity in IoT. Internet of Things enables more efficient and agile use of smart devices, and now the help of blockchain technology, an additional layer of improvement are anticipated regarding security, transparency and efficiency. This paper aims to examine the adoption of blockchain technology for IoT more closely. We deploy a private blockchain network using low power devices and evaluate the efficiency of such a system using different levels of IoT devices. The underlying issues in implementing IoT in conjunction with the blockchain network have been analysed using several network performance parameters. In addition, we propose a blockchain-based smart contract system for securing IoT networks and proceed to evaluate several parameters related to power consumption and overheating issues in blockchain networks. Finally, the paper is concluded with a discussion on blockchain-IoT combination can be an efficient solution for smart devices.