Block Chain Technology and Internet of Things to Protect Financial Transactions in Crypto Currency Market

Abstract

The integration of block chain and Internet of Things aims to address security concerns through a multifaceted approach. Block chain's inherent characteristics, such as decentralization and cryptographic hashing, contribute to the prevention of fraud and unauthorized access. Internet of Things devices, ranging from sensors to smart devices, play a pivotal role by providing real-time data that can be securely recorded on the block chain. This enables stakeholders to access timely and accurate information, enhancing decision-making processes. This article explores the synergies between block chain technology and the Internet of Things to bolster the security of financial transactions within the crypto currency market. With the growing prominence of digital assets, ensuring the integrity and confidentiality of transactions has become paramount. Block chain’s decentralized and immutable ledger capabilities provide a robust foundation, while IoT's real-time data generation adds a layer of transparency and efficiency. However, this integration is not without its challenges. The article delves into scalability issues, interoperability challenges, and the need for standardized protocols. Privacy concerns surrounding sensitive financial data and the intricacies of identity management in a decentralized environment are also addressed.