Blockchain-Enabled IoT: Enabling Trust and Security in a Connected World

Abstract

Abstract: Blockchain technology has gained significant attention for its potential applications in the Internet of Things (IoT) realm. By combining blockchain with IoT, a new paradigm emerges that offers enhanced security, transparency, and trustin IoT networks. In the context of IoT, a blockchain serves as a decentralised and immutable ledger that records all transactions and interactions among connected devices. This decentralisednature eliminates the need for a central authority, ensuring that data exchanges and smart contract executions occur in a transparent and tamper-proof manner. Blockchain enables the creation of trusted ecosystems and facilitates direct peer-to-peer interactions between IoT devices. Through the use of smart contracts, devices can autonomously execute predefined actions based on predetermined conditions, eliminating the need for intermediaries and central control. This decentralised approach enhances efficiency, reduces costs, and improves scalability in IoT networks. Blockchain enhances privacy in IoT networks through cryptographic techniques. Individuals can maintain ownership and control over their personal data, selectively granting access for specific purposes while preserving privacy. However, integrating blockchain and IoT also presents challenges; issues such as scalability, interoperability, and the computational requirements of blockchain consensus algorithms require further research and development to ensure widespread adoption. The paper suggests various approaches to opportunities and challenges