Abstract
Internet of things is widely used in the current era to collect data from sensors and perform specific tasks through processing according to the requirements. The data collected can be sent to a blockchain network to create secure and tamper-resistant records of transactions. The combination of blockchain with IoT has huge potential as it can provide decentralized computation, storage, and exchange for IoT data. However, IoT applications require a low-latency consensus mechanism due to its constraints. In this paper, CBCIoT, a consensus algorithm for blockchain-based IoT applications, is proposed. The primary purpose of this algorithm is to improve scalability in terms of validation and verification rate. The algorithm is developed to be compatible with IoT devices where a slight delay is acceptable. The simulation results show the proposed algorithm’s efficiency in terms of block generation time and transactions per second.
Highlights
Blockchain is a distributed database which provides decentralization and immutability of the transactions or records in a peer-to-peer network
Combination of blockchain and IoT i.e. blockchain of IoT (BCIoT) will be beneficial to the world in terms of decentralization and immutability but challenges are present with opportunities
Analysis of this study shows that blockchain is secure as long as the majority of the resources are controlled by honest players even in the case of more than 50% computing power and controlling high stakes in that system
Summary
Blockchain is a distributed database which provides decentralization and immutability of the transactions or records in a peer-to-peer network. IoT consists of physical devices that are connected to the internet to collect and share data. The volume of data collected is currently tremendous and grows due to the growing number of IoT devices. Large number of IoT devices and data platforms open the door to new applications and use cases. IoT data security is a major concern that has slowed the technology’s adoption as they are a prime target for a range of attacks. Scalability is another issue with today’s IoT networks. When the number of devices linked through an IoT network rises, current centralized techniques for authenticating and linking sensor nodes in a network will become a bottleneck. If the server that handles the vast volume of data exchange goes down, the entire network can go down
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