Development of a Secure and Intelligent IoT System based on a Consortium Blockchain

Abstract

Blockchain technology is a decentralized digital book that discloses transactions to all trading participants, unlike traditional methods of keeping records on a centralized server when trading data, it is a security technology that is virtually impossible to hack because it must forge a block chain at the same time. However, the current block chain technology is a public block chain. Anyone can join a block-chain network, view all the details, and anyone can verify transaction history. On the other hand, a private block chain or a consensus block chain refers to a block chain in which a participant is restricted to participate in building an internal network with a restricted block chain or through a separate authentication method. In the case of the bit coin using the public block chain technique, the mining process is required in the network in order to prevent the Sybil attack (DDoS attack) which takes over the network by the number of nodes. If Blockchain is used in IoT environment, then IoT sensor node is adaptable for Blockchain because of decentralized network. There are many application areas. The disadvantage of mining a few network seizures while granting proof rights to the computing power, but not the number of nodes, is a catastrophic idea, but the cost of network maintenance is very high. However, if the only entity that proves the transaction is a bank, the Sybil attack itself is impossible and the network maintenance cost is zero. Therefore, a consortium Blockchain can solve this public Blockchain, and it will be able to contribute the development of an intelligent IoT and FinTech system technology as well.