Privacy and Security Issues in Blockchain based IoT Systems: Challenges and Opportunities

Abstract

The Internet of Things and blockchain technology will be the focus of this research. This study looks at issues of security and privacy. The main challenges it faces, as well as the possibility of using it to improve bitcoin transactions for businesses, are the focus points. The blockchain concept is a distributed ledger with decentralization and data that is dispersed evenly across all nodes in the chain. In terms of data security, the blockchain ensures all three components of the CIA trinity by maintaining data confidentiality, integrity, and availability. Initially, the significance of this technique was limited to crypto currency because it is a one-way function that prevents any type of record fabrication. This concept is currently widely used in medical and public health data security, and many financial institutions, such as Citi Bank, are exploring employing block chain technology to create a breakthrough in the financial realm. This research is a comprehensive review of the literature on the significance of blockchain technology, as well as the security and privacy issues that this technology now faces.