Abstract
The term Internet of Things (IoT) defines the continuous growth of the always-online, data-collecting devices. Blockchain is a shared ledger or a database, distributed across an open or private processing system that expedites the procedure of recording business and data management in a business network. It empowers the design of decentralized transactions, smart contracts, and intelligent assets that can be managed over internet. It formulates the revolutionary decision-making governance systems with more egalitarian users and autonomous organizations that can control over Internet without any third-party involved. Various researchers have proposed the merging of the two technologies to ensure a secure and permanent solution to record data which is also processed by “smart” machines in the IoT. The IoT applications are also distributed in nature and the blockchain technology could be an imminent factor in deciding how the IoT connected devices communicate with each other. With the aid of blockchain, the security of IoT devices can be decentralized to a great extent thereby, eliminating the possibility of threats that hover around it at present. This chapter outlines an introduction to the blockchain technologies and its decentralized architecture, especially from the perspective of challenges and limitations. The main objective is to explore the trending research topics, benefits and drawbacks of blockchain towards making in a smart environment. The study explores its potential applications for business and future directions that are all set to transfigure the smart world.
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Choudhary, T., Virmani, C., Juneja, D. (2020). Convergence of Blockchain and IoT: An Edge Over Technologies. In: Hassanien, A., Bhatnagar, R., Khalifa, N., Taha, M. (eds) Toward Social Internet of Things (SIoT): Enabling Technologies, Architectures and Applications. Studies in Computational Intelligence, vol 846. Springer, Cham. https://doi.org/10.1007/978-3-030-24513-9_17
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