A Review of an IoT-Based Blockchain

Abstract

Since the creation of Bitcoin, the first and largest of the digital currencies, blockchain innovation has surged. Blockchains and distributed ledger technologies are attracting a lot of attention from investors and spawning several businesses in a variety of industries. A rapidly evolving technology called the Internet of Things (IoT) enhances people's relationships with one another and their surroundings. Internet of Things (IoT), is an emerging technology which allows multiple physical and virtual devices to be connected together and communicate with each other, creating a network of devices that provide a new digital experience in life of the users. Despite a number of benefits provided by IoT, the existing centralized functioning of devices are susceptible to several problems concerning a single point of failure, security, privacy, transparency, and data integrity. The future development of IoT applications is affected by these limitations. To overcome these limitations, the integration of IoT with one of the distributed ledger solutions can be one among the best possible solutions. Blockchain is among the most common and preferred type of distributed ledger technology. There are large number of benefits that can be taken by integrating blockchain technology with IoT. The need of  secure and dependable infrastructure to process and secure the processed data, is now much required with the increasing use if IoT devices in the general population. The central cloud server used by IoT model can results in single point failure. Blockchain technology employs a distributed network; therefore, IoT is coupled with it to prevent this. IoT security has greatly benefited from the introduction of blockchain technology. We reviewed IoT applications built on blockchains and their security concerns in detail for this report. Blockchain and IoT technological comparisons are examined. A broad classification of blockchain-based IoT applications with emphasis on industrial application, application in digital health care services, management in smart cities and smart homes, ad hoc vehicle networks (VANET), business models, and supply chain management are discussed on the basis of evaluation of a well-planned collection of available academic literature. The security concerns with IoT applications built on blockchain technology, specifically the limitations of this technology are also discussed. This study will aid academicians and researchers in their continued development of blockchain-based IoT applications.