Blockchain-Technology-Based Solutions for IOT Security

Abstract

After a long period of development, blockchain innovation has received much attention from scholarsand industry practitioners alike. This innovation allows the issuance of smart contracts, which are utilised to automateand execute deals amongst clients. Blockchain is also being used nowadays by a few IT applications as a specialisedfoundation. This technology also prevents the duplication of information similar to what is being done with Bitcoinand other cryptocurrencies. Specifically, Bitcoin records are virtually impossible to alter as this cryptocurrency isbeing traded amongst hundreds of thousands of servers. Therefore, to launch a successful attack, the aggressor shouldchange the Bitcoin records of 51% of these servers simultaneously. The cost of such effort significantly exceeds thepotential payoff. Meanwhile, private data that are stored on single servers, such as Amazon and Google, are prone tomalicious attacks. Therefore, in this paper, we propose the use of blockchain to solve the security issues in the Internetof Things (IOT). We initially identify and categorise the prevalent security issues, particularly data privacy, beingfaced in IoT in expansion to conventions utilized for organizing, communication, and administration. Afterwards, weformulate some security measures for IoT and illustrate scenarios where blockchain is being used in IoT applications.