Block Chain in IoT
Blockchain is a newly emerging technology for many areas of activity. It is a type of a distributed ledger in which all transactions are verified, recorded and immutable, being shared by the participants of the network Its with decentralized operating mode with possibility of making secure transfers with value-added services. The IoT technology can be explained as a connection between humans, computers, and things. All the equipment’s we use in our day to day life can be controlled and monitored using the IoT. Block chain can be applied with IoT networks to meet industry requirements. The Blockchain’s unique strength is that does not force nodes to trust each other on the validity of data, but instead uses transactions with robust security mechanisms and consensus algorithm.
IoT has brought the vision of a fully connected network, where even the tiniest device is capable of playing a specific role on gathering and broadcasting personal and environmental data. On the other hand, the Blockchain technology creates peer-to-peer networks where non-trusting members, without a trusted intermediary, can interact verifiably and securely. This work starts by performing surveys of these two paradigms and then tries to demonstrate whether specific Blockchain characteristics can be used to add value to the IoT fundamental proposition. Current E-business models could hardly fit the IoT requirements as a convenient, safe and stable transaction system is needed to exchange information and payments.