Blockchain Technology and Internet of Things
Sumathy Eswaran, S. P. Rajagopalan · Apple Academic Press eBooks · 2020
Internet of Things (IoT) devices are projected to exceed $20 billion by 2020. Blockchain technology (BCT) business is estimated to be at $20 billion by 2024. As of now, 45% of industries are adopting IoT, 69% of banks are experimenting with BCT, and 33% of banks are expected to adopt BCT by next year. Reported savings to banks on adoption of BCT are likely to be around $10 billion. Hence, the authors believe it is time to discuss these two trending technologies. This chapter provides valuable information and equips one with an understanding on how the two trending technologies, BCT and Internet of Things (IoT), revolutionize transactions and business networks. The topics are handled in a chronological manner so that the reader gets a clear picture after reading. The chapter starts with blockchain (BC) fundamentals, how BC works, and its applications. Then, the noncontroversial, most popular application of BC, Smart Contracts and their place in industry are highlighted. Next, IoT and its ecosystem are introduced with the road map of IoT; applications of IoT are dealt along with the issues in IoT environment. How IoT brings in smartlife and changes the way the world does business are discussed. Industrial IoT (IIoT) is a catalyst for Industry 4.0 enabling smart manufacturing. The biggest concern in IoT ecosystem is security and privacy. IoT devices are susceptible to Distributed Denial of Service and linking attack. These attacks and suggested solutions are detailed. 152Synergy is brought in when solutions are given as IoT and BC combined. Smart assets are transacted in a decentralized system instantaneously in a verifiable, untamperable manner. The trust and authority are moved away from centralized agency to the technology in the hands of the participants. In fact, few experts believe, that these two technologies will become inseparable. IBM believes device independence is achieved with BCT–IoT combined. There are other technologies, such as Cloud, Big Data, fog computing, 5G, IOTA, and so on, which give a big fillip to IoT and bring IoT closer to life. This chapter is a good step to highlight, how to achieve a smooth, secured smartlife with IoT–BCT combined and the state of current research in this direction. “What the Internet did for Communications, Blockchain will do for Trusted Transactions.” —Ginni Rometty “The Internet of Things has the potential to change the World, just as the Internet did. be even more so” —Kevin Ashton