IoE and Blockchain Convergence for Enhanced Security
Rahul Samanta, Arindam Biswas, Atul Bandyopadhyay, Gurudas Mandal · 2023
The advent of the twenty-first century has observed the dawning of several technologies such as the “internet of everything” (IoE), “big data”, “fintech”, and many more in both financial and commercial sectors. In fintech, blockchain emerges as one of the key technologies that bring both security and advancement to this sector. It is one type of distributed database, used for sharing, replicating, and synchronizing data spread across various geographical locations like countries, multiple sites and organizations. In the blockchain mechanism of centralized or administrator data storage is not present, instead consensus algorithms are used as advanced technology. Detailed analysis of various aspects of blockchain helps to understand that a decentralized peer-to-peer network commanded the Physical Unclonable Functions (PUFs) to perform tasks. As the modern world verges on digitalization, it is crucial to ensure enough safety measures to protect data and other essential credentials from cyber criminals; the study enlightens the importance and impact of IoE and blockchain convergence in order to enhance security in financial and commercial sectors. The study also reveals various features of blockchain technology and its modern-day applications to make digital transactions more secure.