Future of Blockchain Technology in Internet of Things: Opportunities and Challenges
Mekhla Sharma, Ankita Nanda · INTERNATIONAL JOURNAL OF NEXT-GENERATION COMPUTING · 2023
In the recent years, Internet of Things (IoT) has gained a significant recognition that allows for the interconnectivity of devices, machines, and humans. IoT is rapidly expanding, with numerous devices connected to the internet and generating vast amounts of data. However, traditional centralized data storage and processing methods are not sufficient enough to fulfil the requirements of the IoT. The fusion of Blockchain Technology and the Internet of Things (IoT) has the potential to transform the device interaction and exchange of data with one another. Blockchain's decentralized architecture can provide secure, transparent, and immutable data transactions between devices without the need for the intermediaries. The purpose of this research article is to analyze the present state of the blockchain-IoT ecosystem, explore the potential applications and challenges, and also focus on the discussion about some future directions and scope.