A Study of Blockchain-Based Internet of Things

Blockchain and the Internet of Things (IoT), two of the most emerging technologies, are already reconfiguring our digital future, as described by the drastic change in the current network architecture. The incorporation of IoT has brought the objects around us to life, making them “smart” and capable of communicating with one another, thereby amassing massive data by consistently acquiring the physical world for analysis and intelligent action. It has made our dream of seamless integration of the digital and physical worlds a reality, altering the essence of our perception of the physical world. However, the issue with current IoT solutions is the requirement for a centrally controlled party (similar to a cloud server). This research covers the most essential implications of IoT’s most challenging scenarios, as revealed by the current studies, when connecting and communicating via the Internet. The vast amounts of generated sensitive data pose a significant risk to privacy and security; interestingly, the original architecture design calls for a decentralized system, such as the distributed or peer-to-peer (P2P) system. This scenario highlights the relevance of the blockchain, as it can offer a secure and trustworthy method of sharing information via a distributed/P2P model for achieving transparency, security, privacy, auditability, resilience, access authentication, data immutability, and so on. In this study, we explain how blockchain and IoT technologies are combined to overcome their specific shortcomings and ultimately achieve their maximum benefits. This research also discusses the technical aspects of IoT and bitcoin. We present a comprehensive overview of both technologies, including the blo