Blockchains and Smart Contracts for the Internet of Things
Reads0
Chats0
TLDR
The conclusion is that the blockchain-IoT combination is powerful and can cause significant transformations across several industries, paving the way for new business models and novel, distributed applications.Abstract:
Motivated by the recent explosion of interest around blockchains, we examine whether they make a good fit for the Internet of Things (IoT) sector. Blockchains allow us to have a distributed peer-to-peer network where non-trusting members can interact with each other without a trusted intermediary, in a verifiable manner. We review how this mechanism works and also look into smart contracts—scripts that reside on the blockchain that allow for the automation of multi-step processes. We then move into the IoT domain, and describe how a blockchain-IoT combination: 1) facilitates the sharing of services and resources leading to the creation of a marketplace of services between devices and 2) allows us to automate in a cryptographically verifiable manner several existing, time-consuming workflows. We also point out certain issues that should be considered before the deployment of a blockchain network in an IoT setting: from transactional privacy to the expected value of the digitized assets traded on the network. Wherever applicable, we identify solutions and workarounds. Our conclusion is that the blockchain-IoT combination is powerful and can cause significant transformations across several industries, paving the way for new business models and novel, distributed applications.read more
Citations
More filters
Journal ArticleDOI
A framework for designing and evaluating realistic blockchain-based local energy markets
TL;DR: This work identifies the design space that the blockchain layer introduces, and analyzes how the design choices made therein affect the performance, governance, and degree of decentralization of local energy markets running on blockchains.
Proceedings ArticleDOI
Blockchain for 5G Healthcare architecture
TL;DR: In this paper, the authors examined the prospects for introducing 5G technology and blockchain into the healthcare system and proposed a blockchain-based 5G healthcare architecture based on the results obtained.
Journal ArticleDOI
Smart Contracts and Internet of Things: A Qualitative Content Analysis using the Technology-Organization-Environment Framework to Identify Key-Determinants
TL;DR: The findings revealed that the combination of the two technological concepts promises significant opportunities, however, some technical and environmental challenges need to be overcome.
Proceedings ArticleDOI
Harnessing the power of blockchain technology to solve IoT security & privacy issues
TL;DR: This paper examines the possibility of using blockchain technology, mainly the second-generation of blockchain and smart contract, to create a new version of the decentralized pseudonymous & privacy preserving authorization management framework.
Journal ArticleDOI
Enhancing Key Management in LoRaWAN with Permissioned Blockchain.
TL;DR: To demonstrate the feasibility of the proposed blockchain-based LoRaWAN architecture, a working prototype has been created using open-source tools and commodity hardware, and performance analysis shows that the prototype presents similar execution time and latency values, when compared to a traditional system, especially for small and medium-sized Lo RaWAN networks.
References
More filters
Journal ArticleDOI
The Byzantine Generals Problem
TL;DR: The Albanian Generals Problem as mentioned in this paper is a generalization of Dijkstra's dining philosophers problem, where two generals have to come to a common agreement on whether to attack or retreat, but can communicate only by sending messengers who might never arrive.
Book ChapterDOI
The Byzantine generals problem
TL;DR: In this article, a group of generals of the Byzantine army camped with their troops around an enemy city are shown to agree upon a common battle plan using only oral messages, if and only if more than two-thirds of the generals are loyal; so a single traitor can confound two loyal generals.
Book ChapterDOI
The Sybil Attack
TL;DR: It is shown that, without a logically centralized authority, Sybil attacks are always possible except under extreme and unrealistic assumptions of resource parity and coordination among entities.
Proceedings ArticleDOI
Practical Byzantine fault tolerance
Miguel Castro,Barbara Liskov +1 more
TL;DR: A new replication algorithm that is able to tolerate Byzantine faults that works in asynchronous environments like the Internet and incorporates several important optimizations that improve the response time of previous algorithms by more than an order of magnitude.
Proceedings Article
In search of an understandable consensus algorithm
Diego Ongaro,John Ousterhout +1 more
TL;DR: Raft is a consensus algorithm for managing a replicated log that separates the key elements of consensus, such as leader election, log replication, and safety, and it enforces a stronger degree of coherency to reduce the number of states that must be considered.