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 security framework for Ethereum smart contracts
TL;DR: ESAF (Ethereum Security Analysis Framework) is presented, a framework for analysis of smart contracts that aims to unify and facilitate the task of analysing smart contract vulnerabilities which can be used as a persistent security monitoring tool for a set of target contracts as well as a classic vulnerability analysis tool among other uses.
Proceedings ArticleDOI
A Lightweight Payment Verification Protocol for Blockchain Transactions on IoT Devices
Arman Pouraghily,Tilman Wolf +1 more
TL;DR: A Ticket-Based Verification Protocol is proposed, which defines two separate logical entities, contract manager and transaction verifier, which limits the need for high-performance embedded systems to only one unit per administrative domain and reduces the processing and networking overhead other IoT devices in that domain.
Journal ArticleDOI
Information disclosure and blockchain technology adoption strategy for competing platforms
TL;DR: An analytical model is developed to investigate the optimal information disclosure and equilibrium blockchain adoption strategy for competing platforms and analyse how the consumers’ beliefs and blockchain cost will affect the equilibrium results.
Proceedings ArticleDOI
Impact of consensus on appendable-block blockchain for IoT
Roben Castagna Lunardi,Regio A. Michelin,Charles V. Neu,Henry Cabral Nunes,Avelino F. Zorzo,Salil S. Kanhere +5 more
TL;DR: Results indicate that the latency to append a new block is less than 161ms and the delay for processing a new transaction is lessthan 7ms, suggesting that the improved version of the appendable-block blockchain is efficient and scalable, and thus well suited for IoT scenarios.
Journal ArticleDOI
FogChain: A Fog Computing Architecture Integrating Blockchain and Internet of Things for Personal Health Records
André Henrique Mayer,Vinicius Facco Rodrigues,Cristiano André da Costa,Rodrigo da Rosa Righi,Alex Roehrs,Rodolfo Stoffel Antunes +5 more
TL;DR: This work proposes an architecture model named FogChain, which combines the technologies Blockchain, Fog computing, and the IoT for the healthcare domain, and its concept of overcoming IoT constraints by employing a differential approach, adding an intermediary Fog layer near to the edge to improve their capabilities and resources.
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.