Blockchains and Smart Contracts for the Internet of Things
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
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A blockchain-based eHealthcare system interoperating with WBANs
Junchao Wang,Kaining Han,Anastasios Alexandridis,Zhiyu Chen,Zeljko Zilic,Yu Pang,Gwanggil Jeon,Gwanggil Jeon,Francesco Piccialli +8 more
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ChainSplitter: Towards Blockchain-Based Industrial IoT Architecture for Supporting Hierarchical Storage
TL;DR: In this paper, a hierarchical blockchain storage structure, ChainSplitter, is proposed to support immutable and verifiable services in the Industrial Internet of Things (IIoT) infrastructures, where the majority of the blockchain is stored in the clouds, while the most recent blocks are stored in an overlay network of the individual IIoT networks.
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A Collaborative Intrusion Detection Approach Using Blockchain for Multimicrogrid Systems
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