In my opinion, the implementation of Blockchain technology into systems, devices, technological solutions, etc. of the Internet of Things can significantly increase the level of security of data transfer and financial transactions carried out online. This thesis is confirmed by the fact that some commercial banks are already implementing Blockchain technology into their electronic internet and mobile banking platforms.
Best regards,
Dariusz Prokopowicz
The integration of Blockchain and IOT would serve the purpose of integrating security and transparency in an IOT enabled automation environment. This would help in immutable timestamp based events storing into the transaction to serve the purpose of traceability.
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Arpit Shukla.
Integrating Blockchain for IoT is important to ensure that M2M transactions are achieved through its Smart Contract functions. However, it is still a trying stage to implement the Blockchain transaction in an IoT devices due to its limited resources. IOTA was a successful DLT solution for IoT unfortunately its security has been compromised and this technology provide consensus protocol, transaction protocol, network protocol that is relevant to the IoT except its poor security and permission protocol that has been breached by the MIT and Harvard team. I am hoping the Moore's law able to let us squeeze this huge functionality and light weight security functions into the IoT devices such as DFKE and ECC. So it is not the Security providing the mean benefit for integrating the blockchain and it is how the blockchain is able to provide Scalability, Security, Distribution, BFT, CAP constraint and FLP impossibility. If we are not able to address this issue, the blockchain for IoT is a hype topic.
Please read the following paper : Ferrag, M. A., Derdour, M., Mukherjee, M., Derhab, A., Maglaras, L., & Janicke, H. (2019). Blockchain technologies for the internet of things: Research issues and challenges. IEEE Internet of Things Journal, 6(2), 2188-2204. https://ieeexplore.ieee.org/abstract/document/8543246/
I hope that you find this article useful:
https://www.mdpi.com/1999-5903/11/7/161
Dear Ruchika Gupta , there is another dimension to the answer, which is feeding the blockchain ledger with real-time data. Blockchain works very well for digital assets. When having physical objects moving from one point to another, there is no guarantee that what is registered on the blockchain ledger is identical to the physical world. Internet of things can alleviate this problem by providing the system with real-time data. I hope you find my answer useful.
Dubai Debuts Nationwide Data Platform Powered by Blockchain
• UAE debuts a blockchain-based KYC platform
• Dubai’s Department of Economic Development and state-run bank Emirates NBD are rolling out their UAE KYC Blockchain Platform
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Dear Ruchika Gupta,
these publications provide a broad overview of the advantages of integrating Blockchain and IoT:
Philipp Sandner, Jonas Gross, Robert Richter: „Convergence of Blockchain, IoT, and AI“; Frontiers in Blockchain, Sept. 2020, DOI: 10.3389/fbloc.2020.522600 https://www.frontiersin.org/articles/10.3389/fbloc.2020.522600/full
Ana Reyna, Cristian Martín, Jaime Chen, Enrique Soler, Manuel Díaz: „On blockchain and its integration with IoT. Challenges and opportunities“; Future Generation Computer Systems, Vol. 88, Nov. 2018, DOI: 10.1016/j.future.2018.05.046 https://www.sciencedirect.com/science/article/pii/S0167739X17329205
Best regards
Anatol Badach
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