How Blockchain Will Defend IOT

Abstract

Blockchain technology is the missing link to settle scalability, privacy, and reliability concerns in the Internet-of-Things. Blockchain technologies could perhaps be the silver bullet needed by the IoT industry. Blockchain technology can be used in tracking billions of connected devices, enable the processing of transactions and coordination between devices, allow for significant savings to IoT industry manufacturers. This decentralized approach would eliminate single points of failure, creating a more resilient ecosystem for devices to run on. The cryptographic algorithms used by blockchains, would make consumer data more private.

Keywords: blockchain, internet of things, iot security, blockchain usecase, blockchain potential

JEL Classification: Q55