BID: Blockchaining for IoT Devices

Abstract

The growth of technology has brought upon a slew of devices that have the ability to connect to the internet. This has led to much more opportunistic and easier ways to perform tasks but it also opens the doors for new attacks. Blockchaining is a new technology that was introduced with the creation of Bitcoin in 2008. Blockchaining has mostly been implemented in the field of cryptocurrency but there are many other useful applications of blockchaining. It allows for a decentralized ledger of data that can securely keep a network honest and prevent from possible attacks. Blockchains are based on a consensus algorithm and the proof of stake algorithm bases consensus between nodes based on the stake that the nodes have in the system.