A Solution for Internet of Things based on Blockchain Technology

Abstract

Blockchain technology is a generic term for data organization structures, cryptography algorithms, distributed consensus mechanisms, and peer-to-peer communications that are used to implement distributed ledgers. Its core value lies in the establishment of mutual trust between non-coordinated participants. However, the current blockchain applications are inclined towards software and network, missing strong connection with the real world. The Internet of Things technology connects various smart devices and sensors to Internet to facilitate recognition and management of information. This paper presents a blockchain-based Internet of Things solution, where RFID chips with built-in asymmetric encryption algorithm and scanners uploading information directly to blockchain. Compared to traditional Internet of Things designs, the proposed solution combines the advantages of both decentralized blockchain, and the Waltonchain implementation demonstrates such advantages with both data security and application flexibility.