Blockchain for Internet of Things: Architecture, Consensus Advancements, Challenges and Application Areas

Abstract

The main purpose behind Internet of Things (IoT) is to extract extensive economic as well as other benefits and to alter day to day life of human being. but along with so many benefits IoT has a major disadvantage that it is considered to be an unreliable platform. However, in recent times block has received a enormous attention. One of the key features of blockchain is that it is a distributed and tamper- resistant ledger which holds a congruous record of data at distinct levels as a result of which it helps in overcoming the security issues in IoT networks. Applications based on blockchain are emerging, covering a number of platforms. However, blockchain is still facing a number of obstructions in its way which need to be solved. In this paper a review based on blockchain technology has been presented focusing on the characteristics, architecture and application areas of blockchain technology. The paper also highlights the advancements in various consensus algorithms and the challenges faced in implementing blockchain in the IoT domain. Finally the paper addresses several open research directions in the related field.