A Role of Blockchain in IoT and Financial Applications

Abstract

A blockchain, is a growing list of information, called blocks, which are linked using cryptography. A blockchain is a decentralized, distributed and a public digital ledger that is used to record transactions across many devices so that any involved record cannot be changed easily, without modifying all subsequent blocks, because of this, blockchain has found its use in wide-ranging fields. This review paper, therefore, describes the role of blockchain in IoT and financial applications, two fields which will be benefitted the most by it. Furthermore, this paper examines the privacy and security concerns related to it and shares some insights on how these problems can be tackled. In this paper, we have reviewed multiple such papers in which similar issues were addressed. Lastly, the public perception of blockchain technology is taken to addresses how blockchain is perceived in different segments of society.