Blockchain Technology: Transforming IoT and Finance with Privacy and Security Considerations

Abstract

A Block chain, is a growing list of information, called blocks, which are linked using cryptography. A Block chain 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, Block chain has found its use in wide-ranging fields. This system, therefore, describes the role of Block chain 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 block chain technology is taken to addresses how block chain is perceived in different segments of society Keywords—framework; block chain; Scalable paymentVerification; Cryptographic hash function; Serial Communication; Transaction data.