Blockchain Technology and its Impact on Future of Internet of Things (IoT) and Cyber Security

Abstract

Due to Bitcoin's innovative block structure, it is both immutable and decentralized, making it a valuable tool or instrument for changing current financial systems. However, the appealing features of Bitcoin have also drawn the attention of cybercriminals. The Bitcoin scripting system allows users to include up to 80 bytes of arbitrary data in Bitcoin transactions, making it possible to store illegal information in the blockchain. This makes Bitcoin a powerful tool for obfuscating information and using it as the command-and-control infrastructure for blockchain-based botnets. On the other hand, Blockchain offers an intriguing solution for IoT security. Blockchain provides strong protection against data tampering, locks Internet of Things devices, and enables the shutdown of compromised devices within an IoT network. Thus, blockchain could be used both to attack and defend IoT networks and communications.