Blockchain based Authentication and Privacy Preservation in IoMT Devices

Abstract

A decentralised, distributed, open, and transparent digital ledger that keeps track of transactions among a number of computers is what is meant by the term "blockchain." By creating Bitcoin, the first cryptocurrency, in 2008 under the pseudonym Satoshi Nakamoto, a person or group created a revolutionary technology. Designing a solution to the issue of confidence in digital transactions, which would do away with the need for middlemen like banks or governments to verify and approve transactions, was urgently needed. The blockchain was created as a result of several important considerations. First, the blockchain addressed the problem of double spending, in which digital currency might be duplicated and used more than once, by developing a decentralised consensus system that validates transactions and upholds a single source of truth. Second, blockchain introduced the idea of "smart contracts," which are self-executing contracts that autonomously enforce terms and conditions by doing so without the use of intermediaries, thereby increasing efficiency and lowering costs across a range of businesses. As each transaction is recorded on a block that is linked to earlier blocks in a chronological and immutable manner, creating a visible and auditable history of all transactions, bringing transparency to transactions was Blockchain's biggest accomplishment. This has repercussions for supply chain management, electoral processes, and other sectors where accountability and openness are crucial.