Recent Trends of Integration of Blockchain Technology With the IoT by Analysing the Networking Systems: Future Research Prospects

Abstract

In recent times, attention has surged towards entities with the potential to revolutionize various sectors. The integration of Internet of Things (IoT) and blockchain technologies, known as IoT-blockchain, offers numerous advantages, including heightened security, privacy, traceability, transparency, and reduced costs. This abstract delves into the taxonomy and prominent platforms of blockchain applications for IoT in networking systems, exploring recent advancements, obstacles, and future research avenues. IoT blockchain's crucial aspect lies in establishing decentralized networks, enabling secure collaboration and data interchange among diverse devices without a central governing entity. Platforms like Ethereum, Hyperledger, and IOTA facilitate the creation and management of these networks. Recent developments focus on enhancing security, scalability, and efficiency through novel consensus mechanisms and cryptographic techniques. Challenges persist, including the need for improved interoperability, integration with existing systems, efficient governance, regulatory structures, and the identification of use cases and business models for widespread adoption. The examination of successful governance, regulatory frameworks, and potential adoption catalysts completes the discourse on IoT blockchain technology.