Changing Trends of Blockchain in IoT: Benefits and Challenges

Abstract

The domain of Internet of Things which is popularly referred as IoT, is enabling the vision of data driven connected world. Conventional IoT ecosystems which stream data to fog and cloud servers, are incapable of managing the mammoth volumes of data leading to numerous concerns like compromising the security and privacy of data. With huge success of IoT technology, it becomes imperative to offer more intrepidity in future data generating services and applications. Blockchain is one such technology which is designed with the objectives of inherent security through cryptographic techniques. Thus, it provides opportunity to rule out the challenges of IoT. This paper unfolds various drawbacks of IoT which raises concern for data holder and entrepreneurs. Simultaneously robust features of Blockchain are discussed which ensures to fulfill the requirements posed by IoT. As researchers moved on to explore the fusion Blockchain with IoT, few challenges are encountered even with Blockchain. This paper gives a deep insight of benefits and challenges for fusion of blockchain with IoT.