Computer Science & Electrical

Computer Science & Electrical

Blockchains and Smart Contracts for the Internet of Things

Pages: 16  ,  Volume: 24  ,  Issue: 1 , March   2019
Received: 16 Mar 2019  ,  Published: 25 March 2019
Views: 95  ,  Download: 0

Authors

# Author Name
1 N Suresh
2 S Choudaiah

Abstract

ABSTRACT: Motivated by the recent explosion of interest around Blockchains, we examine whether they make a good t for the Internet of Things (IoT) sector. Blockchains allow us to have a distributed peer-to-peer network where non-trusting members can interact with each other without a trusted intermediary, in  a variable manner. We review how this  mechanism works and also look into smart contracts scripts that reside on the Blockchain that allow for the automation of multi-step processes. We then move into the IoT domain, and describe how a Blockchain-IoT  combination: 1) facilitates the sharing of services and resources leading to the creation of a marketplace of services between devices and 2) allows us to automate in a cryptographically variable manner several existing, time- consuming work owns. We also point out certain issues that should be considered before the deployment of a Blockchain network in an IoT setting: from transactional privacy to the expected value of the digitized assets traded on the network. Wherever applicable, we identify solutions and workarounds. Our conclusion is that the Blockchain-IoT combination is powerful and can cause sign cant transformations across several industries, paving the way for new business models and novel, distributed applications.

Keywords

  • Economy
  • References

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