Blockchain for the IoT: Opportunities and Challenges
It addresses the problem of integrating blockchain into IoT systems for developers and researchers, but it is incremental as it reviews existing concepts without introducing new methods or data.
The paper explores the potential of blockchain technology for Internet of Things (IoT) applications, highlighting opportunities like decentralized trust and distributed ledgers, while identifying challenges such as architectural issues and lack of understanding that limit its adoption beyond cryptocurrencies.
Blockchain technology has been transforming the financial industry and has created a new crypto-economy in the last decade. The foundational concepts such as decentralized trust and distributed ledger are promising for distributed, and large-scale Internet of Things (IoT) applications. However, the applications of Blockchain beyond cryptocurrencies in this domain are few and far between because of the lack of understanding and inherent architectural challenges. In this paper, we describe the opportunities for applications of blockchain for the IoT and examine the challenges involved in architecting Blockchain-based IoT applications.