WHY BLOCKCHAIN FOR INTERNET OF THINGS?
*IoT devices are vulnerable to cyber-attacks.
*These gadgets devote the majority of their energy and computing capacity to their principal functions, and therefore are unable to meet their own stringent security and privacy requirements.
*Traditional security methods might be expensive.
*Can cause IoT devices to consume a lot of energy and process data faster than they should.
Another issue is the IoT networks' huge size and scattered nature.
Thus: BITCOIN & SECURITY FOR IOT
Bitcoin, a cryptocurrency based on the Blockchain protocol, enabled peer-to-peer payments and money transfers without the use of a third party. The technology provides a high level of security and encryption, allowing two parties to conduct digital transactions. The blockchain serves as a secure database for all users' processes. The basic purpose of blockchain technologies is to remove the need for mediators and perform tasks across a distributed network. Unlike centralized systems, each peer of the blockchain network keeps a copy of the system's processes or can access it via the cloud. This allows everyone to access and review their own process logs. Validation provides a high level of transparency. Before being sent to the blockchain network, each action is signed by miners. As a result, completely replicating or changing an operation is impossible. Furthermore, the system may be monitored in order to offer proof.
AREAS OF USE FOR BLOCKCHAIN BASED IOT
*Sensing
*Keeping Data
*Identity Management
*Smart Living Applications
*Smart Trasnportation Systems
*Wearable Technologies
*Supply Chain Management
*Cyber Law & Secuirty
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