Application of Blockchain and Smart Contracts on the Internet of Things
International Journal of Computer Science and Security (IJCSS), 14 (2):
60-71 (June 2020)Abstract
With the recent peak in interest regarding the concepts of bitcoin and the associated Blockchain (BC) network, this paper seeks to examine current implementations of using peer-to-peer based transaction system and the technology behind it. Due to the inherent trustless transaction model incorporated within a BC based system, members are able to transact with other members without the use of a middleman. Additionally, this paper explores the concepts of smart contracts, scripts embedded into the BC system to execute specified external functions following a successful transaction on the network. This decentralized system appears to be the perfect fit for the growing Internet of Things (IoT), the network of devices that can facilitate a growing market between devices and services across the internet. The paper explores the various difficulties associated with setting up such a system, while also exploring the benefits solutions that a decentralized IoT BC system would provide to the current technological landscape. The findings of the paper indicate that there is a demand and a place for an IoT BC through the implementations of smart contracts and careful planning. This type of network could help to revolutionize the current industrial landscape across a variety of sectors in the near future.