Exploring the Potential of Blockchain Technology in an IoT-Enabled Environment: A Review

Abstract

Internet of Things (IoT) plays an essential contribution in connecting devices and enabling seamless data exchange, leading to increased efficiency and convenience. However, security concerns in IoT systems are significant, as compromised devices can lead to data breaches and privacy violations. Blockchain technology can enhance IoT security by providing decentralized consensus, immutability, and transparent transaction records, ensuring secure and trustworthy communication and data integrity. This review article gives a succinct but thorough understanding of blockchain technology, covering architecture of blockchain, working principles, types, applications, platforms, and its role in the IoT environment. The study highlights potential benefits of blockchain like enhanced security and privacy, and explores its integration with IoT. Additionally, the study discusses various real-world applications, examines blockchain platforms, and addresses the limitations and challenges associated with blockchain technology. This review serves as a valuable resource for researchers and practitioners seeking a deeper understanding of blockchain's potential and its implications in the IoT landscape.