Exploration of blockchain for edifying safety and security in IoT based diamond international trade

Abstract

Recently, Internet of Things is evolving as a absolute full-fledged expertise in the field of technology that are used in all the Smart applications and it stands itself in the upcoming invention of world wide web. As like the World Wide Web, the blooming technology is the Blockchain where all the single nodes in the blockchain hold its own database as distributed ledger. The presence of the ledger enlighten the safety and unambiguous data. This blockchain technology continuously executes the code for smart contracts and consensus thereby prohibiting the access and the entry of the illegitimate clients. The unauthorized users are also not allowed to process any blunder transaction by overcrossing the smart contract code. Therefore there is a possibility of the block chain to integrate with the Internet of Things to overwhelm the performance of any real time application. By considering all this aspects, this paper discusses the preliminaries of the blockchain technology. We also attempt to propose an architectural design namely IoT Blockchain Based Diamond International Trade that provides high security and data performance. The Private Blockchain network namely Ethereum blockchain is used for implementation and the results are also discussed.