Block chain technology is covered under the category of cryptocurrencies where, it is used for securing the confidential information of the users. IoT systems are dependent on the centralized architecture where, information is analysed and send back to IoT devices. In terms of IoT, it is responsible for the securer transaction with help of its nodes. Block chain is used for storing the data in the form of hashes in the blocks which are inter-connected to each other right after each block. Every block consists of cryptographic hashes in addition to it, previous hash is also present in each block. The data which is shared in the block chain technology is used by the IoT nodes for transferring of the resources from source to the destination.
BC is one of the most secure technology with minimal security flaws which may affect the resources. Implementation of IoT with the help of this technology is carried out for strong communication in neutral environment. IoT in block chain refers to the data which needs to be secured when any sharing of the resources take place. These blocks are public which are as same as original blocks but, they are encrypted with the help of private keys. Sharing of multiple files and information about sender and receiver is much confidential. The stability of data flows and traffic is maintained with in the field of BC in IoT.
Block Chain IoT Platforms
IOTA is used for the data transfer on the ledge technology where, digital money is transferred to the receiver’s address without any transfer wage. It is one of the oldest platforms in IoT with high scalability and availability of the micro-payments. These platforms are used for making millions of transactions by the users.
Connectivity Standards are managed under the category of MOECO where, these platforms are adapted by the business for the secure payments transfer globally. This platform is cost-efficiently and offers fast and reliable services to the users. Users using this platform are also rewarded for making transaction on this environment.
IoTeX deals with the unknown devices and connects them to the real-world applications and used for cross-chain sharing of the information for all the IoT devices. IT provides high network threshold which reduces the cost of the transaction for the available hosts.
IoT Challenges Resolved by Bloch chain Technology
There are some issues experienced by the IoT devices which enables the risks for the compromise of the resources. These challenges are solved with the help of BC and IoT is becoming more secure day by day.
Minimal human errors
Secure Data Arrays
Encryption to resources
• Unauthorized access failure
Risks of Using BC
There are several mitigation plans for the block chain implementation in the field of internet of things. These risks make the field of IoT security vulnerable. Risks emerged while block chain implementation is listed below.
• Credentials Loss
• Legal & Compliance