IoT and Blockchain Integration: Applications, Opportunities, and Challenges

During the recent decade, two variants of evolving computing networks have augmented the Internet: (i) The Internet of Things (IoT) and (ii) Blockchain Network(s) (BCNs). The IoT is a network of heterogeneous digital devices embedded with sensors and software for various automation and monitoring purposes. A Blockchain Network is a broadcast network of computing nodes provisioned for validating digital transactions and recording the “well-formed” transactions in a unique data storage called a blockchain ledger. The power of a blockchain network is that (ideally) every node maintains its own copy of the ledger and takes part in validating the transactions. Integrating IoT and BCNs brings promising applications in many areas, including education, health, finance, agriculture, industry, and the environment. However, the complex, dynamic and heterogeneous computing and communication needs of IoT technologies, optionally integrated by blockchain technologies (if mandated), draw several challenges on scaling, interoperability, and security goals. In recent years, numerous models integrating IoT with blockchain networks have been proposed, tested, and deployed for businesses. Numerous studies are underway to uncover the applications of IoT and Blockchain technology. However, a close look reveals that very few applications successfully cater to the security needs of an enterprise. Needless to say, it makes less sense to integrate blockchain technology with an existing IoT that can serve the security need of an enterprise. In this article, we investigate several frameworks for IoT operations, the applicability of integrating them with blockchain technology, and due security considerations that the security personnel must make during the deployment and operations of IoT and BCN. Furthermore, we discuss the underlying security concerns and recommendations for blockchain-integrated IoT networks.