Paper Info
Title
Blockchains and Smart Contracts for the Internet of Things.
Abstract
Motivated by the recent explosion of interest around blockchains, we examine whether they make a good fit for the Internet of Things (IoT) sector. Blockchains allow us to have a distributed peer-to-peer network where non-trusting members can interact with each other without a trusted intermediary, in a verifiable manner. We review how this mechanism works and also look into smart contracts-scripts that reside on the blockchain that allow for the automation of multi-step processes. We then move into the IoT domain, and describe how a blockchain-IoT combination: 1) facilitates the sharing of services and resources leading to the creation of a marketplace of services between devices and 2) allows us to automate in a cryptographically verifiable manner several existing, time-consuming workflows. We also point out certain issues that should be considered before the deployment of a blockchain network in an IoT setting: from transactional privacy to the expected value of the digitized assets traded on the network. Wherever applicable, we identify solutions and workarounds. Our conclusion is that the blockchain-IoT combination is powerful and can cause significant transformations across several industries, paving the way for new business models and novel, distributed applications.
Year
DOI
Venue
2016
10.1109/ACCESS.2016.2566339
IEEE ACCESS
Keywords
Field
DocType
Blockchain,distributed systems,internet of things
Software deployment,Workaround,Cryptography,Computer science,Computer security,Computer network,Automation,Verifiable secret sharing,Business model,Workflow,Smart contract
Journal
Volume
ISSN
Citations 
4
2169-3536
142
PageRank 
References 
Authors
7.11
8
2
Search Limit
100142
Name
Order
Citations
PageRank
Konstantinos Christidis134515.91
Michael Devetsikiotis287193.90