A Comprehensive Study of Pros and Cons on Implementation of Blockchain for IoT Device Security

Internet of Things (IoT) one of the biggest buzz words is going around. The question arises what is it? Is it a group of computable devices and appliances connected using sensors, which use the Internet for data exchange? You might be right. We have to remember that if we are going for wireless transmission as we normally do in IoT solutions then the risk in these networks is very high. In this world of IoT 4.0 every device is connected with every device and these devices are used in all kinds of applications starting from the Military, Healthcare, Education, Home and list go on. One has to keep in mind that an IoT solution relies on wired, cellular, or adhoc communication networks. IoT is considered to play a very important role in the next decade or two. There is also an exponential rise of IoT-based devices so that there is a seamless exchange of data between the connected devices and hence decided to be taken based on the data that can be taken faster for the betterment of mankind. As the number of devices has increased it has given rise to various security concerns. We have to remember that confidentiality, authentication, access control, and integrity should never be compromised in the IoT environment. Currently, researchers are trying to develop efficient security and privacy protocols in IoT networks. IoT creates new security challenges for enterprises in scope and scale-like device identity, secure network scale, data security and physical security. This chapter deals with the issues and challenges of IoT devices and the prevention of security loopholes via Blockchain implementation.