Blockchains and Smart Contracts forthe Internet of Things

Christidis, Konstantinos and Devetsikiotis, Michael (2016) Blockchains and Smart Contracts forthe Internet of Things. IEEE Access. pp. 2292-2303.

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Abstract

Motivated by the recent explosion of interest around blockchains, we examine whether theymake a good fit for the Internet of Things (IoT) sector. Blockchains allow us to have a distributed peer-to-peernetwork where non-trusting members can interact with each other without a trusted intermediary, in averifiable manner. We review how this mechanism works and also look into smart contracts—scripts thatreside on the blockchain that allow for the automation of multi-step processes. We then move into theIoT domain, and describe how a blockchain-IoT combination: 1) facilitates the sharing of services andresources leading to the creation of a marketplace of services between devices and 2) allows us to automatein a cryptographically verifiable manner several existing, time-consuming workflows. We also point outcertain 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. Whereverapplicable, we identify solutions and workarounds. Our conclusion is that the blockchain-IoT combinationis powerful and can cause significant transformations across several industries, paving the way for newbusiness models and novel, distributed applications.

Item Type:	Article
Subjects:	Main Topics > Blockchain Projects > BloSSom 2019 Main Topics > Distributed Systems Main Topics > Internet of Things Main Topics > Smart Contracts
Divisions:	Computer Science
Depositing User:	Unnamed user with email richard.dabels@uni-rostock.de
Date Deposited:	11 Sep 2019 11:34
Last Modified:	11 Sep 2019 11:34
URI:	http://blossom.informatik.uni-rostock.de/id/eprint/119

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