The Benefits, Challenges, and Future of Blockchain and The Internet of Things

Abstract

The Internet of Things (IoT) has expanded internet connectivity beyond computers and
people to include most objects in our environment. The Internet of Things (IoT) can connect
billions of items at once, which has the effect of improving the need for information sharing and
ultimately enhancing our quality of life. Due to its centralized server/client approach, which limits
the IoT's potential benefits, there are numerous obstacles to IoT adoption in the real world. For
instance, the network's excessive number of IoT items can cause scalability and security
problems. The server/client approach necessitates that all devices connect to and are
authenticated by the server, creating a single point of failure. As a result, shifting the IoT system
to a decentralized approach might be the best course of action. Blockchain is one of the most
well-known decentralization technologies. The Blockchain is a potent technology that
decentralizes administration and computation processes, which can address many IoT
problems, particularly security. The benefits and difficulties of the integration of the blockchain
with the IoT are highlighted in this paper's review. There is also a discussion of the potential
research avenues for blockchain and IoT. We conclude that combining blockchain technology
with IoT can result in a potent strategy that can significantly open the door for new business
models and distributed applications