Abstract

A blockchain in the simplest of terms is a time-stamped series of ineradicable and unchangeable data that is processed by a number of computing machines that are not owned by a singular institution. With the authors of “Blockchain Revolution” stating that the blockchain technology has the potential to be programmed to record not only financial transactions but virtually everything of value, its applications and needs in almost all sectors of technology, service, banking and even day-to-day life are effectively limitless. The Internet of Things (IoT) is basically a vast network of interconnected devices and systems with inbuilt sensors connected to an algorithm over the internet that integrates information from various appliances and implements analytics to construct the most pertinent information in order to address the specific needs of the user. From Radio Frequency Identification (RFID) to Wireless Sensor Networks (WSN) and now to IoT, this disruptive technology has emerged as a field of tremendous growth, impact and potential. With Cisco predicted to have more than 50 billion devices connected by the end of 2020, it is important to note and hence address that IoT technology and its connected devices are more prone to attacks than other endpoint devices such as smartphones, tablets, or computers due to their limited storage, computing and network capabilities.