The Combination of Blockchain and the Internet of Things (IoT): Applications, Opportunities, and Challenges for Industry
Taushif Anwar, Ghufran Ahmad Khan, Zubair Ashraf, Zulfikar Ali Ansari, Rafeeq Ahmed, Mourade Azrour
Abstract
The utilization of blockchain technology is becoming increasingly prevalent in both academia and industry due to its decentralized and distributed nature, which offers advantages such as heightened security and trust-building. Various industries, including banking, insurance, logistics, and transportation, have begun implementing blockchain applications, and insurance companies are exploring the technology to enhance their efficiency. However, despite the buzz surrounding blockchain, it has not been fully leveraged yet. Companies must decide whether to adopt blockchain, and its distributed ledger system makes it more secure and transparent. By facilitating smart contract execution, the blockchain network can prevent errors and deter criminals. In contrast, the Internet of Things (IoT) can improve the speed of real-time applications through automation, but integrating it with blockchain poses challenges, such as mining the blockchain with IoT devices. This article offers a real-time viewpoint on the application of blockchain and IoT in Industry 4.0 and Society 5.0. The following parts discuss crucial subjects such as outstanding concerns, challenges, and potential research avenues that may assist upcoming scholars who aim to broaden the scope of blockchain-IoT applications.