Analysis of Blockchain-Based Security Solutions for IoT Communication Networks

Abstract

In recent years, the concept of blockchain technology has garnered substantial attention owing to its pivotal role as the underlying innovation powering cryptocurrencies such as Bitcoin. This surge in interest is particularly notable due to the manifold applications of blockchain technology across diverse domains, including but not limited to, bolstering the security landscape of the Internet of Things (IoT), fortifying the banking sector, optimizing industrial operations, and enhancing clinical establishments. Furthermore, the IoT paradigm has witnessed exponential growth in its adoption, primarily attributed to its seamless integration within smart homes and urban infrastructure projects on a global scale. However, a notable drawback within IoT lies in the inherent limitations of processing power, constrained data storage capacities, and limited network bandwidth of IoT devices. Because of these limitations, IoT devices stand more vulnerable to various forms of cyberattacks in comparison to their counterparts such as smartphones, tablets, or personal computers. This scholarly paper critically delves into the profound security challenges prevalent within the IoT ecosystem and meticulously examines the intricacies of addressing these challenges through the integration of blockchain technology. Additionally, this study identifies and elucidates certain dimensions that remain inadequately covered by existing blockchain implementations in IoT security contexts. Through this comprehensive exploration, the research aims to contribute to a deeper understanding of the potential and limitations of blockchain in fortifying IoT security, shedding light on unexplored avenues and underscoring the imperatives for future research and technological enhancements.