Emerging Technologies and Innovation Report: Blockchain and IoT

This report explores the emerging technologies of Blockchain and the Internet of Things (IoT), specifically their integration as BTIoT within the industrial sector. It begins with an introduction and a literature review examining the impact of BTIoT on various industries, including supply chains, autonomous vehicles, and manufacturing plant asset management. The report details the benefits of BTIoT, such as enhanced security, anonymity, and decentralization. It also addresses the challenges, including scalability issues and computational intensity. The research methodology is based on qualitative analysis. The results highlight the need for BTIoT to address legal, regulatory, and insurance requirements. The report concludes by emphasizing the potential business value of BTIoT in the industrial sector, discussing various use cases and limitations, and the need for scalable solutions.

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IT write up
Emerging Technologies and Innovation
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9/30/2019

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Contents
Introduction................................................................................................................................2
Literature Review: BTIoT in Industries.....................................................................................2
Research methodology...............................................................................................................5
Results and findings...................................................................................................................6
Conclusion..................................................................................................................................6
References..................................................................................................................................7

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Introduction
This report is based on emerging technologies and innovation while considering
block-chain technology for the industrial industry. In general, Internet of Things (IoT) with
Blockchain Technology (BT) is experiencing good growth within research as well as
industry. However blockchain with IoT that is often known as BTIoT is suffering from
security and privacy vulnerabilities. Here, BTIoT has been taken as an emerging technology
as well as innovation because BT offers a distributed ledger rather than a centralized
database. With the help of this research report, different aspects of BTIoT for industrial
applications will be discussed in detail. Apart from this, there are some limitations along with
key use cases will be explored with the help of credible sources.
Literature Review: BTIoT in Industries
In this context, BTIoT is a key technology that will be having great impact during
next decade for all global firms in the industrial sector. This research is describing how the
above-mentioned 2 technologies will enhance efficiencies while providing novel business
opportunities and platforms (Zheng, Xie, Dai, & Wang, 2018). It has been found that together
these two technologies address regulatory needs, as well as improve visibility and
transparency. In this context, (Fanning & Centers, 2016) described that IoT with BT allows
for real-time capturing of data with the help of sensors. When the price of actuators and
sensors keeps falling, then modern companies in the industrial field will be capable to
overcome cost-related obstacles while adopting IoT platforms largely.
According to (Advids, 2018), BT with IoT will allow the mutual sharing of the main
relevant data which is captured from the IoT while utilising a decentralized, distributed as
well as shared ledger which is actually available to the contributors into the business network.
In the context of supply chain, these both technologies can provide supply chain solutions
which are the most common use of BT in order to solve real-time business issues and
problems because of the lack of reflectivity of shipment-data for component or product info.
It is because the shipment moved via the supply-chain. While proving the supply chain
solutions, the BTIoT will gain main shipment data which is released from IoT devices
associated with product as the shipment moves through source-to-destination (Zheng, Xie,
Dai, & Wang, 2018).

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In addition to that, BT with IoT can also offer autonomous vehicle solutions. As per
the study (Ji & Anwen, 2010), there is a huge number of cars with at least one self-driving
capacity by the early 2020s. In this way, the below-presented diagram is clearly illustrating
vehicle sensors’ emitting data to the IoT platform like charging, fueling, parking as well as
repair events. In addition to that, modern IoT platforms are invoking the suitable BT
transaction on the basis of rules linked to the kind of acquired sensor data. In this context,
open API integration layer can also be used from the parking, charging, refueling and repair
facilities for invoking a BT transaction on the blockchain during the completion of the
operation (Martin, 2018).
As mentioned by (Hamida, Brousmiche, Levard, & Thea, 2017), BTIoT can be used
for manufacturing plant asset management. It is worth knowing that a blockchain with IoT
solution would allow the prediction and prevention of failures for manufacturing plant

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equipment in this digital world. In addition to that, with equipment sensors, BTIoT would be
able to detect conditions like excessive heat and vibration that may lead to operator injury or
failures (Pay, 2018). Apart from this, main threshold data that is captured on the BT through
the sensors will be used for detecting trends for such failures as well as facilitate pro-active
maintenance and thereby repairs prior the failure occurs. In the study conducted by
(Gatteschi, Lamberti, Demartni, Pranteda, & Santamaria, 2018), it has been found that an
application of analytics, as well as cognitive data produced by the equipment in the factory
industry, will allow maintenance, reliability, as well as operations staff for acquiring many
detailed and accurate insights into assets performance (Zheng, Xie, Dai, & Wang, 2018).
As mentioned by (Wang, Feng, Zhang, Lyu, & Wang, 2017), there are some features
of BTIoT which make it a great and useful technology in order to address the above-
mentioned privacy and security challenges of IoT. Such salient features of BTIoT are as
follows:
 Security: BTIoT realizes a safe as well as secure network on untrusted parties
that are actually desirable within IoT with heterogeneous and numerous
devices.
 Anonymity: BTIoT has this feature and thereby inherent anonymity afforded
is best-suited for most of the IoT uses while the identity of users should be
kept confidential (Ji & Anwen, 2010).
 Decentralization: BTIoT has the quality of decentralization. In this context, the
lack of central control always ensures that scalability as well as robustness
while using resources of all nodes and eradicating multi-to-one traffic flows.
In this way, BTIoT decreases delay and hence it also overcomes the issue of a
sole point of failure.
On the other hand, the study done by (Mavromoustakis, Mastorakis, & Batalla, 2016)
presented many challenging aspects of BTIoT in this modern technological world. Apart
from this, ( Maltseva, 2018) also highlighted the fact that BT in IoT is not that easy as well as
straightforward. Therefore, BTIoT always requires addressing the below-mentioned critical
challenges:
 It has been found that BT scales very poorly when the number of nodes into
the network increases.

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 In addition, mining is specifically computationally intensive when almost all
of the IoT devices are resource-restricted (Zheng, Xie, Dai, & Wang, 2018).
 Moreover, the mining of blocks in BT is so much time-consuming while in so
many IoT apps, low-level of latency is desirable.
 Lastly, all of the underlying BT protocols considerably form significant
overhead traffic, which might be undesirable for bandwidth-restricted IoT
devices in this modern era (Lindman, Tuunainen, & Rossi, 2017).
Research methodology
As we know that research methodology for the research report is often sub-divided
into two categories include:
 Qualitative research methodology
 Quantitative research methodology
Based on the above analysis, it is clear that the purpose of qualitative research is to
understand as well as interpret social interactions effectively. In this way, this research has
used qualitative research methodology while using images, graphics, and theoretical
framework (Kokina, Mancha, & Pachamanova, 2017). As the type of data analysis for this
research is including themes, patterns, identifications and key features of BTIoT hence the
research methodology considerably included all of the theoretical aspects of selected

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emerging innovation and technology rather than statistics and numbers (Huichen & Neil,
2016).
Results and findings
This research on BTIoT has successfully identified the role of Blockchain and IoT
solutions in the contemporary industrial sector. It has been found that BTIoT will require
addressing legal, regulatory, as well as insurance needs for goods which are transferred on the
autonomous vehicles, supply chain, along with manufacturing plant equipment. In addition to
that, safety records and research results will also require to be effectively monitored with the
help of legal institutions, regulators as well as insurance adjusters. It has been found that
regulators need access to compliance with all of the safety records into the blockchain with
IoT. Moreover, based on (Bohme, Christin, Edelman, & Moore, 2015), law firms will also
require access to safety records as well as equipment failure data for litigation purposes from
the blockchain. In this way, the IoT platform and IoT sensor devices will demand high
availability to be efficiently implemented in future industrial sector (Infosec, 2012). Besides,
BTIoT will require scalable solutions for handling transaction volumes and five-nines uptime
requirements in near future.
Conclusion
As mentioned above, the research has observed that high liability issues from insurers
of autonomous vehicles will be raised when BT will be used with IoT. Despite such
implications, it has been found that the grouping of the Internet of Things (IoT) and
blockchain will bring business value to the industrial sector in near future. Apart from this,
this discussion has found so many use cases for BTIoT. In addition, some key limitations of
the blockchain have been discussed alone and with IoT as well. In a nutshell, this research
has discussed every possible aspect of the BTIoT combination for the industrial sector.

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References
Maltseva, D. (2018, 08 27). How will Blockchain create wild new opportunities in the
business world. Retrieved from A Medium Corporation:
https://medium.com/coinmonks/https-medium-com-dana-m-how-does-blockchain-
create-wild-new-opportunities-in-the-business-world-d6da6e2311f3
Advids. (2018). 20 BLOCKCHAIN BUSINESS OPPORTUNITIES EXPLAINED IN
VARIOUS SECTORS. Retrieved from Advids: https://blog.advids.co/20-blockchain-
business-opportunities-explained-in-various-sectors/
Bohme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology,
and governance. Journal of Economic Perspectives, 29(2), 213-238.
Fanning, K., & Centers, D. (2016). Blockchain and its coming impact on financial services.
Journal of Corporate Accounting and Finance, 27(5), 53-57.
Gatteschi, V., Lamberti, F., Demartni, C., Pranteda, C., & Santamaria, V. (2018). To
blockchain or not to blockchain: That is the question. IT Professional, 20(2), 62-74.
Hamida, E., Brousmiche, K., Levard, H., & Thea, E. (2017). Blockchain for enterprise:
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Huichen, L., & Neil, W. (2016). IoT Privacy and Security Challenges for Smart Home
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Infosec. (2012). the Role of Cryptography in Information Security. Retrieved from Infosec:
https://resources.infosecinstitute.com/role-of-cryptography/#gref
Ji, Z., & Anwen, Q. (2010). The application of internet of things (IOT) in emergency
management system in China. IEEE International Conference on Technologies for
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Kokina, J., Mancha, R., & Pachamanova, D. (2017). Blockchain: Emergent industry adoption
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Lindman, J., Tuunainen, V., & Rossi, M. (2017). Opportunities and risks of Blockchain
Technologies–a research agenda. 50th Hawaii International Conference on System
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Mavromoustakis, C., Mastorakis, G., & Batalla, J. (2016). Internet of Things (IoT) in 5G
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Pay, O. (2018, 09 20). 5 Cryptocurrency and Blockchain Related Business Ideas 2018.
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