Analyzing Blockchain Technology Use Cases in Internet of Things

This literature review examines the increasing use of blockchain technology in Internet of Things (IoT) systems, focusing on its applications, challenges, and benefits. It covers various aspects, including difficulties in implementation, use in the financial sector and access models, costs associated with managing IoT systems, applications in supply chain management (SCM) and the chemical industry, the need for experienced professionals, and its role in electric business models. The review identifies key problems such as increased complexity, high transaction costs, and the need for high network speeds. It suggests solutions such as hiring dedicated professionals and implementing effective IT governance plans to minimize overhead costs, emphasizing the importance of high-speed internet connections for IoT-based systems. The review references multiple studies highlighting the security, transparency, and decentralization benefits of blockchain in IoT, while also addressing scalability and processing time issues.

Running head: USING BLOCK CHAIN TECHNOLOGY IN IOT
Using block chain technology in IoT
Name of the Student
Name of the University
Author’s Note

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Table of Contents
Task 2...............................................................................................................................................3
Literature Review........................................................................................................................3
Requirements of the project.........................................................................................................5
Problem Statement.......................................................................................................................6
Techniques to solve the problem.................................................................................................6
Reference.........................................................................................................................................7

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Task 2
Literature Review
As discussed by Conoscenti, Vetro and De Martin (2016), the use of the block chain
technology is increasing every day. The researcher focused on the use of the block chain in the
cryptocurrency. The main advantage of the paper is that it focuses on the implementation of
block chain technology in IoT based systems. According to the researcher, the implementation of
block chain technology is very much useful considering our transactions in our daily life.
According to Huckle et al. (2016), decentralization and shared economy uses are the
main uses of the internet of things and block chain technology. The researcher focused on the use
of block chain technology in uses like Uber. The opportunities of the block chain technology are
stated in a professional way in this paper.
As discussed by Li et al. (2018), block chain technology is very much useful in the
industries. The researcher focused on the use of the technology in industrial equipment's such as
the microgrids in the energy industries. The main advantage of the paper is that it focuses on the
security provided by this technology in the financial transactions.
According to Ouaddah, Elkalam and Ouahman (2017), there are different types of issues
associated with the incorporation of the block chain technology in IoT based systems. The
researcher focused on the access control models where block chain technology is incorporated.
The issues associated with those systems and models are discussed in the paper. The main
advantage of the paper is that it provides detailed information about the issues associated with
the block chain technology.

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As discussed by Saberi et al. (2015), block chain technology is very much used in the
supply chain market. The researcher focused on the traceability, transparency, and security
provided by the block chain technology in the IoT based systems. The main advantage of the
paper is that it provides detailed knowledge about the use of block chain technology in the smart
contracts which are often used in the supply chain market.
According to Sikorski, Haughton and Kraft (2017), the use of IoT based systems are
gaining popularity across various industries. The researcher focused on the use of block chain
technology in the chemical industry. The foremost benefit of the paper is that it states about the
different advantages and disadvantages associated with the incorporation of block chain
technology.
As discussed by Wu et al. (2018), the use of block chain technology has improved the
quality of service provided by the IoT based systems. The flexibility and security provided by the
block chain technology is the main focus of the paper. The researcher focussed on the use of the
block chain technology in the security mechanisms of the IoT based systems. The main
advantage of the paper is that it provides detailed information about the maintenance costs
associated with the IoT based systems which are working on block chain technology.
According to Wüst and Gervais (2018), block chain has helped the society in a massive
way with the help of its specifications but this technology has few issues also which are
discussed in the paper. The issues focussed in this paper is the processing time of the system
which have incorporated the system. The scalability issues were also discussed in the paper with
primary importance.

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As discussed by Zhang and Wen (2017), block chain technology is increasingly being
used in the IoT based systems. The researcher of the paper focuses on the use of block chain
technology in the IoT electric business models. The foremost benefit of the paper is that it
provides minute details of the elements used in the business models. The security of the block
chain technology is also provided in a detailed manner in this paper.
According to Zheng et al. (2017), the service provided by the IoT based systems are very
dependent on the block chain technology. The researcher focussed on the use of the block chain
technology in variety of uses based on the financial transactions. The drawback of the paper is
that it is written entirely in generalized form rather than focussing on any particular usage of
block chain technology on the financial uses. The main advantage of this paper is that it focuses
on the challenges associated with the incorporation of block chain technology in the IoT based
systems. The paper provides a comprehensive overview of the block chain technology and its
other associated aspects.
Requirements of the project
There are different aspects of block chain technology discussed in the above unit of the paper
such as the following:
o Difficulties in the implementation.
o Use of the technology in the financial sector.
o Use of block chain in access models.
o Huge costs are required to manage the IoT based systems.
o Use of block chain in SCM.
o Use of block chain in chemical industry.

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o Experienced professionals are required to manage the systems.
o Use of block chain in electric business models.
The paper will be focussing on the costs associated with the technology and the need of
professionals to manage the systems.
Problem Statement
The incorporation of block chain technology in the IoT based devices increased the
complexity of those devices. Huge transaction costs and network speed are required in the IoT
based systems is the other problem associated with this technology.
Techniques to solve the problem
The above-discussed problems are needed to be solved in an efficient manner so that the
desired results are obtained from the IoT based systems. Dedicated professionals are needed to
be hired for handling and managing the advanced IoT based systems in the financial sectors. The
availability of dedicated professions is sometimes a concern for business organizations. The
transaction costs can be avoided with the help of effective IT governance plan as it will minimize
the overhead costs also. The practice of high-speed internet connections are always preferred for
the IoT based systems.

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Reference
Conoscenti, M., Vetro, A., & De Martin, J. C. (2016, November). Blockchain for the Internet of
Things: A systematic literature review. In Computer Systems and Uses (AICCSA), 2016
IEEE/ACS 13th International Conference of (pp. 1-6). IEEE.
Huckle, S., Bhattacharya, R., White, M., & Beloff, N. (2016). Internet of things, blockchain and
shared economy uses. Procedia computer science, 98, 461-466.
Li, Z., Kang, J., Yu, R., Ye, D., Deng, Q., & Zhang, Y. (2018). Consortium blockchain for
secure energy trading in industrial internet of things. IEEE transactions on industrial
informatics, 14(8), 3690-3700.
Ouaddah, A., Elkalam, A. A., & Ouahman, A. A. (2017). Towards a novel privacy-preserving
access control model based on blockchain technology in IoT. In Europe and MENA
Cooperation Advances in Information and Communication Technologies (pp. 523-533).
Springer, Cham.
Saberi, S., Kouhizadeh, M., Sarkis, J., & Shen, L. (2018). Blockchain technology and its
relationships to sustainable supply chain management. International Journal of
Production Research, 1-19.
Sikorski, J. J., Haughton, J., & Kraft, M. (2017). Blockchain technology in the chemical
industry: Machine-to-machine electricity market. Applied Energy, 195, 234-246.
Wu, L., Du, X., Wang, W., & Lin, B. (2018, March). An out-of-band authentication scheme for
internet of things using blockchain technology. In 2018 International Conference on
Computing, Networking and Communications (ICNC) (pp. 769-773). IEEE.

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Wüst, K., & Gervais, A. (2018, June). Do you need a Blockchain?. In 2018 Crypto Valley
Conference on Blockchain Technology (CVCBT) (pp. 45-54). IEEE.
Zhang, Y., & Wen, J. (2017). The IoT electric business model: Using blockchain technology for
the internet of things. Peer-to-Peer Networking and Uses, 10(4), 983-994.
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017, June). An overview of blockchain
technology: Architecture, consensus, and future trends. In Big Data (BigData Congress),
2017 IEEE International Congress on (pp. 557-564). IEEE.