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Application of Blockchain and Smart Contracts on the Internet of Things
Nicholas Lucci, Mohammed Ketel
Pages - 60 - 71     |    Revised - 31-05-2020     |    Published - 30-06-2020
Volume - 14   Issue - 2    |    Publication Date - June 2020  Table of Contents
Blockchain, Bitcoin, IoT, Security, Smart Contracts.
With the recent peak in interest regarding the concepts of bitcoin and the associated Blockchain (BC) network, this paper seeks to examine current implementations of using peer-to-peer based transaction system and the technology behind it. Due to the inherent trustless transaction model incorporated within a BC based system, members are able to transact with other members without the use of a middleman. Additionally, this paper explores the concepts of smart contracts, scripts embedded into the BC system to execute specified external functions following a successful transaction on the network. This decentralized system appears to be the perfect fit for the growing Internet of Things (IoT), the network of devices that can facilitate a growing market between devices and services across the internet. The paper explores the various difficulties associated with setting up such a system, while also exploring the benefits solutions that a decentralized IoT BC system would provide to the current technological landscape. The findings of the paper indicate that there is a demand and a place for an IoT BC through the implementations of smart contracts and careful planning. This type of network could help to revolutionize the current industrial landscape across a variety of sectors in the near future.
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Mr. Nicholas Lucci
Applied Information Technology, University of Baltimore, Baltimore, Maryland - United States of America
Dr. Mohammed Ketel
Applied Information Technology, University of Baltimore, Baltimore, Maryland - United States of America