Blockchain Enabled Enhanced IoT Ecosystem Security

Blockchain (BC), the technology behind the Bitcoin crypto-currency system - is starting to be adopted for ensuring enhanced security and privacy in the Internet of Things (IoT) ecosystem. Fervent research is currently being focused in both academia and industry in this domain. Proof-of-Work (PoW), a cryptographic puzzle, plays a vital role in ensuring BC security by maintaining a digital ledger of transactions, which are considered to be incorruptible. Furthermore, BC uses a changeable Public Key (PK) to record the identity of users - thus providing an extra layer of privacy. Not only in crypto-currency has the successful adoption of the BC been implemented, but also in multifaceted nonmonetary systems, such as in: distributed storage systems, proof-of-location and healthcare. Recent research articles and projects/applications were surveyed to assess the implementation of the BC for IoT Security and identify associated challenges and propose solutions for BC enabled enhanced security for the IoT ecosystem.