Smart Contracts for the Internet of Things: Opportunities and Challenges

Block chain provides an innovative solution to information storage, transaction execution, security, and trust building in an open environment. The block chain is technological progress for cyber security and cryptography, with efficiency-related cases varying in smart grids, smart contracts, over the IoT, etc. The movement to exchange data on a server has massively increased with the introduction of the Internet of Things. Hence, in this research, Splitting of proxy re-encryption method (Split-PRE) has been suggested based on the IoT to improve security and privacy in a private block chain. This study proposes a block chain-based proxy re-encryption program to resolve both the trust and scalability problems and to simplify the transactions. After encryption, the system saves the Internet of Things data in a distributed cloud. The framework offers dynamic, smart contracts between the sensor and the device user without the intervention of a trustworthy third party to exchange the captured IoT data. It uses an efficient proxy re-encryption system, which provides the owner and the person existing in the smart contract to see the data. The experimental outcomes show that the proposed approach enhances the efficiency, security, privacy, and feasibility of the system when compared to other existing methods.

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Introduction of Blockchain and Usage of Blockchain in Internet of Things

Transforming Businesses With Bitcoin Mining and Blockchain Applications - Advances in Finance, Accounting, and Economics ◽

10.4018/978-1-7998-0186-3.ch001 ◽

2020 ◽

pp. 1-15 ◽

Cited By ~ 1

Author(s):

Chandrasekar Ravi ◽

Praveensankar Manimaran

Keyword(s):

Internet Of Things ◽

Data Centers ◽

The Internet ◽

Smart Contracts ◽

Proof Of Concept ◽

Access Management ◽

Advantages And Disadvantages ◽

The Common ◽

The Internet Of Things ◽

The Web

Since the advent of the web, the number of users who started using the internet for everyday purpose has increased tremendously. Most of the common purposes are to access their data whenever they want and wherever they want. So many companies have started providing these services to normal users. These companies store huge volume of data in the data centers. So protecting the integrity of the data is the main responsibility of these companies. Blockchain is one of the trending solutions that gives storage immutability to the users. This chapter starts with the working of blockchain and smart contracts and advantages and disadvantages of blockchain and smart contracts and then goes on to explain how blockchain can be integrated into the internet of things (IOT). This chapter ends with an architecture based on the proof-of-concept for access management, which is blockchain-based fully distributed architecture.

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Concept of Blockchain Technology and Its Emergence

Blockchain Applications in IoT Security - Advances in Information Security, Privacy, and Ethics ◽

10.4018/978-1-7998-2414-5.ch001 ◽

2021 ◽

pp. 1-20

Author(s):

Padmavathi U. ◽

Narendran Rajagopalan

Keyword(s):

Internet Of Things ◽

Educational Institutions ◽

The Internet ◽

Disruptive Technology ◽

Smart Contracts ◽

Security Issues ◽

Blockchain Technology ◽

Distributed Ledger ◽

Authentication And Authorization ◽

The Internet Of Things

Blockchain refers to a distributed ledger technology that helps people to regulate and manage their information without any intermediaries. This technology emerges as a promising panacea for authentication and authorization with potential for use in every possible domain including financial, manufacturing, educational institutions, etc. Blockchain has its birth through the concept of Bitcoin, a digital cryptocurrency by Satoshi Nakamoto, called as Blockchain 1.0. Blockchain 2.0 came into existence in 2014 with Ethereum and smart contracts. The challenges such as scalability, interoperability, sustainability, and governance led to the next generation of Blockchain also called as IOTA, a blockchainless cryptocurrency for the internet of things runs on the top of their own ledger called Tangle, which is immune towards quantum computers. This disruptive technology evolved to provide cross chain support and more security through Blockchain 4.0. Finally, the chapter concludes by discussing the various applications of this technology and its advantages and security issues.

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Part II Trade Finance Technology, 10 Digitalisation of Shipping and Insurance Documents: Implications for Trade Finance

10.1093/law/9780198854470.003.0010 ◽

2021 ◽

Author(s):

Goldby Miriam

Keyword(s):

Machine Learning ◽

International Trade ◽

Internet Of Things ◽

New Technologies ◽

Insurance Contract ◽

The Internet ◽

Smart Contracts ◽

Trade Finance ◽

Distributed Ledger ◽

The Internet Of Things

The inefficiencies inherent in processing pieces of paper manually down a cross-border chain of sales have prompted the international trade community to attempt to replace bills of lading with digital alternatives. These efforts have been ongoing for thirty years, but the recent availability of new technologies, particularly distributed-ledger technology (‘DLT’), which can be used in combination with ‘smart contracts’, the internet of things (‘IoT’) and machine-learning, has given these efforts a new impetus. Digitalisation holds many promises, including the creation of a context wherein new and cheaper financing options may be developed that do not involve manual checking of large volumes of paper documents. However, doing away with the paper-based documents of title creates uncertainties in terms of the bank’s position as secured creditor. Similarly, while cargo insurance certificates have been issued over electronic platforms for many years now, their transfer by endorsement is still effected by printing the certificate out and endorsing the paper-based certificate. In order for the benefits of digitalisation to be reaped in full, cargo insurance certificates also need to be fully digitalised, which would in turn raise questions as to the bank’s position as assured under the insurance contract. This chapter will examine the options available for making the bank’s position more certain. These options include legislative intervention and the development of contractual frameworks governed by English law.

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