A Review on Bitcoin and Currency Encryption

In today's world, security has become a major issue in our lives, and in this era, one cannot trust the government for handling their lifetime savings. That's where the bitcoin comes to our lives. In this chapter, the authors try to understand one of the famous innovative payment methods (Bitcoin), how it is used and the data structure (Merkle tree) that is used in it. Also, they discuss one of the most recent attacks that involved the use of bitcoin (Wanacry). Further, they try to understand how this hack succeeded in stealing 10,800 euros that is 8,74,290 rs from the hospital with the help of bitcoin. They also discuss the various bitcoin companies now emerging with their own security measures against such hacks.

A Holistic View on Blockchain and Its Issues

Blockchain, the technology behind most popular cryptocurrency Bitcoin and Ethereum, has attracted wide attention recently. It is the most emerging technology that has changed the financial and non-financial transaction system. It is omnipresent. Currently, this technology is enforcing banks, industries, and countries to adopt it in their financial, industrial, and government section. Earlier, it solved the centralize and double-spending problems successfully. In this chapter, the authors present a study of blockchain security issues and its challenges as well. They divided the whole chapter into two parts. The primer part covers a holistic overview of blockchain followed by the later section that argues about basic operations, 51% attack, scalability issue, Fork, Sharding, Lightening, etc. Finally, they mention an intro about its adaptation (financial or non-financial) in our 24/7 life and collaboration with fields like IoT.

IoT and Blockchain in Indian Perspective

Internet of things (IoT) is a collection of smart equipment that creates a smart world. It has not just changed the way we interact with important devices but has also enhanced the potential of these devices. A major limitation of IoT is that it relies on centralized communication models. Traditional IoT solutions require high infrastructure and maintenance costs, which result in scalability problems. Moreover, the vulnerability of cloud servers and their failure can affect the IoT system. There is still no one platform that connects all devices. The peer-to-peer communication model instead of the standard server/client one can be the sustainable solution the IoT industry is looking for. The major challenge with the peer-to-peer networks is security. This is where the use of blockchain in IoT can help the IoT industry scale up in a sustainable way. Indeed, blockchain and IoT together can handle a portion of IoT's greatest difficulties. The main objective of this chapter is to provide an overview of IoT and Blockchain in Indian perspectives.

Blockchain Technology for the Internet of Things Applications in Apparel Supply Chain Management

Adoption of the internet of things (IoT) and blockchain technology opens new opportunities of business process automation in apparel supply chain management. The IoT technology helps to capture real-time information from different aspects of garment manufacturing activities by using radio frequency identification (RFID) tags and sensors. Blockchain technology is an emerging concept of computing that enable the decentralized and immutable storage of business transactions. In combination with IoT, blockchain technology can enable a broad range of application scenarios to enhance business value and trust. This chapter presents some of the blockchain-based IoT technology applications in apparel business processes. Moreover, the chapter provides a classification of threat models, which are considered by blockchain protocols in IoT networks. Finally, the chapter provides a taxonomy and a side-by-side comparison of the state-of-the-art methods towards secure and privacy-preserving blockchain technologies concerning the blockchain model, specific security goals, performance, and limitations.

Blockchain Technology

Blockchain, as the name suggests, is a linear chain of blocks. It is a digital ledger that holds information on transactions taking place over the web. So every block contains data in the form of coding that is organized in a chronological manner. In 2004, a concept called “reusable proofs of work” was introduced by Hal Finney. In 2009, a mysterious white paper titled “Bitcoin: A Peer to Peer Electronic Cash System,” by visionary Satoshi Nakamoto gave birth to the concept of blockchain. This is a survey of blockchain technology that first provides a short introduction of the blockchain, discussing its advantages and followed by possible limitations and their possibilities for the future.

Integrate Hybrid Cloud Computing Server With Automated Remote Monitoring for Blockchain as a Service

Blockchain is also used for bitcoin transactions as a technology for accumulating data files in the cloud for key distribution and file manipulation in distributed fashion. It is a service of cloud that manages elasticity of compute cloud, storage, and technology of network security (i.e., secure solution to store and share information by offering a distributed ledger service). In distributed systems, abandoned events are much more frequent than centralized system. This concept causes a number of issues including data reliability, high economical cost, and information system security. In this chapter, the authors present a new framework in blockchain to supervise the cloud server for administration of blockchain, which is verified the transaction reliability in peer-to-peer networks for sharing of data files in centralized manner. Each transaction can be generated keys for server authentication to verify all the connected members for monitoring the web server.

A Review on the Importance of Blockchain and Its Current Applications in IoT Security

In recent years, blockchain technology has attracted considerable attention. As blockchain is one of the revolutionary technologies that is impacting various industries in the market now with its unique features of decentralization, transparency, and incredible security. Blockchain technology can be used for anything which requires their transactions to be recorded in a secure manner. In this chapter, the authors survey the importance of the blockchain technology and the applications that are being developed on the basis of blockchain technology in area of IoT and security.

Security Issues of IoT

Wireless communication networks are highly prone to security threats. The major applications of wireless communication networks are in military, business, healthcare, retail, and transportations. These systems use wired, cellular, or adhoc networks. Wireless sensor networks, actuator networks, and vehicular networks have received a great attention in society and industry. In recent years, the internet of things (IoT) has received considerable research attention. The IoT is considered as future of the internet. In the future, IoT will play a vital role and will change our living styles, standards, as well as business models. The usage of IoT in different applications is expected to rise rapidly in the coming years. The IoT allows billions of devices, peoples, and services to connect with others and exchange information. Due to the increased usage of IoT devices, the IoT networks are prone to various security attacks.

Securing IoT Applications Using Blockchain

The internet of things (IoT) has become a guiding technology behind automation and smart computing. One of the major concerns with the IoT systems is the lack of privacy and security preserving schemes for controlling access and ensuring the security of the data. A majority of security issues arise because of the centralized architecture of IoT systems. Another concern is the lack of proper authentication and access control schemes to moderate access to information generated by the IoT devices. So the question that arises is how to ensure the identity of the equipment or the communicating node. The answer to secure operations in a trustless environment brings us to the decentralized solution of Blockchain. A lot of research has been going on in the area of convergence of IoT and Blockchain, and it has resulted in some remarkable progress in addressing some of the significant issues in the IoT arena. This work reviews the challenges and threats in the IoT environment and how integration with Blockchain can resolve some of them.

Concept of Blockchain Technology and Its Emergence

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.