An Overview of Criteria for Customizing Blockchain Consensus Algorithms for IoT Networks

The Internet of Things (IoT) describes a network in which devices are interconnected and equipped with sensors and software, and other advanced technologies, enabling the collection and exchange of data. These devices are designed for operation in power-constrained environments, which impose limitations on processing power, memory, and energy resources. Nevertheless, they possess the capability to communicate with additional devices autonomously, eliminating the need for human intervention. However, IoT networks encounter various challenges, including system diversity, network complexity, and resource limitations of IoT devices. To address these challenges, blockchain technology offers promising solutions by employing consensus algorithms to replace centralized validation mechanisms. This paper offers a thorough analysis of the essential criteria for tailoring blockchain consensus algorithms to the specific needs of IoT networks, addressing factors such as latency, storage capacity, data security, and computational power.