Blockchain Integration in IoT: Applications, Opportunities, and Challenges

The Internet has been enhanced recently by blockchain and Internet of Things (IoT) networks. The Internet of Things is a network of various sensor-equipped devices. It gradually integrates the Internet, sensors, and cloud computing. Blockchain is based on encryption algorithms, which are shared database technologies on the Internet. Blockchain technology has grown significantly because of its features, such as flexibility, support for integration, anonymity, decentralization, and independent control. Computational nodes in the blockchain network are used to verify online transactions. However, this integration creates scalability, interoperability, and security challenges. Over the last decade, several advancements in blockchain technology have drawn attention from research communities and industries. Blockchain technology helps IoT networks become more reliable and enhance security and privacy. It also removes single points of failure and lowers the cost. In recent years, there has been an increasing amount of literature on IoT and blockchain technology applications. This paper extensively examines the current state of blockchain technologies, focusing specifically on their integration into the Internet of Things. Additionally, it highlights the benefits, drawbacks, and opportunities of recent studies on security issues based on blockchain solutions into categories. The survey examined various research papers from different types of publications. Also, a review of the other IoT applications has been included, focusing on the security requirements and challenges in IoT-based systems. Future research directions are gathered for the effective integration of Blockchain and IoT.