B-IoT (Blockchain Internet of Things): A Way to Enhance IoT Applications via Blockchain

The underlying technology of Bitcoin is Blockchain, which was initially designed for financial value transfer only. Nonetheless, due to its decentralized architecture, fault tolerance and cryptographic security benefits such as pseudonymous identities, data integrity, and authentication, researchers and security analysts around the world are focusing on the Blockchain to resolve security and privacy issues of IoT. For enhancing security, Blockchain has emerged with IoT which is also called the integration of Blockchain and IoT. In this paper, we present the integration of IoT with Blockchain and the need of Blockchain has been discussed, to understand more about B-IoT, solutions available in the IoT environment and its integration challenges have been explained and an explanation has been provided about the benefit of this integration and Blockchain-based marketplaces. We have identified the gaps by mapping the security and performance benefits inferred by the Blockchain technologies and some of the Blockchain-based IoT applications against the IoT requirements.