Applications of blockchain technology for improving security in the internet of things (IoT)

The blockchain protocol is a digitally distributed system that records and verifies Bitcoin transactions, preserved by numerous distributed autonomous computers. The blockchain system is composed of multiple decentralized connected blocks (chains of blocks) that are managed using distributed ledger technology (DLT). Every block in the chain holds several transactions, and a new block is attached to the chain when a new transaction occurs. Their decentralized nature and architecture are what make blockchain systems robust, secure, and challenging to attack or cheat. Therefore, the blockchain system has gained significant attention from cybersecurity researchers/scholars who have applied this technology to address security concerns in various applications such as money laundering monitoring. In this chapter, we will first revisit and investigate the robust decentralized architecture of blockchain technology and the different features that correlate the blockchain system with various security applications. Then, we will consider the review for the current trends of blockchain security. Thereafter, we will consider the investigating of the security breaches paradigms of blockchain. Subsequently, we will navigate through several e-security services and blockchain technologies for improved IoT security applications and services.