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Deep Dive Into Blockchain Technology: Characteristics, Security and Privacy Issues, Challenges, and Future Research Directions

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Bhanu Chander

Department of Computer Science and Engineering, Pondicherry University, Pondicherry, India

Abstract

Since the innovation, blockchain technology has exposed ingenious applications in our daily passing life. From the beginning of crypto-currency to the current smart contract, blockchain is practiced in numerous fields like digital forensics, insurance payments, online micro-payments, healthcare records sharing, and supply chain tracking. Through enlarge the blockchain talent to the Internet of Things (IoT), Wireless Sensor Networks (WSNs), and Cyber-Physical Systems (CPS), we can obtain a provable and noticeable record transaction data offline-to-online data verification and optimize existing network performance. The abovementioned works aimed at expanded safety measures, automatic transaction command, decentralized stands, etc. The incorporation of blockchain technology has modernized the traditional trade due to its distributed ledger characteristic. Every record is secure by rules of cryptography which makes it more secure and impregnable. Therefore, blockchain can modify the way we buy and sell, how we intermingle with the government, and prove the legitimacy of everything from property names to natural fresh vegetables.

In recent times, the rapid expansion in urbanization population causes various cost-effective and environmental issues, influencing people’s living circumstances and class of life. The thought of a smart city that developed with the rise of IoT brings the ability to solve urban issues. Information and Communication Technology (ICT), IoTs, and WSNs play a vital part in executing smart cities. Blockchain has several good creations like pseudonymity, trust-free, intelligibility, democratic state, computerization, decentralization, and safety measures. These creations of blockchain useful to progress smart city services then endorse the expansion of smart cities. On the other hand, to use blockchain efficiently, it must consider security and privacy portions.

This chapter presents the exceptional safety as well as privacy sides of blockchain. Mainly, we present a detailed explanation of the background work of blockchain and consensus methods. After that, we shifted focus to blockchain integration with smart city development, challenges, and applications. Further, we review common security attacks on blockchain and security improvement solutions and the directions for future research.

Keywords: Blockchain, smart city, security, privacy, Internet of Things

Smart City Infrastructure

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