A Blockchain is a growing list of information, called blocks, which are linked using cryptography. A Blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many devices so that any involved record cannot be changed easily, without modifying all subsequent blocks, because of this, Blockchain has found its use in wide-ranging fields. This system, therefore, describes the role of Blockchain in IoT and financial applications, two fields that
will benefit the most from it. Furthermore, this paper examines the privacy and security concerns related to it and shares some insights on how these problems can be tackled. In this paper, we have reviewed multiple such papers in which similar issues were addressed. Lastly, the public perception of Blockchain technology is taken to address how Blockchain is perceived in different segments of society. Here we design and implement a secured financial transaction system that uses IoT and embedded hardware devices such as controllers and modules. This type of device can be insecure and this could lead to loss of money or fraud, here we include a Blockchain-based transaction system that is not penetrable to make the transaction secure.
Economic transactions between system components are used to pay for data and services. Blockchain-based overlay networks have been developed to provide such a financial mechanism for IoT devices with sufficient processing power and operating system support. However, no practical solutions for low-end devices exist. In addition, existing solutions also require setting up multiple Blockchain accounts for a single administrative domain, which incurs high fees when consolidating those accounts.
- Securing IoT transactions between low-end processing devices
- To demonstrate an embedded setup is made and this setup is tested using IoT and Blockchain
- Nodemcu is used in place of the controller part
- Nodemcu is? an IoT controller board with an inbuilt WiFi module
- ?ESP8266 SoC is used here, it is a processor + WiFi module SoC
- An RFID reader is interfaced with a controller this module is used for identifying an individual?
- Does each individual have an RFID card that has an inbuilt unique ID number?
- If this number is already stored in the database the person can commence a transaction
- This data is sent to the Blockchain database
- RFID reader?
- RFID cards
- Arduino IDE
- Embedded C
- Python IDLE
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