Abstract

Abstract—The purpose of this study is to highlight and prove the positive impact in which blockchain could have on today’s IoT environment in terms of providing Cybersecurity for not just organizations, but other individuals who share data via the internet. The current IoT environs operates on a centralized cloud based server, meanwhile block chain operates on a decentralized server. The differentiation between the both plays a major role in the level of security they both provide; whereby, decentralized systems are less vulnerable to cyber-attacks and centralized ones are not. In this report, real life illustrations are used to justify the knowledge that the block chain security could serve as a saving grace for internet users. Also, this form of security seems to be the only way to eradicate all forms of insecurity in supply chain and IoT breaches for businesses. An in depth understanding on how the block chain system operates would show why it’s held with such high hopes and how it can be beneficial for a wide range of industries. However, this research also highlights some difficulties that might arise in implementing the block chain system. It also gives ways in which the system can be gradually implemented. Firstly, the government needs to make it mandatory for businesses that deal with national based confidential data to implement block chain in their supply chain system to boost security. Secondly, top company officials like C.E. O’s need to take genuine interest in the block chain technology by investing in its development and making it a part of employee training, which in the long run would benefit the economy and business in return. Thirdly, a merge of more public and private businesses would help push the use of block chain further. Lastly, the government should make the block chain technology easily accessible, making the official permission to implement -easy and cost effective.