Abstract
Customers can benefit from the Internet of Things in a number of ways, and
it has the potential to transform the fundamental ways that consumers interact with
technology. The pervasiveness and correspondences maintained for IoT might provide
various conveniences and aids for people, but also open up many security loopholes.
Blockchain, a distributed digital ledger, is finding uses in industries as diverse as
finance, healthcare, utilities, agriculture, real estate, and Supplier Management. The
middleman acting as guardians for specific applications in these enterprises can be
removed in order to provide security and those equivalent applications can be run in a
distributed way with practically no centralized power. Blockchain technology makes
this feasible without sacrificing efficiency or safety, which was previously impossible.
Blockchain and IoT seem to be best on their own in the respective sector in which it is
applied, so businesses can try and exploit this powerful combination known as
Blockchain Internet of Things (BIoT) to bring immense advancements, progressions
and cutting edge innovations in the area of their interest. The term “BIoT” was created
by fusing blockchain with IoT applications.