Abstract
All sectors are now using digital ways to facilitate humans. Be it health,
finance, supply chain, communication, transport, IT, or education, all the sectors are
now relying on technologies and the internet for providing facilities and also using
them as sources of information. These sectors, when using traditional ways, faced a lot
of challenges. For example, people earlier going to railway stations to book train tickets
had to wait for long durations in queues, and if all the seats are filled by the time they
reach or their turn comes to reserve seats, it goes all in vain to spend time traveling to
the station and time in queues. Coming to the finance sector, people had to go to banks
to create a bank account and for all the formalities. They had to spend time going to
banks and then wait in queues to get their work done. Also, it took around 1-2 weeks
for every task to complete in banks. So, the process was quite time-consuming,
monotonous and unreliable in practice. Thus many sectors started looking for
alternative methods to perform their daily tasks. Slowly, the sectors started digitizing,
and started using computers to perform tasks, to store and update their data. They also
started using the internet in their daily applications. Each organization of industry is
now available on the internet. All of their information is present and one can apply for
their services using their websites. Thus, IoT comes into the picture here. All the
sectors using the internet to access and provide information, using the cloud to store
their data are using IoT services. Internet of Things (IoT) technology will soon become
an integral part of our daily lives to facilitate the control and monitoring of processes
and objects and to change the way man interacts with the physical world. For all
aspects of IoT to be fully functional, there are a few obstacles to overcome and
important challenges to overcome. These include, but are not limited to, cyber security,
data privacy, power consumption, and metrics. The dedicated Blockchain environment
and its various processes provide a useful way to address these few IoT challenges.