Reducing Resource Consumption To Minimize Forking In Public Blockchain-Based IoT Networks

Abstract

This passage describes blockchain technology, a system for securely and transparently recording transactions. Blockchains are distributed ledgers, meaning copies are stored across a network of computers. This eliminates the need for a central authority to verify transactions. The passage highlights two main types of blockchains: public and private. Public blockchains allow anyone to participate, while private blockchains restrict access to specific organizations. Bitcoin, a famous cryptocurrency, is an example of a public blockchain. The document also introduces the concept of "mining" used in public blockchains to validate transactions and secure the network. Finally, it mentions that the paper will delve deeper into blockchain models, security threats, and countermeasures for those threats. As the number of Internet of Things (IoT) devices increases, the cloud-centric computing paradigm needs help to accommodate the growing need for low-latency, high-bandwidth, and intelligent services. The lack of trust between IoT devices and edge computing nodes poses significant concerns for security and privacy. Blockchain, a decentralized, trustless, and permanent global ledger, can effectively address the trust-absence problem. This paper discusses the security and privacy concerns associated with edge computing-enabled IoT. It also highlights the essential aspects of blockchains that make them suitable for edge-centric IoT situations.