IoT Security with Blockchain Technology in the Financial Sector

Title

IoT Security with Blockchain Technology in the Financial Sector

Creator

Divyashree K.L.; Mishra A.

Description

Blockchain technology is to create immutable device IDs to stop identity faking whereas Internet of Things (IoT) is used in payment automation and to create smart payment systems. Both are evolving technologies, and their integration offers promising results in financial sector across the globe. Their combination holds a great deal of potential and is going to represent the next generation of smart finance technologies. But the major weaknesses that are present in IoT technologies includes those related to data security, privacy, device authentication, secure communication, and smart contract administration. This chapter focuses on the use of blockchain networks to regulate access and improve security in financial transactions, boost automation and improve efficiency of IoT applications. Blockchain and IoT integration in the financial industry provides a pathway to a more integrated, efficient, and secure financial environment. The chapter discusses the advantages of integrating IoT and Blockchain technologies in the financial sector and the challenges in its applications, and the regulatory mechanism thereof. 2025 Taylor & Francis Group, LLC.

Source

Internet of Things Vulnerabilities and Recovery Strategies, pp. 166-182.

Date

2024-01-01

Publisher

CRC Press

Coverage

Divyashree K.L., Christ University, Bangalore, India; Mishra A., Christ University, Bangalore, India

Rights

Restricted Access

Relation

ISBN: 978-104002562-8; 978-103247331-4

Format

Online

Language

English

Type

Book chapter

Identifier

https://doi.org/10.1201/9781003474838-9

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