Blockchain and IoT Integration for Financial Sector Revolution
subject: Blockchain technology; Financial sector; IoT; Privacy; Security
description: The Industrial Internet of Things (IoT) is transforming the globe. Industrial Internet of Things (IIoT) speaks about the use of Internet of Things (IoT) concepts and technology in industrial environments. The financial industry has long traded in the things that areintangible, from once-tangible but now-less-tangible items like stock certificates and even money itself. The Internet of Things (IoT) and blockchain technologythat offer and storedata aboutthings mighthave direct influence on how financial services institutions operate their businesses. The Financial Industry is adopting IoT for fast and effective transactions. The invention of disruptive technology like blockchain, which is a decentralized, unchangeable ledger makes tracking assets and record transactions easier. Decentralized Finance (DeFi) is based on the peer-to-peer idea that eliminates intermediaries from the system. It is possible to establish smart contracts, which will do away with the need for any middlemen. Due to the IoTs broad application and dispersed nature, security and privacy are the primary concerns in the financial sector. Blockchain is essential for IoT applications where data security and privacy are top priorities. Blockchain can secure data and keep the transactions private. IoT enhances business opportunities and offers firms a competitive edge in both established and developing industries. It has an impact on every aspect of technology, including the methods used to gather data and the locations, timings, and purposes for doing so. Since this data must be safeguarded, we need a standard blockchain-oriented architecture for IoT applications. The data generated by the financial industry is crucial because it establishes future market trends and preserves data on consumer and investor investments. Financial data is vulnerable to assaults and needs to be protected. This paper explores the need for regulations and policy in this area and attempts to understand how blockchain technolo…
creator: Divyashree, K.S.; Mishra, Achyutananda
source: Studies in Computational Intelligence;Volume;1172;pp.165-180
publisher: Springer Science and Business Media Deutschland GmbH
date: 01-01-2025
rights: Restricted Access; Hardcopy may be available in the library
relation: ISSN: 1860949X;
language: English
type: Book chapter
coverage: Divyashree K.S., Christ University, Bangalore, India; Mishra A., Christ University, Bangalore, India