Pertaining to security, it is worth noting that although blockchain was primarily created to support cryptocurrencies, it now presents potential in increasing the security level in numerous industries. Due to its decentralized, transparence and, especially, non-tamable character, it provides a substantial value proposition in IoT, smart contracts, and IdV. This research therefore looks at how these domains can adopt the blockchain technology given certain security issues and with an objective of enhancing the systems' robustness.
The research investigates the use of blockchain technology in IoT device security, aiming to reduce single points of failure and enhance network robustness. It compares centralized security models and proposes lightweight consensus algorithms for energy-efficient blockchain protocols. The study also addresses energy consumption issues in data storage and transfer.
In conclusion, this study will seek to convince the world why blockchain technology has the potential of revolutionizing security in IoT, smart contracts and identity verification. Big strides are thus possible when one defines the challenges and the possible innovations necessary in enhancing cybersecurity.