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Practical comparison of distributed ledger technologies for IoT

Published on May 4, 2017in Proceedings of SPIE
· DOI :10.1117/12.2262793
Val Red1
Estimated H-index: 1
(Air Force Research Laboratory)
Abstract
Existing distributed ledger implementations – specifically, several blockchain implementations – embody a cacophony of divergent capabilities augmenting innovations of cryptographic hashes, consensus mechanisms, and asymmetric cryptography in a wide variety of applications. Whether specifically designed for cryptocurrency or otherwise, several distributed ledgers rely upon modular mechanisms such as consensus or smart contracts. These components, however, can vary substantially among implementations; differences involving proof-of-work, practical byzantine fault tolerance, and other consensus approaches exemplify distinct distributed ledger variations. Such divergence results in unique combinations of modules, performance, latency, and fault tolerance. As implementations continue to develop rapidly due to the emerging nature of blockchain technologies, this paper encapsulates a snapshot of sensor and internet of things (IoT) specific implementations of blockchain as of the end of 2016. Several technical risks and divergent approaches preclude standardization of a blockchain for sensors and IoT in the foreseeable future; such issues will be assessed alongside the practicality of IoT applications among Hyperledger, Iota, and Ethereum distributed ledger implementations suggested for IoT. This paper contributes a comparison of existing distributed ledger implementations intended for practical sensor and IoT utilization. A baseline for characterizing distributed ledger implementations in the context of IoT and sensors is proposed. Technical approaches and performance are compared considering IoT size, weight, and power limitations. Consensus and smart contracts, if applied, are also analyzed for the respective implementations’ practicality and security. Overall, the maturity of distributed ledgers with respect to sensor and IoT applicability will be analyzed for enterprise interoperability.
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  • Citations (5)
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Published on Oct 3, 2016in PLOS ONE 2.77
Jesse Yli-Huumo4
Estimated H-index: 4
(Lappeenranta University of Technology),
Deokyoon Ko3
Estimated H-index: 3
(Sogang University)
+ 2 AuthorsKari Smolander20
Estimated H-index: 20
(Aalto University)
Blockchain is a decentralized transaction and data management technology developed first for Bitcoin cryptocurrency. The interest in Blockchain technology has been increasing since the idea was coined in 2008. The reason for the interest in Blockchain is its central attributes that provide security, anonymity and data integrity without any third party organization in control of the transactions, and therefore it creates interesting research areas, especially from the perspective of technical cha...
149 Citations Source Cite
Published on Jan 1, 2016in IEEE Access 3.56
Konstantinos Christidis2
Estimated H-index: 2
(North Carolina State University),
Michael Devetsikiotis21
Estimated H-index: 21
(North Carolina State University)
Motivated by the recent explosion of interest around blockchains, we examine whether they make a good fit for the Internet of Things (IoT) sector. Blockchains allow us to have a distributed peer-to-peer network where non-trusting members can interact with each other without a trusted intermediary, in a verifiable manner. We review how this mechanism works and also look into smart contracts—scripts that reside on the blockchain that allow for the automation of multi-step processes. We then move i...
329 Citations Source Cite
Published on Nov 1, 2015in IEEE Internet Computing 1.93
Kieron O'Hara23
Estimated H-index: 23
(University of Southampton)
In a time of economic volatility, what can cryptocurrencies such as bitcoin bring to the table? What new vulnerabilities would they introduce? And could they be minimized through consumer protection mechanisms?
1 Citations Source Cite
Published on Jun 1, 2014in Journal of Network and Computer Applications 3.99
Zheng Yan19
Estimated H-index: 19
(Aalto University),
Peng Zhang1
Estimated H-index: 1
,
Athanasios V. Vasilakos76
Estimated H-index: 76
(Kuwait University)
Internet of Things (IoT) is going to create a world where physical objects are seamlessly integrated into information networks in order to provide advanced and intelligent services for human-beings. Trust management plays an important role in IoT for reliable data fusion and mining, qualified services with context-awareness, and enhanced user privacy and information security. It helps people overcome perceptions of uncertainty and risk and engages in user acceptance and consumption on IoT servic...
365 Citations Source Cite
Cited By5
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Published on Jan 4, 2019 in International Conference of Distributed Computing and Networking
Swapnoneel Roy4
Estimated H-index: 4
(University of North Florida),
Faustina J. Anto Morais1
Estimated H-index: 1
(University of North Florida)
+ 1 AuthorsMainak Chatterjee25
Estimated H-index: 25
(University of Central Florida)
Protecting and securing data that reside at various hosts in the Internet has become more important than ever before because of the growing number of cyber attacks. Though there have been several studies related to denial of service and cache attacks, those studies are primarily based on simulations and investigations of attacks on real networks are still lacking. In this paper, we experimentally investigated the effects of cache attacks on blockchain based information-centric networks. We used ...
1 Citations Source Cite
Published on Oct 23, 2018
Elena García-Barriocanal16
Estimated H-index: 16
(University of Alcalá),
Miguel-Angel Sicilia26
Estimated H-index: 26
(University of Alcalá),
Salvador Sánchez-Alonso18
Estimated H-index: 18
(University of Alcalá)
Advanced in technologies for the decentralization of applications have enabled micro-grid energy systems that do not rely on central control and optimization but are controlled by their owners. This may eventually enable consumers or intermediaries to specify concrete and diverse conditions on the supply that not only concern throughput, price and stability but also elements as provenance (e.g. that energy is produced from renewable sources) or locality among others. Blockchain technologies have...
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Mehrdad Salimitari2
Estimated H-index: 2
,
Mainak Chatterjee25
Estimated H-index: 25
(University of Central Florida)
The success of blockchain as the underlying technology for cryptocurrencies has opened up possibilities for its use in other application domains as well. The main advantages of blockchain for its potential use in other domains are its inherent security mechanisms and immunity to different attacks. A blockchain relies on a consensus method for agreeing on any new data. Most of the consensus methods which are currently used for the blockchain of different cryptocurrencies require high computationa...
Published on May 1, 2018
Blockchain, which is a new technology of distributed data storage in the form of a chain of blocks, has become one of the most popular topics in the field of information technology for today. Although the term “blockchain” is often associated with operations in cryptocurrencies (Bitcoin, for example), its application is not limited to this area. The algorithm for automatic confirmation of transactions has already been successfully applied in accounting, postal services, and smart devices. Additi...
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Mehrdad Salimitari2
Estimated H-index: 2
,
Mainak Chatterjee25
Estimated H-index: 25
The success of blockchain as the underlying technology for cryptocurrencies has opened up possibilities for its use in other application domains as well. The main advantages of blockchain for its potential use in other domains are its inherent security mechanisms and immunity to different attacks. A blockchain relies on a consensus method for agreeing on any new data. Most of the consensus methods which are currently used for the blockchain of different cryptocurrencies require high computationa...
1 Citations
Published on Jan 1, 2018in International Journal of Web Portals
Sinsu Anna Mathew (VIT University), Abdul Quadir2
Estimated H-index: 2
(VIT University)
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