Scalable Blockchain System for Industrial Internet of Things

Abstract

Blockchain being a trustless medium makes the flow of data much easier and more secure. Blockchain can be used in various sectors like health, finance, agriculture, supply chain, etc. Recently the integration of blockchain with IoT has shown great success in data integrity and availability. Data created by sensors and connected devices can be safely stored, validated, and audited by integrating IoT devices with blockchain. Smart contracts, autonomous and self-executing agreements implemented on the Blockchain, allowing for interactions and the efficient and transparent exchange of products, services, and payments. However, the issue with blockchain is that it is not scalable. Blockchain uses various consensus mechanisms to come to an agreement, like Proof of Work (PoW), Proof of Stake(PoS), Proof of History(PoH), and Proof of Authority (PoA). However, IoT data needs to spread very fast in the network and the mentioned consensus algorithm reduces the scalability. In our thesis, we have proposed an effective consensus mechanism that leverages the efficiency of Proof of Stake (PoS), Proof of History (PoH), and smart contracts to minimize the scalability issue of blockchain that comes along with the integration of IoT. We introduced a clustering mechanism along with a reliable and efficient leader group selection to improve the performance of our model. Our result was generated in the BlockSim simulator. We have also done a comparative analysis with existing solutions and found improvement in our results.