Comparative Study of Blockchain-Based Approaches for Securing Internet of Things (IoT) Devices

Abstract

The development of Internet of Things (IoT) devices in a variety of industries, including as healthcare, transportation, and smart cities, has increased the demand for comprehensive security solutions. Despite the fact that IoT devices offer unmatched ease and automation, they are frequently vulnerable to a variety of cybersecurity concerns, such as data breaches and illegal access. The application of blockchain technology to improve the security of IoT networks has emerged as a viable path. This paper provides a comprehensive comparative analysis of diverse blockchain-based strategies for securing IoT devices. Employing a quantitative technique, the paper examines four types of blockchain architectures: public, private, consortium, and hybrid blockchains. Quantitative evaluations of key performance and security measures, including latency, throughput, resilience to various attack vectors, and energy efficiency, are conducted. The results are interpreted using statistical approaches such as hypothesis testing and confidence interval estimations. The findings demonstrate considerable differences in the effectiveness of several blockchain-based techniques for satisfying IoT security requirements. For example, despite the fact that public blockchains offer solid security features, they frequently lack scalability and energy efficiency. In contrast, private and consortium blockchains exhibit superior performance at the expense of diminished decentralization. The report provides practitioners and policymakers with crucial insights into the trade-offs involved in implementing different blockchain technologies for IoT security. It also identifies technological limitations and suggests future research topics to maximize the integration of blockchain and IoT.