Block Chain for Securing Internet of Things

More than a billion intelligent, connected devices already comprise todays Internet of Things. IoT is bringing more and more things into the digital fold every day, which will likely make IoT a multitrillion dollar industry in the near future. However the rapid evolution of IoT market has caused an urgent need for secure IoT model. In this paper we discuss the current architecture of IoT which is based on centralized model and its inability to provide security to IoT devices. We simultaneously propose architecture of IoT ecosystem based on Blockchain model. A Blockchain is a type of distributed ledger, comprised of unchangeable, digitally recorded data in packages called blocks (rather like collating them on to a single sheet of paper). Each block is then chained to the next block, using a cryptographic signature. This allows block chains to be used like a ledger, which can be shared and accessed by anyone with the appropriate permissions. This decentralized implementation coupled with encryption can provide us the missing link to settle scalability, privacy, reliability and security concerns in the Internet of Things.