ABSTRACT
Today, blockchain has emerged as peer-to-peer distributed ledger technology for recording transactions, maintained by many peers without any central trusted regulatory authority through distributed public-key cryptography and consensus mechanism. It has not only given birth to cryptocurrencies, but it has also resolved various security, privacy, and transparency issues of decentralized systems. This paper discusses blockchain basics and blockchain security components, digital signature, and elliptic curve cryptography (ECC). In addition to the core idea of blockchain, we focus on ECC’s significance in incorporating blockchain with IoT. We also discuss why RSA and other key generation, encryption, decryption, signing and verification mechanisms are not suitable for IoT applications. We will also analyse various possible IoT applications where the ECC algorithm is more efficient than other algorithms because of latency, memory, security, and privacy assurance. At the end of the paper, we will explain the comparative analysis of some essential key generation algorithms along with ECC and RSA.
