Blockchain (BC), the technology behind the Bitcoin cryptocurrency system, is starting to be adopted for ensuring enhanced security and privacy in the Internet of Things (IoT) ecosystem. Fervent research is currently being focused in both academia and industry in this domain. Proof of Work (PoW), a cryptographic puzzle, plays a vital role in ensuring BC security by maintaining a digital ledger of transactions, which are considered to be incorruptible. Furthermore, BC uses a changeable Public Key (PK) to record the identity of users, thus providing an extra layer of privacy. Not only in cryptocurrency has the successful adoption of the BC been implemented, but also in multifaceted non-monetary systems, such as in: distributed storage systems, proof of location and healthcare. Recent research articles and projects or applications were surveyed to assess the implementation of the BC for IoT Security and identify associated challenges and propose solutions for BC enabled enhanced security for the IoT ecosystem.
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