Blockchain Based Cryptocurrency for IOT

Prior to blockchain technology coming into much usage, the earlier cryptographic digital cash schemes relied merely on trusted authorities. Bitcoin revolutionized this conventional view of a cryptocurrency, trading decentralized, distributed ledger, completely secured by the majority rule without predetermined authority or owner. Only standard cryptographic primitives such as signatures and hash functions were used to achieve security. Though other cryptocurrencies such as Bit-gold and B-money which are among the authority-free cryptocurrencies, Bitcoin is the first one to experience public acceptance on a large scale. There are various factors which contribute to Bitcoins success, though there is still a little question of doubt that the decentralized design of blockchain technology and perceived resilience to government or third-party intervention played an extremely crucial role in its uptake. Distributed crypto cash, more specifically in Blockchain technology has hailed as one key and most eminent and widely accepted innovation of Bitcoin. In this paper we have worked on the use of blockchain technology to implement cryptocurrency for IOT.