Role and Aplications of Iot in Online Transactions using Blockchain Technology

IoT is one of the leading technologies apart from blockchain that is being worked on to develop more consumer friendly devices which can help in the daily chores to perform more important and necessary actions, but as we know all the malware and security concerns which can hamper the growth of IoT based devices, we need blockchain technology to reinforce the devices as blockchain has proved it's worth as a security door which is unbreachable. The use of peer to peer communication between the IoT devices will make transactions more secure and user friendly while being fully precise. With these things in place we can see automation in household work or reduction in piracy via internet, the proper integrated use of IoT with our household devices or phones and digital devices will make our lives better and more convenient while being able to sustain more resources for the future. In current scenario, the biggest challenge is that how will Online Transactions get better and automated if we implement IoT using blockchain technology to improve the efficiency, transparency and security? In this paper we are trying to make our online transactions much more accessible and autonomous to interact whole being highly secure so as they can be integrated in the new gen smart homes systems and the home security systems, blockchain is the key to this need that we need to integrate with IoT to make our transactions more objective centered and have our payment system autonomous to make interactions with the daily services monitored by a IoT based smart device ecosystem more hassle free and fully secured. For this we will be going through the mining of blocks and their suggested applicability in the IoT ecosystem.