Machine Learning Approaches for Convergence of IoT and Blockchain. Группа авторов

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the requirement of any third party mediation. These are beneficial and binding as once the details of a smart contract are put in to a blockchain they cannot be modified. We specify the terms and condition of the contact along with the fulfilment condition, this is an efficient means to seal a contract because once made it cannot be manipulated or breached. For example, person A promises to deliver a commodity to person B after exactly 1 year from signing the contract. In this case a smart contract may be brought to effect specifying that the payment made by person B shall only be received by person A on the fulfilment of the contract, till then it may be held as cryptocurrency within the smart contract.

      The drawback associated with the bitcoin application of blockchain technology is that the value of a bit coin is highly variable and thus faces a lot of risk. Also this technology demands for very high energy consumption. The data stored in a blockchain is immutable which particularly serves as an advantage and a disadvantage at the same time. Along with these, blockchain technology possesses a high implementation cost. Finally, this technology is not yet standardized or practiced regularly creating an air of ambiguity about it.

Schematic illustration of internet of things.

Schematic illustration of IoT and blockchain across industries.

      1.5.1 Agriculture Industry

      As we already know, this is the industry that provides employment and income to a very large section of

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