Integration of blockchain in smart systems: problems and opportunities for real-time sensor data storage

The Internet of Things (IoT) and other emerging ubiquitous technologies are supporting the rapid spread of smart systems, which has underlined the need for safe, open, and decentralized data storage solutions. With its inherent decentralization and immutability, blockchain offers itself as a potential solution for these requirements. However, the practicality of incorporating blockchain into real-time sensor data storage systems is a topic that demands in-depth examination. While blockchain promises unmatched data security and auditability, some intrinsic qualities, namely scalability restrictions, transactional delays, and escalating storage demands, impede its seamless deployment in high-frequency, voluminous data contexts typical of real-time sensors. This essay launches a methodical investigation into these difficulties, illuminating their underlying causes, potential effects, and potential countermeasures. In addition, we present a novel pragmatic experimental setup and analysis of blockchain for smart system applications, with an extended discussion of the benefits and disadvantages of deploying blockchain based solutions for smart system ecosystems.