ABSTRACT
Internet of things (IoT) refers to the concept of all digital technologies being able to connect and interoperate with each other, in order tosolve several problems that currently exist in the physical, economic and social fields of our daily lives. These problems may be the needfor automation to provide efficiency and high levels of accuracy, the need to provide several services or for visibility that will allowmanufactures to acquire feedback from their customers, wich will hence lead to tailoring of products to the specific needs of customers. IoTaims at providing a framework to integrate all objects, smart devices, machines, patients, consumers and several services into oneinterconnected network. In order to achieve these goals IoT will require to employ a vast array of technologies that will be able to sustainits high data traffic and processing power as seen by the number of devices connected estimated to be 50 billion by 2020. The modularapproach to IoT will require that each of these devices to be integrated with sensors such as GPS, RFID or scanner and connect themthrough the Internet using specific protocols for communication and data transfer. Blockchain (BC) technology refers to a distributedpublic ledger system that keeps records as a chain of interconnected blocks that start from a genesis block - first block to be added in thechain. BC technology aims at creating a decentralized trustless environment where transactions and data are not in the control of any thirdparty.