Blockchain is a public ledger that holds a record of every transaction which has ever been executed by a participant. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a chronological order and cryptography is used to verify transactions to keep information on the blockchain private. The decentralized consensus mechanism used to confirm transactions in a blockchain eliminates the need for trust and creates a revolutionary transaction processing tool.
Thus, blockchain can be used to create a decentralized IoT framework, facilitating transaction processing and coordination among interacting devices, where each device manages its own roles and behavior, thereby, decentralizing Internet of Things to create an autonomous system.