SECURING SMART CITIES: AN ANALYSIS ON USING BLOCKCHAIN FOR DIGITAL ECONOMIES

Abstract

Smart cities have emerged as a new model for providing people with high-quality services by dynamically leveraging urban capital. To improve citizens' everyday lives, smart cities will deliver the best services. However, the idea of smart cities is still evolving, and security issues are growing rapidly despite its potential future. To accelerate the growth in smart cities, blockchain has the capacity for good qualities such as audibility, openness, immutability, and decentralisation. The digital economy is ready to move forward in the globalisation of the economy with blockchain technology. Blockchain technology has changed the digital economy and uses this technology to make the digital economy an additional milestone. The paper discusses IoT-based attacks on smart cities, including data and identity theft, MITM attack, device hijacking, and DDoS attacks. All these attacks are threats that make IoT devices vulnerable. In this report, different blockchain platforms and consensus algorithms are reviewed to overcome these threats. Results show that blockchain can solve these problems. And as blockchain is an emerging technology with further advancement, smart cities can be more secure in the future.