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Сryptocurrency and Internet of Things: Problems of Implementation and Realization

Author

Listed:
  • Lyubomyr Sopilnyk

    (Lviv University of Business and Law)

  • Andriy Shevchuk

    (Cherkasy State Technological University)

  • Vasyl Kopytko

    (Lviv Branch of Dnipropetrovsk National University of Railway Transport named after Academician V. Lazaryan)

  • Rostyslav Sopilnyk

    (Lviv University of Business and Law)

  • Larysa Yankovska

    (Lviv University of Business and Law)

Abstract

IoT (Internet of Things) requires the implementation of digital encryption of information, transaction support and recording of all events for security. It can provide cryptocurrencies protocols with adding an additional possibility of payments. This opportunity is not so much demanded at the hardware level as in the software implementation. We have discovered that IoT devices are widely used for illegal purposes for trusts or network consolidated attacks, and virtually no legal and useful ways of using their hardware-distributed capabilities. Standardization and compatibility in IOT network should become the main tools for the possibility of introducing new solutions, testing their utility, performance and safety. The standardization of a new approach to interactive protocols in the IOT network and the Internet with a finance approach is now inevitable. We need new IEEE standards for cryptocurrencies and IoT functioning. They must include standards for protocol functioning, transaction validation and saving, privacy and security support. Cryptocurrencies and IoT interaction diagram were proposed. The IoT network devices technology will be in the future instance of the smart class of digital-physical systems, which also encompasses technologies such as smart homes, intelligent transportation systems, smart cities etc. The financial aspect for purchasing software, services, solutions and sales of the resulting benefits will complement this network with additional capabilities. The development of standards for the financial level of functioning is also necessary.

Suggested Citation

  • Lyubomyr Sopilnyk & Andriy Shevchuk & Vasyl Kopytko & Rostyslav Sopilnyk & Larysa Yankovska, 2018. "Сryptocurrency and Internet of Things: Problems of Implementation and Realization," Traektoriâ Nauki = Path of Science, Altezoro, s.r.o. & Dialog, vol. 4(9), pages 2001-2006, September.
    • Handle: RePEc:pos:journl:38-1
    DOI: 10.22178/pos.38-1
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    References listed on IDEAS

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    1. Fry, John & Cheah, Eng-Tuck, 2016. "Negative bubbles and shocks in cryptocurrency markets," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 343-352.
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    More about this item

    Keywords

    Internet of Things; cryptocurency; blockchain; technologies implementation and realization;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General

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