Abstract

BlockChain is a distributed database of records or public ledger of all time stamped transactions saved in all computers in one peer-to-peer network. It allows a secure and transparent transfer of digital goods including money and intellectual property. Bitcoin – a digital decentralized cryptocurrency, is the first application of BlockChain. The second application is an agreement called Smart contract that enables exchanging a value or assets between two owners based on a set of conditions included in the contract.

In this paper, we analyze the possibilities for application of BlockChain in Big Data and IoT. Implementation of BlockChain in Big Data confirms that data is accurate and secure and sharing of data will become more simple. In industries like financial services, government and healthcare there is a need to combine BlockChain and Big Data because these industries have repositories full of important data. They must store and share these large amounts of data. Implementation of BlockChain technology provides security of data and ensures its integrity when shared. BlockChain technology is also seen as a way to secure the Internet of Things (IoT). Application of BlockChain in IoT enables IoT devices to participate in BlockChain transactions and invents new styles of digital interactions. This technology will provide a simple infrastructure for devices to directly and securely transfer data or money using Smart contract.