IoT devices are becoming increasingly more important in our digitized society. It is estimated
that there will be 20 billion connected IoT devices in the world by 2023. Despite their growing
prominence, IoT devices are hindered by the issues of lack of interoperability, poor security,
and increased centralization. Blockchains are a possible solution to these problems, but current
blockchain designs are not suited for application in IoT.
Our team has designed a solution which attacks these problems of interoperability and scalability by
creating a new multi-layered blockchain architecture specifically for IoT application. ThingsChain is
a multi-layered blockchain which solves the problem of scalability and low transaction throughput
faced by current blockchains. The protocol design uses a multi-layer architecture with cross chain
communication and added security protocols to ensure the safety of IoT data on the blockchain.