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The rapid growth of the Internet of Things (IoT) has introduced critical challenges related to security, scalability, and data integrity. Blockchain technology, with its decentralized, immutable, and tamper-resistant framework, presents a transformative solution to address these challenges. This study explores blockchain applications in the IoT, focusing on security, automation, scalability, and data sharing. Industry-specific applications, including supply chain management, smart cities, and healthcare, highlight the potential of blockchains to optimize operations, ensure compliance, and foster innovation. Additionally, blockchain technology enables robust audit trails, enhances accountability, and reduces fraud in sensitive IoT applications, such as finance and healthcare. The synergy between blockchains and the IoT creates a secure and transparent platform for managing device interoperability and data exchange, fostering seamless communication between diverse IoT components. Furthermore, this paper discusses layer 2 scaling techniques and tokenization to address scalability, ownership, monetization, and cost challenges, providing practical solutions for real-world deployments. Future directions emphasize integrating blockchain systems with artificial intelligence (AI), machine learning (ML), and edge computing, offering groundbreaking capabilities to further revolutionize IoT ecosystems. By merging these advanced technologies, organizations can build secure, scalable, and intelligent systems to drive innovation and trust.