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Due to the proliferation of ICT during the last few decades, there is an exponential increase in the usage of various smart applications such as smart farming, smart healthcare, supply-chain & logistics, business, tourism and hospitality, energy management etc. However, for all the aforementioned applications, security and privacy are major concerns keeping in view of the usage of the open channel, i.e., Internet for data transfer. Although many security solutions and standards have been proposed over the years to enhance the security levels of aforementioned smart applications, but the existing solutions are either based upon the centralized architecture (having single point of failure) or having high computation and communication costs. Moreover, most of the existing security solutions have focussed only on few aspects and fail to address scalability, robustness, data storage, network latency, auditability …