Internet of Things (IoT) data processing enables rapid access to large volumes of data with the possibility of improving service‐oriented business models. As such, the rapid adoption of IoT devices has resulted in a large number of low‐powered devices integrating into traditional communication networks and influencing practically all assets of everyday life. However, the integration of IoT devices into traditional networks comes at a price, often in the form of added security challenges or administrative complexity. Some of these challenges may be addressed by leveraging technology developed from an unlikely source, crypto currencies. Crypto currencies introduced the notion of a blockchain, which is comprised of several underlying technologies that may be combined with IoT protocols to enable secure mechanisms for reaping the benefits of IoT devices. This paper introduces key challenges in securing IoT devices as well as important components of blockchain technology that may contain the keys to addressing these challenges. Emerging IoT security solutions are identified and evaluated based on their assessed effectiveness.