The Internet of Things (IoT) has rapidly become a pivotal, transformative force, seamlessly integrating billions of physical devices through sophisticated networks of embedded sensors, software, and internet connectivity. This expansive and interconnected ecosystem offers a broad spectrum of applications, significantly benefiting urban infrastructure with innovative solutions, enhancing industrial operations through optimization, and enriching consumer experiences with smart devices for safety and convenience. Despite the numerous benefits, the widespread adoption of IoT technologies has challenges, particularly in security and privacy. The proliferation of IoT devices has opened up new avenues for potential cyber threats, posing risks of data breaches and privacy violations. An in-depth analysis of notable IoT security incidents, such as the 2015 Jeep Hack, the Owlet WiFi Baby Heart Monitor Hack, and the TRENDnet Webcam Hack, highlights the critical vulnerabilities inherent in many IoT systems. Organizations must adopt comprehensive and robust security measures to address these security concerns, including implementing advanced encryption protocols, deploying effective firewalls stringent access control mechanisms, and conducting regular security audits. A multi-layered security architecture becomes essential in mitigating such threats and ensuring the integrity of IoT networks. Furthermore, integrating blockchain technology presents a promising enhancement to IoT security and privacy protocols. Blockchain's inherent features of decentralization, transparency, and immutability offer an additional layer of security, making it more difficult for unauthorized entities to compromise IoT systems.