In this paper we discuss the suitability of Identity Based (IDB) Cryptosystems to solve privacy and security issues in Machine to Machine (M2M) communications for Internet of Things (IoT) applications. Present day Information and Communication Technology is driven by smart digital devices connected to each other via Internet. The purpose of IoT is to control or access these smart digital devices through the Internet securely. So for this, we suggest IDB which is essentially certificate less. This interesting concept was first developed by Shamir [15] for Identity based signature scheme. Later on Boneh and Franklin et.al [11] extended this concept to develop schemes for encryption and decryption based on Weil pairing on elliptic curves. Presently IDB has emerged as an international standard (IEEE 1363.3).We have partially implemented Standard 1363.3 in JAVA with a view to port it onto mobile phones. Our intension is to use mobile phones as nodes of M2M communications for IoT applications. We have chosen elliptic curve parameters in such a way that algorithms when ported onto mobiles (mobiles with Android OS) perform within expected speed limits and also consume less power (light weight).The paper discusses various privacy and security issues related to M2M communication and shows how these issues can be resolved using IDB.The paper concludes with performance results and future work.

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