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The rapid development of the Industrial Internet of Things (IIoT) and its application across various sectors has led to increased interconnectivity and data sharing between devices and sensors. While this has brought convenience to users, it has also raised concerns about information security, including data security and identity authentication. IIoT devices are particularly vulnerable to attacks due to their lack of robust key management systems, efficient authentication processes, high fault tolerance, and other issues. To address these challenges, technologies such as blockchain and the formal analysis of security protocols can be utilized. And blockchain-based Industrial Internet of Things (BIIoT) is the new direction. These technologies leverage the strengths of cryptography and logical reasoning to provide secure data communication and ensure reliable identity authentication and verification, thereby becoming a crucial support for maintaining the security of the Industrial Internet. In this paper, based on the theory of the strand space attack model, we improved the Fiber Channel Password Authentication Protocol (FACP) security protocol in the network environment based on symmetric cryptography and asymmetric cryptography. Specifically, in view of the problem that the challenge value cannot reach a consensus under the symmetric cryptography system, and the subject identity cannot reach a consensus under the asymmetric cryptography system, an improved protocol is designed and implemented to meet the authentication requirements, and the corresponding attack examples are shown. Finally, the effectiveness and security of the protocol were verified by simulating different networking environments. The improved protocol has shown an increase in efficiency compared with the original protocol across three different network configurations. There was a 6.43% increase in efficiency when centralized devices were connected to centralized devices, a 5.81% increase in efficiency when centralized devices were connected to distributed devices, and a 6.32% increase in efficiency when distributed devices were connected to distributed devices. Experimental results show that this protocol can enhance the security and efficiency of communication between devices and between devices and nodes (servers, disks) in commonly used Ethernet passive optical network (EPON) environments without affecting the identity authentication function. Full article