Toward a decentralized, trust-less marketplace for brokered IoT data trading using blockchain

Shaimaa Bajoudah; Changyu Dong; Paolo Missier

doi:10.1109/Blockchain.2019.00053

Toward a decentralized, trust-less marketplace for brokered IoT data trading using blockchain

Shaimaa Bajoudah, Changyu Dong, Paolo Missier

Computer Science

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Abstract

As data marketplaces are becoming common place, it is also becoming clear that data streams generated from Internet of Things (IoT) devices hold value for potential third party consumers. We envision a marketplace for IoT data streams that can unlock such potential value in a scalable way, by enabling any pairs of data providers and consumers to engage in data exchange transactions without any prior assumption of mutual trust. We present a marketplace model and architecture to support trading of streaming data, from the advertising of data assets to the stipulation of legally binding trading agreements, to their fulfilment and payment settlement. Crucially, we show that by using blockchain technology and Smart Contracts in particular, we can offer participants a trade-off between the cost of transactional data exchange, and the risk of data loss when trading with untrusted third parties. We experimentally assess such trade-offs on a testbed using Ethereum Smart Contracts.

Original language	English
Title of host publication	Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019
Publisher	Institute of Electrical and Electronics Engineers (IEEE)
Pages	339-346
Number of pages	8
ISBN (Electronic)	9781728146935
DOIs	https://doi.org/10.1109/Blockchain.2019.00053
Publication status	Published - Jul 2019
Event	2nd IEEE International Conference on Blockchain, Blockchain 2019 - Atlanta, United States Duration: 14 Jul 2019 → 17 Jul 2019

Publication series

Name	Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019

Conference

Conference	2nd IEEE International Conference on Blockchain, Blockchain 2019
Country/Territory	United States
City	Atlanta
Period	14/07/19 → 17/07/19

Bibliographical note

Funding Information:
Fig. 4: The cost, the number of receipts and the percentage of the data received for three different gas prices ACKNOWLEDGMENT This research has been funded by Umm AlQura University, Makkah, The Kingdom of Saudi Arabia.

Funding Information:
This research has been funded by Umm AlQura University, Makkah, The Kingdom of Saudi Arabia.

Publisher Copyright:
© 2019 IEEE.

Keywords

Decentralized Marketplace
Ethereum Blockchain
Smart Contract
Trading IoT data

ASJC Scopus subject areas

Computer Networks and Communications
Hardware and Architecture
Information Systems
Information Systems and Management

Access to Document

10.1109/Blockchain.2019.00053

Cite this

Bajoudah, S., Dong, C., & Missier, P. (2019). Toward a decentralized, trust-less marketplace for brokered IoT data trading using blockchain. In Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019 (pp. 339-346). Article 8946245 (Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019). Institute of Electrical and Electronics Engineers (IEEE). https://doi.org/10.1109/Blockchain.2019.00053

Bajoudah, Shaimaa ; Dong, Changyu ; Missier, Paolo. / Toward a decentralized, trust-less marketplace for brokered IoT data trading using blockchain. Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019. Institute of Electrical and Electronics Engineers (IEEE), 2019. pp. 339-346 (Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019).

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abstract = "As data marketplaces are becoming common place, it is also becoming clear that data streams generated from Internet of Things (IoT) devices hold value for potential third party consumers. We envision a marketplace for IoT data streams that can unlock such potential value in a scalable way, by enabling any pairs of data providers and consumers to engage in data exchange transactions without any prior assumption of mutual trust. We present a marketplace model and architecture to support trading of streaming data, from the advertising of data assets to the stipulation of legally binding trading agreements, to their fulfilment and payment settlement. Crucially, we show that by using blockchain technology and Smart Contracts in particular, we can offer participants a trade-off between the cost of transactional data exchange, and the risk of data loss when trading with untrusted third parties. We experimentally assess such trade-offs on a testbed using Ethereum Smart Contracts.",

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author = "Shaimaa Bajoudah and Changyu Dong and Paolo Missier",

note = "Funding Information: Fig. 4: The cost, the number of receipts and the percentage of the data received for three different gas prices ACKNOWLEDGMENT This research has been funded by Umm AlQura University, Makkah, The Kingdom of Saudi Arabia. Funding Information: This research has been funded by Umm AlQura University, Makkah, The Kingdom of Saudi Arabia. Publisher Copyright: {\textcopyright} 2019 IEEE.; 2nd IEEE International Conference on Blockchain, Blockchain 2019 ; Conference date: 14-07-2019 Through 17-07-2019",

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language = "English",

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Bajoudah, S, Dong, C & Missier, P 2019, Toward a decentralized, trust-less marketplace for brokered IoT data trading using blockchain. in Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019., 8946245, Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019, Institute of Electrical and Electronics Engineers (IEEE), pp. 339-346, 2nd IEEE International Conference on Blockchain, Blockchain 2019, Atlanta, United States, 14/07/19. https://doi.org/10.1109/Blockchain.2019.00053

Toward a decentralized, trust-less marketplace for brokered IoT data trading using blockchain. / Bajoudah, Shaimaa; Dong, Changyu; Missier, Paolo.
Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019. Institute of Electrical and Electronics Engineers (IEEE), 2019. p. 339-346 8946245 (Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

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N1 - Funding Information: Fig. 4: The cost, the number of receipts and the percentage of the data received for three different gas prices ACKNOWLEDGMENT This research has been funded by Umm AlQura University, Makkah, The Kingdom of Saudi Arabia. Funding Information: This research has been funded by Umm AlQura University, Makkah, The Kingdom of Saudi Arabia. Publisher Copyright: © 2019 IEEE.

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Bajoudah S, Dong C, Missier P. Toward a decentralized, trust-less marketplace for brokered IoT data trading using blockchain. In Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019. Institute of Electrical and Electronics Engineers (IEEE). 2019. p. 339-346. 8946245. (Proceedings - 2019 2nd IEEE International Conference on Blockchain, Blockchain 2019). doi: 10.1109/Blockchain.2019.00053

Toward a decentralized, trust-less marketplace for brokered IoT data trading using blockchain

Abstract

Publication series

Conference

Bibliographical note

Keywords

ASJC Scopus subject areas

Access to Document

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Cite this