A Blockchain-enabled decentralized settlement model for IoT data exchange services

Lin, W; Yin, X; Wang, S; Khosravi, MR

A Blockchain-enabled decentralized settlement model for IoT data exchange services

Lin, W Yin, X Wang, S

Khosravi, MR

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Publisher:: Springer Science and Business Media LLC
Publication Type:: Journal Article
Citation:: Wireless Networks, 2021, pp. 1-15
Issue Date:: 2021-01-01

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Field	Value	Language
dc.contributor.author	Lin, W
dc.contributor.author	Yin, X
dc.contributor.author	Wang, S https://orcid.org/0000-0003-1133-9379
dc.contributor.author	Khosravi, MR
dc.date.accessioned	2022-06-01T06:55:15Z
dc.date.available	2022-06-01T06:55:15Z
dc.date.issued	2021-01-01
dc.identifier.citation	Wireless Networks, 2021, pp. 1-15
dc.identifier.issn	1022-0038
dc.identifier.issn	1572-8196
dc.identifier.uri	http://hdl.handle.net/10453/157866
dc.description.abstract	IoT data exchange services are emerging to connect various and distributed IoT data sources, which facilitate data owners exchange their IoT data flexibly. Traditional IoT data exchange services rely on a centralized third-party to negotiate the settlement of trades between data consumers and providers. Such settlement model suffers from issues including single point of failure, extra settlement fee, un-transparency of settlement details, to name a few. New settlement model is imperative to overcome such limitations. Blockchain is an innovative technology that is competent in governing the decentralized network, which poses great opportunity to implement fair settlement in decentralized manner. In this paper, we propose a Blockchain-enabled settlement model for decentralized IoT data exchange services. Firstly, Bitcoin-based time commitment scheme is adopted to build fair and autonomous settlement model. Furthermore, to enhance the accountability of all transactions, an optimized practical Byzantine fault tolerant consensus protocol named ReBFT, is proposed to enable all members involved in the IoT data exchange application achieve identical shared ledger recording all transactions. Finally, experiments are conducted to verify the feasibility of our proposal.
dc.language	en
dc.publisher	Springer Science and Business Media LLC
dc.relation.ispartof	Wireless Networks
dc.relation.isbasedon	10.1007/s11276-020-02345-9
dc.rights	info:eu-repo/semantics/closedAccess
dc.subject	0805 Distributed Computing, 0906 Electrical and Electronic Engineering, 1005 Communications Technologies
dc.subject.classification	Networking & Telecommunications
dc.title	A Blockchain-enabled decentralized settlement model for IoT data exchange services
dc.type	Journal Article
utslib.for	0805 Distributed Computing
utslib.for	0906 Electrical and Electronic Engineering
utslib.for	1005 Communications Technologies
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Engineering and Information Technology
utslib.copyright.status	closed_access	*
pubs.consider-herdc	false
dc.date.updated	2022-06-01T06:55:13Z
pubs.publication-status	Published

Abstract:

IoT data exchange services are emerging to connect various and distributed IoT data sources, which facilitate data owners exchange their IoT data flexibly. Traditional IoT data exchange services rely on a centralized third-party to negotiate the settlement of trades between data consumers and providers. Such settlement model suffers from issues including single point of failure, extra settlement fee, un-transparency of settlement details, to name a few. New settlement model is imperative to overcome such limitations. Blockchain is an innovative technology that is competent in governing the decentralized network, which poses great opportunity to implement fair settlement in decentralized manner. In this paper, we propose a Blockchain-enabled settlement model for decentralized IoT data exchange services. Firstly, Bitcoin-based time commitment scheme is adopted to build fair and autonomous settlement model. Furthermore, to enhance the accountability of all transactions, an optimized practical Byzantine fault tolerant consensus protocol named ReBFT, is proposed to enable all members involved in the IoT data exchange application achieve identical shared ledger recording all transactions. Finally, experiments are conducted to verify the feasibility of our proposal.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/157866