IDMoB: IoT Data Marketplace on Blockchain

TL;DR

This paper introduces IDMoB, a blockchain-based decentralized data marketplace enabling IoT device vendors and AI/ML providers to securely and transparently exchange data, fostering innovation and diverse service development.

Contribution

It presents a novel smart contract platform on Ethereum with Swarm storage for secure, transparent IoT data trading, enhancing data accessibility and collaboration.

Findings

Implemented as an Ethereum smart contract

Utilizes Swarm for distributed storage

Facilitates transparent, trustless data exchange

Abstract

Today, Internet of Things (IoT) devices are the powerhouse of data generation with their ever-increasing numbers and widespread penetration. Similarly, artificial intelligence (AI) and machine learning (ML) solutions are getting integrated to all kinds of services, making products significantly more "smarter". The centerpiece of these technologies is "data". IoT device vendors should be able keep up with the increased throughput and come up with new business models. On the other hand, AI/ML solutions will produce better results if training data is diverse and plentiful. In this paper, we propose a blockchain-based, decentralized and trustless data marketplace where IoT device vendors and AI/ML solution providers may interact and collaborate. By facilitating a transparent data exchange platform, access to consented data will be democratized and the variety of services targeting end-users will increase. Proposed data marketplace is implemented as a smart contract on Ethereum blockchain and Swarm is used as the distributed storage platform.