A Privacy Preserving IoT Data Marketplace Using IOTA Smart Contracts

TL;DR

This paper proposes a decentralized IoT data marketplace leveraging IOTA's tangle and smart contract chains, aiming to enhance privacy, scalability, and cost-effectiveness over existing blockchain-based solutions.

Contribution

It introduces a novel architecture for IoT data trading using IOTA's tangle and smart contracts, highlighting its advantages over traditional blockchain approaches.

Findings

Enhanced privacy and scalability with IOTA-based architecture

Reduced transaction costs compared to blockchain solutions

Demonstrated feasibility of decentralized IoT data marketplace

Abstract

In recent years, the volume of data generated by IoT devices has increased dramatically. Using this data can improve decision-making in the public and private sectors and increase productivity. Many attempts have been made to enhance and adapt businesses to exploit this IoT data. Among these, IoT data trading is the most popular approach. To this end, ongoing projects are currently focused on developing decentralized data marketplaces for IoT using blockchain and cryptocurrencies. Here we explore how a decentralized data marketplace could be created using IOTA tangle and IOTA smart contract chains (SC chains). We also consider the advantages of such architecture in terms of cost, scalability, and privacy over current designs and introduce the various elements it should have.