Revolutionizing Data Capitalization: Harnessing Blockchain for IoT-Enabled Smart Contracts

Abstract

The use of blockchain smart contracts in the monetization of IoT data assets addresses challenges in personal data ownership, quantifiable tracking of data assets, and efficient value transfer within IoT systems. By leveraging blockchain digital fingerprints, the ownership and control of data are transferred from device manufacturers to users, enabling individual data rights. Through techniques such as lifecycle management and digital signatures, device status and data hash values are stored on the blockchain, ensuring data reliability. Smart contracts are used to construct third-party data trading platforms, guaranteeing data sharing security and facilitating seamless data monetization and value transfer. Quantitative analysis of attack possibilities and success probabilities demonstrates that blockchain smart contract technology provides data tamper resistance and eliminates trust issues in data transactions. With the aid of blockchain smart contracts, the association of IoT data becomes feasible, facilitating the transfer and sharing of data values among IoT devices. © 2023 IEEE.