Reputation System for IoT Data Monetization Using Blockchain

Internet of Things (IoT) is growing exponentially and bringing revolution in today’s modern society. IoT based smart devices are source of convenience to human life and producing huge amount of data on daily basis. This data is useful for consumers like industries, marketplaces, and researchers to extract valuable and functional data from raw data generated by these devices. This data is used by industries and developers to provide more efficient devices and services to users. Owner of the IoT device can generate revenue by selling IoT device data to interested consumers. However, on the other hand consumers do not trust the owner of IoT device for data trading and are not confident about the quality of data. Traditional systems for data trading have many limitations, such as they are centralized, lack reputation system, security and involve third party. Therefore in this paper, we have leveraged the IoT with blockchain technology to provide a trustful trading through automatic review system for monetizing IoT data. We have developed blockchain based review system for IoT data monetization using Ethereum smart contracts. All transactions are secure and payments are automated without any human intervention. Data quality is ensured to consumer through reviews and ratings about the data. Additionally, Ethereum blockchain system requires gas for every transaction. We have used 2 parameters: gas consumption, string input length and in terms of time and cost, and examined our model.