Title of Invention

A Reliable IoT Data Economic System Based on Trust-based Algorithmic Trading Mechanism

Technology

With the advance of Internet of Things (IoT) technology, we humans start to enjoy our comfortable life provided by various IoT services. Generally, providing good IoT services requires a large scale of data analyses, and the ubiquitous IoT devices can provide numerous data for these services. Since the existence of both demands and supplies, an IoT Data Economic System should be further established. A complete IoT Economic System usually emphasizes the reliability, intelligence, and automation during transactions. However, the existing trading mechanisms fail to satisfy all these requirements and therefore providing a complete trading mechanism to sustain the reliable IoT Data Economic System becomes a necessity.

       The proposed trading mechanism is composed of five components including Blockchain-based Financial Flow, Secure Data Flow, Dispute Handling, Smart Decision Making and Off-Chain Information Manager. First, to ensure the reliability of financial flow, the blockchain technology is applied to record transactions transparently without be manipulated. To protect data flow, data will be delivered by secure channels created by Secure Data Flow Component. By utilizing the special-designed smart contract, the procedure of financial flow and data flow can further be integrated. It guarantees that buyers can obtain their expected data while sellers can gain deserved benefit. Moreover, the proposed mechanism provides a dispute handling procedure to deal with the arguments during transactions.

To meet the requirements of intelligence, buyers can apply the Value Evaluation Module and Trust Module to purchase data with the highest C/P ratio based on their personal information. Also, after estimating the pricing model of targets, suppliers can make a reasonable price by employing the Value Evaluation Module and then obtain the maximum revenue. To further perform the proposed IoT Data Economic System in IoT services, the above-mentioned mechanisms can be executed automatically.

Benefits

In the era of big data, more and more researchers and organizatinos neeed data to do research or product design. However, the current data trading platforms are lack of dispute handling and automated ways to trade IoT data. Building up a Reliable IoT Data Economic System(RIDES) makes the automatic IoT data trading become possible.

Possible Applications/ Industry Categories

The system can be implemented in the companies which are analying IoT data to design their products or offer better services. It is also appropriate to the information and communication technology sector and system integration sector.

Contact Information

Technology Transfer and Business Incubation Center, NCKU

Contact person：Claire Huang

E-mail：clairehu@mail.ncku.edu.tw