Modeling and Analysis of Data Trading on Blockchain-based Market in IoT Networks

Lam Duc Nguyen, Israel Leyva-Mayorga, Amari Lewis, Petar Popovski

Research output: Contribution to journalJournal articleResearchpeer-review

44 Citations (Scopus)
139 Downloads (Pure)


Mobile devices with embedded sensors for data collection and environmental sensing create a basis for a cost-effective approach for data trading. For example, these data can be related to pollution and gas emissions, which can be used to check the compliance with national and international regulations. The current approach for IoT data trading relies on a centralized third-party entity to negotiate between data consumers and data providers, which is inefficient and insecure on a large scale. In comparison, a decentralized approach based on distributed ledger technologies (DLT) enables data trading while ensuring trust, security, and privacy. However, due to the lack of understanding of the communication efficiency between sellers and buyers, there is still a significant gap in benchmarking the data trading protocols in IoT environments. Motivated by this knowledge gap, we introduce a model for DLT-based IoT data trading over the Narrowband Internet of Things (NB-IoT) system, intended to support massive environmental sensing. We characterize the communication efficiency of three basic DLT-based IoT data trading protocols via NB-IoT connectivity in terms of latency and energy consumption. The model and analyses of these protocols provide a benchmark for IoT data trading applications.

Original languageEnglish
Article number9324804
JournalIEEE Internet of Things Journal
Issue number8
Pages (from-to)6487-6497
Number of pages11
Publication statusPublished - 7 Apr 2021


  • Blockchain
  • Data Trading
  • Data models
  • Distributed Ledger Technology
  • Distributed databases
  • Distributed ledger
  • Downlink
  • Internet of Things
  • Internet of Things (IoT)
  • NB-IoT
  • Sensors
  • Smart City.
  • Smart Contract
  • data trading
  • narrowband IoT (NB-IoT)
  • smart contract
  • distributed ledger technology (DLT)
  • smart city


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