Pay-per-use Sensor Data Exchange between IoT Devices by Blockchain and Smart Contract based Data and Encryption Key Management

Abstract

This paper proposes a smart contract based approach enabling Internet of Things devices to exchange data in a secure and automatic way. This leads to new digital business models as pay-per-use establishing the vision of the Economy of Things. By using a blockchain there is no need for a trusted third party to secure transactions. We propose a novel use of smart contracts for assurance of data integrity, encryption key provision and payment. Thereby, a three layer architecture consisting of physical layer, on-chain layer and off-chain layer is designed. Proof of concept is based on an Ethereum Blockchain using Bosch XDK devices.