Monetization of Industrial IoT services using Blockchain and smart contract

Abstract

Internet of Things (IoT) plays a very important and remarkable role in many fields such as smart grids, healthcare, industry, etc. IoT also makes people's lives easier and improves their interactions with each other by using devices and sensors of different sizes that are heterogeneous or homogeneous. As a key part of Industry 4.0, IoT has been widely used in various industrial fields. The integration of Blockchain and IoT technologies in Industry 4.0 plays an important role in improving the performance of systems in Industry. This integration improves classic deterministic interactions between industrial devices to become intelligent interactions. Blockchain is an advanced technology that leads to robust distributed applications. It is a tamperproof, decentralized, immutable and transparent database. In this paper, we present the principle of monetization as a principle of interaction between industrial objects. By integrating Blockchain and smart contract technology, industrial objects can exchange services according to the principle of monetization in a transparent and secure manner.