Secure Fair and Efficient Data Trading Without Third Party Using Blockchain

Abstract

With the development of information and communication technology, the amount of data in the world is increasing dramatically every day. Now data has been recognized as a valuable asset, and monetization from valuable data becomes an urgent need. In light of this, many data trading platforms have emerged in recent years. Existing data trading schemes, however, generally rely on a third party to trade data. These schemes suffer from complex transaction process, high transaction cost, and possibly unfair exchange. In this paper, we propose two secure, fair and efficient data trading schemes that do not rely on any third party using blockchain. The first scheme achieves direct raw data exchange for large amount of data, while the second scheme achieves data statistics trading. We implement both our schemes with smart contracts, and conduct comprehensive experiments to evaluate their performance. The experiment results show that they are highly efficient in trading data: the first scheme can trade 100,000 data records within 1.51s, while the second scheme can process a statistic over a data set of 1,024 records within 1.99s.