IoT Data Trading via Blockchain-Based Real-Time Monetization
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Solution Overview
Problem
Conventional IoT devices struggle to automatically associate a monetary value with IoT data, limiting the efficient utilization and monetization of real-time data with fluctuating economic value.
Innovation Solution
Implementing a blockchain-based system within IoT devices to automatically convert IoT data into a monetary value, using virtual currency or asset tokens, enabling data trading through a data transaction platform and transport mechanism.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If a charge for download mechanism is used to monetize IoT data, then static data can be sufficiently coped with, but real-time data with fluctuating economic value cannot be quickly and automatically converted into currency
Solution Approach 1:
The IoT device autonomously performs data monetization by integrating a blockchain client that automatically executes smart contracts when data is sold. The device self-manages the conversion of IoT data to cryptocurrency without requiring external intervention, thereby increasing productivity while managing complexity through automation.
Solution Approach 2:
A blockchain network serves as an intermediary layer between the IoT device and potential buyers. The smart contracts on the blockchain automatically handle pricing, transaction execution, and cryptocurrency distribution, enabling quick conversion of real-time data value to currency while abstracting away the complex monetization logic from the IoT device itself.
2Productivity
If IoT data is converted into monetary value automatically, then efficient utilization of IoT data is improved, but the device complexity increases due to integration of blockchain functionality
Solution Approach 1:
The IoT device is designed with multi-functionality, simultaneously performing its primary sensing/data generation function and blockchain client operations for data monetization. This universal approach allows the device to efficiently utilize its data by directly converting it to value while managing complexity through integrated design rather than separate systems.
3Device complexity
If external servers are used to store and monetize IoT data, then the IoT device structure remains simple, but the mechanism for converting real-time data into currency becomes dependent and less efficient
Solution Approach 1:
The blockchain client functionality is extracted and integrated directly into the IoT device, removing the dependency on external servers for data monetization. This extraction enables the device to independently and efficiently convert real-time data to currency while maintaining a relatively simple structure by using lightweight blockchain client implementations.
Data Source
AI summary
The present invention provides an IoT data trading system including: a data transport unit capable of sending data to a predetermined counterparty; a data transaction unit that executes a trading contract of data; and an IoT device that provides IoT data, wherein the data transaction unit instructs, based on a buy offer of the IoT data issued from a predetermined account and a sell offer issued from an account of the IoT device, the data transport unit to send the IoT data from the IoT device to a data provider which owns the account from which the buy offer is issued, and imparts a monetary value of the sent IoT data to the account of the IoT device.