Industrial data monetization: A blockchain-based industrial IoT data trading system

The Internet of Things (IoT) devices utilized in manufacturing industries produce vast volumes of valuable data that can revolutionize productivity and sustainability. While existing centralized data marketplaces facilitate data trading, they are often marred by trust issues, a single point of failure, and significant security and privacy vulnerabilities. Addressing these critical shortcomings, this paper introduces a blockchain-based industrial data trading system that not only ensures secure and transparent data trading but also offers advantages over conventional systems. Unlike traditional marketplaces, our proposed system emphasizes trustworthiness by mitigating third-party risks, enhancing data integrity through decentralized storage, and employing graph technology for efficient blockchain querying. Further, with integrated access control, our system elevates security standards. Preliminary evaluations reveal the system’s potential to offer a more secure, transparent, auditable, and trustworthy data trading environment, distinctly outpacing the capabilities of current marketplaces.