Blockchain Technologies: Smart Contracts for Consumer Electronics Data Sharing and Secure Payment

Abstract

Blockchain may be an optimal solution when a detailed and transparent record of assets is necessary. It is imperative to manage and safeguard digital interactions or maintain a decentralized and shared system of records in applications, such as those used for electricity production, transmission, distribution, and consumption and those used for data sharing and secure payments. Such applications can benefit from blockchain technology to resolve these problems. In the proposed blockchain-based consumer electronics data sharing and safe payment framework, an innovative IoT meter detects monthly consumption and transmits the data to a decentralized application that is stored in the blockchain. This decentralized platform will generate the bill and provide incentives for legitimate consumers. Finally, the end-to-end latency and throughput were used to evaluate the performance of the proposed approach.