Blockchain-based Fair and Decentralized Data Trading Model

Abstract

Abstract Data is a kind of important asset in the digital economy and is driving the rise of data markets. Meanwhile, data markets promote data trading efficiently and improve the utilization of data. However, several challenges about data trading need to be addressed. Here, we resolve these challenges via our blockchain-based fair and decentralized data trading model. Disputes about data correctness is settled by the decentralized arbitration mechanism in our model. To ensure the fairness of data trading, we integrate a sale contract and a deterministic public-key encryption algorithm. The decentralization feature of blockchain cuts off the single-point failure for the data trading platform. In addition, we prove that the proposed protocol achieves the desirable security properties that a secure data trading protocol should have. Moreover, utilizing the smart contract in Solidity and program in Java, we implement our model and then evaluate its performance.