A Secure and Efficient Blockchain-Based Data Trading Approach for Internet of Vehicles

In this paper, we propose a secure and efficient blockchain-based data trading approach for the Internet of Vehicles (IoV). First, we apply consortium blockchain technologies to ensure secure and truthful data trading, and propose a general blockchain-based data trading framework for IoV. Second, to improve the efficiency of data trading and encourage more participants to trade data, we propose an iterative double auction mechanism with the purpose of achieving social welfare maximization, in which pricing rules of buyers and sellers are designed to induce participants to submit bids and to decide the amount of traded data and its price among buyers and sellers. In particular, in our algorithm, the hidden information of individuals can be extracted gradually so that the privacy of participants in data trading can be protected well. Finally, the experimental results show the efficiency of our proposed algorithm. Moreover, the correctness of social welfare maximization, incentive compatibility, individually rationality, and weakly budget balance of our auction mechanism are verified in the experiments.