An IoT Data Exchange Ecosystem Through the Use of Public Blockchains

The contemporary computational landscape is witnessing a paradigm shift with the simultaneous rise of cryptocurrencies and the escalating ubiquity of Internet of Things (IoT) devices. This intersection introduces a myriad of challenges, opportunities, and behavioral transformations within existing economic frameworks. This study presents a pioneering Economy of Things (EoT) architecture designed to harness the potential of these emergent technologies, specifically facilitating device-to-device (D2D) interactions within a novel paradigm. The investigation encompasses a meticulous comparative analysis of three prominent cryptocurrencies—Ripple, Iota, and Ethereum—unveiling nuanced distinctions in transaction costs, error rates, processing speeds, and concurrency handling. Furthermore, as the landscape of IoT applications expands, the need for efficient communication protocols becomes imperative. The Message Queuing Telemetry Transport (MQTT) protocol, tailored for IoT devices, has garnered attention due to its lightweight publisher/subscriber model. However, inherent vulnerabilities in the conventional MQTT architecture, particularly on the broker side, necessitate innovative solutions. To address these concerns and bolster data security, this study advocates the integration of blockchains and smart contracts for the storage and transmission of broker messages. Despite introducing an element of increased latency, empirical testing substantiates the functional viability of this architecture, establishing a robust environment conducive to secure IoT applications. In tandem with these developments, the surge in interest surrounding blockchain technologies prompts a focused exploration of decentralized solutions. Acknowledging the pivotal attributes of decentralization, scalability, and data integrity, this study identifies and addresses challenges hindering the widespread adoption of these technologies. Specifically, the management of multiple cryptocurrencies and associated wallets presents a pressing issue. In response, a novel Wallet Domain Name System (WDNS) architecture is proposed, leveraging the Ethereum network to develop a DNS approach. WDNS utilizes smart contracts to store and resolve domains, offering a streamlined solution for managing multiple subdomains under users' control. In summation, this work not only contributes to our understanding of the evolving landscape of cryptocurrencies, IoT, and blockchain technologies but also introduces innovative ecosystem that hold the potential to reshape future economic and business models, removing the need of thirty parts on the data negotiation.