Fast Payments Across Heterogeneous Blockchains for Internet of Things

Abstract

Internet of Things data exchange services facilitate the connection and flexible exchange of data among distributed IoT data sources. Traditional IoT data exchange services typically involve direct data uploads to the cloud, allowing service providers to generate significant profits through IoT data analysis. However, this approach exposes data owners to privacy risks while not benefiting them from the service providers’ gains. Furthermore, the use of different blockchain architectures by various IoT networks presents challenges for achieving cross-chain interoperability. Although blockchain technology has ensured the security and integrity of IoT data transactions, its efficiency remains a concern. To address these issues, we propose a real-time cross-chain transaction scheme for IoT data exchange in an IoT environment. Our scheme aims to address the real-time security challenges associated with cross-chain data interactions. First, we established a secure and fair settlement scheme by employing a smart contract model based on collateral and challenge mechanisms. In addition, cryptographic tools are utilized to enhance the expressive capabilities of weakly secure service providers, thereby reducing reliance on third-party security assumptions. Finally, through experimentation, we demonstrate the effectiveness of our smart contract model in reducing the time required for on-chain transactions.

Keywords

• Atomic cross-chain swap
• Internet of Things
• fast payments
• blockchain