DataMesh+: A Blockchain-Powered Peer-to-Peer Data Exchange Model for Self-Sovereign Data Marketplaces
In contemporary data-driven economies, data has become a valuable digital asset that is eligible for trading and monetization. Peer-to-peer (P2P) marketplaces play a crucial role in establishing direct connections between data providers and consumers. However, traditional data marketplaces exhibit i...
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| Format: | Article |
| Language: | English |
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MDPI AG
2024-03-01
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| Series: | Sensors |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1424-8220/24/6/1896 |
| _version_ | 1797239396978655232 |
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| author | Mpyana Mwamba Merlec Hoh Peter In |
| author_facet | Mpyana Mwamba Merlec Hoh Peter In |
| author_sort | Mpyana Mwamba Merlec |
| collection | DOAJ |
| description | In contemporary data-driven economies, data has become a valuable digital asset that is eligible for trading and monetization. Peer-to-peer (P2P) marketplaces play a crucial role in establishing direct connections between data providers and consumers. However, traditional data marketplaces exhibit inadequacies. Functioning as centralized platforms, they suffer from issues such as insufficient trust, transparency, fairness, accountability, and security. Moreover, users lack consent and ownership control over their data. To address these issues, we propose <i>DataMesh+,</i> an innovative blockchain-powered, decentralized P2P data exchange model for self-sovereign data marketplaces. This user-centric decentralized approach leverages blockchain-based smart contracts to enable fair, transparent, reliable, and secure data trading marketplaces, empowering users to retain full sovereignty and control over their data. In this article, we describe the design and implementation of our approach, which was developed to demonstrate its feasibility. We evaluated the model’s acceptability and reliability through experimental testing and validation. Furthermore, we assessed the security and performance in terms of smart contract deployment and transaction execution costs, as well as the blockchain and storage network performance. |
| first_indexed | 2024-04-24T17:50:53Z |
| format | Article |
| id | doaj.art-b109c7fb232f416996372fc11664485f |
| institution | Directory Open Access Journal |
| issn | 1424-8220 |
| language | English |
| last_indexed | 2024-04-24T17:50:53Z |
| publishDate | 2024-03-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Sensors |
| spelling | doaj.art-b109c7fb232f416996372fc11664485f2024-03-27T14:04:04ZengMDPI AGSensors1424-82202024-03-01246189610.3390/s24061896DataMesh+: A Blockchain-Powered Peer-to-Peer Data Exchange Model for Self-Sovereign Data MarketplacesMpyana Mwamba Merlec0Hoh Peter In1Department of Computer Science and Engineering, Korea University, 145 Anam-ro, Seongbuk-gu, Seoul 02841, Republic of KoreaDepartment of Computer Science and Engineering, Korea University, 145 Anam-ro, Seongbuk-gu, Seoul 02841, Republic of KoreaIn contemporary data-driven economies, data has become a valuable digital asset that is eligible for trading and monetization. Peer-to-peer (P2P) marketplaces play a crucial role in establishing direct connections between data providers and consumers. However, traditional data marketplaces exhibit inadequacies. Functioning as centralized platforms, they suffer from issues such as insufficient trust, transparency, fairness, accountability, and security. Moreover, users lack consent and ownership control over their data. To address these issues, we propose <i>DataMesh+,</i> an innovative blockchain-powered, decentralized P2P data exchange model for self-sovereign data marketplaces. This user-centric decentralized approach leverages blockchain-based smart contracts to enable fair, transparent, reliable, and secure data trading marketplaces, empowering users to retain full sovereignty and control over their data. In this article, we describe the design and implementation of our approach, which was developed to demonstrate its feasibility. We evaluated the model’s acceptability and reliability through experimental testing and validation. Furthermore, we assessed the security and performance in terms of smart contract deployment and transaction execution costs, as well as the blockchain and storage network performance.https://www.mdpi.com/1424-8220/24/6/1896blockchaindata marketplacedata meshpeer-to-peer data tradingself-sovereign data marketplace (SSDM)smart contracts |
| spellingShingle | Mpyana Mwamba Merlec Hoh Peter In DataMesh+: A Blockchain-Powered Peer-to-Peer Data Exchange Model for Self-Sovereign Data Marketplaces Sensors blockchain data marketplace data mesh peer-to-peer data trading self-sovereign data marketplace (SSDM) smart contracts |
| title | DataMesh+: A Blockchain-Powered Peer-to-Peer Data Exchange Model for Self-Sovereign Data Marketplaces |
| title_full | DataMesh+: A Blockchain-Powered Peer-to-Peer Data Exchange Model for Self-Sovereign Data Marketplaces |
| title_fullStr | DataMesh+: A Blockchain-Powered Peer-to-Peer Data Exchange Model for Self-Sovereign Data Marketplaces |
| title_full_unstemmed | DataMesh+: A Blockchain-Powered Peer-to-Peer Data Exchange Model for Self-Sovereign Data Marketplaces |
| title_short | DataMesh+: A Blockchain-Powered Peer-to-Peer Data Exchange Model for Self-Sovereign Data Marketplaces |
| title_sort | datamesh a blockchain powered peer to peer data exchange model for self sovereign data marketplaces |
| topic | blockchain data marketplace data mesh peer-to-peer data trading self-sovereign data marketplace (SSDM) smart contracts |
| url | https://www.mdpi.com/1424-8220/24/6/1896 |
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