![]() This paper provides a brief introduction to the concepts of IoT payments and IoT marketplaces. This paper presents a comprehensive survey on blockchain-based IoT payments and marketplaces. This is due to the characteristics of blockchain such as decentralization, traceability, immutability, and non-repudiation. Blockchain is a Distributed Ledger Technology (DLT) that can be identified as a potential solution to overcome the challenges in realizing IoT payments and marketplaces. However, realizing such an ecosystem raises multiple challenges such as overcoming poor inter-operability, resource constraints, and security and privacy vulnerabilities of IoT devices and platforms. This signifies the importance of IoT payments and marketplaces to facilitate micro-transactions of billions of connected devices in the IoT ecosystem, which is heterogeneous, decentralized, and diverse. IoT ecosystems comprise sensors that act as data suppliers and applications where monetary transactions are required to compensate the data producers. The ever-growing smart applications will expand the Internet of Things (IoT) ecosystem to connect over 75 billion devices by 2025. Furthermore, our load-balancing pricing strategy achieves the effectiveness to ensure the redundancy of blocks and reduces the overall storage consumption up to 97% using the load-balancing pricing strategy, compared to the non-load-balancing pricing strategy. The additional increased throughput takes only 0.167% of that produced by the original Bitcoin and the upload latency takes only 6.67% of the mining time of the Bitcoin Mainnet. Extensive experiments are presented to demonstrate that the latency and throughputs of our model are competitive, while still maintaining data integrity in the system. A load-balancing pricing strategy and a general pricing strategy are provided in the framework to reward the DFS nodes. Further, the redundant scheme extends our pricing strategy to improve the durability of our proposed framework. By adopting proof of retrievability, we guarantee the integrity of the blocks. The IPFS nodes are regulated with smart contracts and behave under the pricing strategy controls to increase profit. We extend previous works based on the InterPlanetary File System (IPFS) and design an innovative scheme to incentivize IPFS nodes. However, the previous works are not able to periodically check block integrity and do not provide a reward mechanism to encourage DFS system nodes to store blocks. The blockchain nodes can reduce the time consumption and storage consumption by storing hot blocks locally. Hence, classifying blocks into hot and cold was adopted in previous works. However, storing all blocks on DFS is not durable or scalable. Based on the Distributed File System (DFS), the blockchain network can reduce the local storage to solve the blockchain bloat problem. Nowadays, blockchain bloat is an endangering issue caused by inefficient transaction storage mechanisms. Imlicitly, the transaction throughput can also be nearly doubled. ![]() ![]() The experimental results demonstrated that the proposed model reduces the size of blockchain by about 50.6%. ![]() This model changes the structure of the traditional blockchain from blocks to layers. In this paper, we propose a Stateful Layered Chain Model which is based on storing accounts’ balances to reduce the size of the Bitcoin blockchain. Therefore, security will be adversely affected. So, the full nodes will prefer to leave the network, and this leads to the blockchain being centralized and trusted. By time, the blockchain size will be extremely huge. Nodes in Bitcoin network need to store the full blockchain to validate transactions. However, blockchain can be considered the cause of Bitcoin scalability issues especially storage. Blockchain is the underlying technology of Bitcoin because of its decentralization, transparency, trust-less, and immutability features. Bitcoin is a digital cryptocurrency which had become the focus of scientific research in the modern era. ![]()
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