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Thing-to-thing electricity micro payments using blockchain technology
University West, Department of Engineering Science, Division of Mathematics, Computer and Surveying Engineering. (Computer Engineering)ORCID iD: 0000-0003-0589-8086
University West, Department of Engineering Science, Division of Mathematics, Computer and Surveying Engineering. (Computer Engineering)ORCID iD: 0000-0001-7232-0079
University West, Department of Engineering Science, Division of Mathematics, Computer and Surveying Engineering. (Computer Engineering)
2017 (English)In: Global Internet of Things Summit (GIoTS), 2017: Proceedings of a meeting held 6-9 June 2017, Geneva, Switzerland, Institute of Electrical and Electronics Engineers (IEEE), 2017, 1-6 p.Conference paper, Published paper (Refereed)
Abstract [en]

Thing-to-thing payments are a key enabler in the Internet of Things (IoT) era, to ubiquitously allow for devices to pay each other for services without any human interaction. Traditional credit card-based systems are not able to handle this new paradigm, however blockchain technology is a promising payment candidate in this context. The prominent example of blockchain technology is Bitcoin, with its decentralized structure and ease of account creation. This paper presents a proof-of-concept implementation of a smart cable that connects to a smart socket and without any human interaction pays for electricity. In this paper, we identify several obstacles for the widespread use of bitcoins in thing-to-thing payments. A critical problem is the high transaction fees in the Bitcoin network when doing micro transactions. To reduce this impact, we present a single-fee micro-payment protocol that aggregates multiple smaller payments incrementally into one larger transaction needing only one transaction fee. The proof-of concept shows that trustless, autonomous, and ubiquitous thing-to-thing micro-payments is no longer a future technology.

Place, publisher, year, edition, pages
Institute of Electrical and Electronics Engineers (IEEE), 2017. 1-6 p.
Keyword [en]
IoT, Internet of things, Bitcoin, Digital payments, Crypto currency, Smart grid
National Category
Computer Systems
Research subject
ENGINEERING, Computer engineering
Identifiers
URN: urn:nbn:se:hv:diva-11402DOI: 10.1109/GIOTS.2017.8016254ISBN: 978-1-5090-5873-0 (electronic)OAI: oai:DiVA.org:hv-11402DiVA: diva2:1136256
Conference
Global Internet of Things Summit (GIoTS), 2017
Available from: 2017-08-26 Created: 2017-08-26 Last updated: 2017-09-05Bibliographically approved

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fulltext(364 kB)132 downloads
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Lundqvist, ThomasDe Blanche, AndreasAndersson, Robert
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CiteExportLink to record
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Citation style
  • apa
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Output format
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