Blockchain and NFTs for Time-bound Access and Monetization of Private Data


The availability of digital data has given businesses the ability to forecast upcoming dangers, opportunities, and trends. Nevertheless, owners of digital data are typically unaware of how their information is accessed, shared, and monetized. In this article, we propose utilizing Blockchain technology in conjunction with non-fungible tokens (NFTs) to enable time-bound access to private data as well as monitization of that data. Users are able to upload content that has been encrypted and mint it into NFTs using our approach. Other users are able to access the content of the NFTs by making a purchase or applying for a license. While purchasing content gives the purchaser ownership of the NFTs, licensing them grants the licensee access to the private data for a predetermined amount of time, after which the data is deleted on its own accord. The decentralized application (DApp), proxy reencryption (PRE), InterPlanetary File System (IPFS), and trusted execution environment (TEE) are the four components that make up our developed method for managing a fully decentralized and secure system. In order to conduct testing and examinations of potential vulnerabilities, we implement a proof-of-concept system inside of an environment based on Ethereum. We discuss the generalization aspect of the solution, present the cost and security analyses, and present the results of those analyses. Both our testing scripts and our smart contracts are made available to the general public and are licensed as open source.

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