Survey on Blockchain-based IoT Payment and Marketplaces


The Internet of Things (IoT) ecosystem is expected to expand to connect over 75 billion devices by the year 2025 thanks to the ever-growing number of smart applications. The Internet of Things (IoT) ecosystems are comprised of sensors that function as data suppliers and applications that demand monetary transactions in order to compensate the data producers. This highlights the significance of IoT payments and marketplaces in the Internet of Things ecosystem, which is heterogeneous, decentralized, and diverse. These elements are required to facilitate the micro-transactions of billions of connected devices. To make such an ecosystem a reality, however, presents a number of difficulties, including the need to overcome poor interoperability, limited resource availability, and security and privacy vulnerabilities posed by Internet of Things devices and platforms. Blockchain is a Distributed Ledger Technology (DLT) that has the potential to be a solution to the challenges that must be overcome in order to bring Internet of Things (IoT) payments and marketplaces into existence. This is because Blockchain possesses properties such as decentralization, traceability, immutability, and non-repudiability, which are responsible for this result. A comprehensive analysis of Blockchain-based Internet of Things (IoT) payments and marketplaces is presented in this paper. This article will provide a brief overview of the concepts of Internet of Things payments and Internet of Things marketplaces. The technical obstacles that must be overcome in order to bring about IoT payment and marketplaces are then discussed, with an emphasis placed on the solutions that are based on Blockchain technology. In addition, Blockchain-based smart applications that make use of internet of things marketplace and internet of things payment concepts are presented, and the role that Blockchain plays in each application is highlighted. After that, the paper discusses the difficulties associated with the integration while also highlighting some potential solutions. This paper is intended to shed light on the development of Blockchain-based solutions to realize IoT payments and marketplaces. This is the intention behind the paper.

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