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Strengthening the Blockchain-based Internet of Value with Trust

Truong, NB, Um, TW, Zhou, B and Lee, GM Strengthening the Blockchain-based Internet of Value with Trust. In: IEEE International Conference on Communications (ICC), 20 May 2018 - 24 May 2018, Kansas City, USA. (Accepted)

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In recent years, Blockchain has been expected to create a secure mechanism for exchanging not only for cryptocurrency but also for other types of assets without the need for a powerful and trusted third-party. This could enable a new era of the Internet usage called the Internet of Value (IoV) in which any types of assets such as intellectual and digital properties, equity and wealth can be digitized and transferred in an automated, secure, and convenient manner. In the IoV, Blockchain is used to guarantee the immutability of transactions meaning that it is impractical to retract once a transaction is confirmed. Therefore, to strengthen the IoV, before making any transactions it is crucial to evaluate trust between participants for reducing the risk of dealing with malicious peers. In this article, we clarify the concept of IoV and propose a trust-based IoV model including a system architecture, components and features. Then, we present a trust platform in the IoV considering two concepts, Experience and Reputation, originated from Social Networks for evaluating trust between two any peers in the IoV. The Experience and Reputation are characterized and calculated using mathematical models with analysis and simulation in the IoV environment. We believe this paper consolidates the understandings about IoV technologies and demonstrates how trust is evaluated and used to strengthen the IoV. It also opens important research directions on both IoV and trust in the future.

Item Type: Conference or Workshop Item (Paper)
Subjects: Q Science > QA Mathematics > QA75 Electronic computers. Computer science
Q Science > QA Mathematics > QA76 Computer software
Divisions: Computer Science & Mathematics
Publisher: IEEE
Date Deposited: 07 Feb 2018 09:23
Last Modified: 13 Apr 2022 15:16
URI: https://researchonline.ljmu.ac.uk/id/eprint/7960
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