Monetizing Iot Data: Blockchain's Role in Creating New Business Models
Year: 2024
Type: conference-paper
Abstract: This research investigates blockchain technology's potential to enable secure and transparent monetization of Internet of Things (IoT) data, addressing issues in data ownership, privacy, and standardization. Using qualitative methods, the study conducted an extensive review of literature, case studies, and industry reports, identifying blockchain-powered business models that enhance IoT data monetization. Key findings demonstrate blockchain's efficiency in reducing security vulnerabilities by 50% and increasing data ownership transparency by 30%, validated through statistical tests such as chi-square (χ² = 48.56, p < 0.001) and ANOVA (F(3, 36) = 9.21, p < 0.05) on revenue impacts across models. The study concludes that blockchain-based smart contracts and decentralized data marketplaces facilitate revenue generation while maintaining data integrity, recommending industry-specific blockchain adoption and the establishment of tokenized data marketplaces.
Author: 1Mbonigaba Celestin, 2Lemlem Desta & 3Rachid Boudlal
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: green
OpenAlex ID: W6968100151
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