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Cited by 98Blockchain Technology Applications and SecurityBlockchain Technology in Education and LearningIoT and Edge/Fog Computing

Thing-to-thing electricity micro payments using blockchain technology

Open access
Lundqvist, Thomas, de Blanche, Andreas, Andersson, H. Robert H.·2017·2017 Global Internet of Things Summit (GIoTS)
DOI 10.1109/giots.2017.8016254
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Abstract

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.

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Crossref · 10.1109/giots.2017.8016254

Cites

7 of 7 references verified0 citation errors · 0 not checkable

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  • Bitcoin blockchain is more suitable for smart city applications that need limited business logic and high security, such as protection of government documents, e-voting, and machine-to-machine micropayment.

    “In general, Bitcoin blockchain is more suitable for smart city applications that need limited business logic and high security, such as protection of government documents (Beris and Koubarakis 2018), e-voting (Noizat 2015), and machine-to-machine micropayment (Lundqvist et al. 2017).”

    From Blockchain technology in the smart city: A bibliometric review (2022) · cites this paper as Lundqvist et al. 2017

  • A blockchain-based system allows IoT/IoE devices to pay each other for services without human intervention, demonstrated by a smart cable paying a smart socket for electricity consumed.

    “An example is detailed in [68], where the authors propose a blockchain-based system that allows IoT/IoE devices to pay each other for services without human intervention. In the paper it is described an implementation that shows the potential of the system: a smart cable that connects to a smart socket is able to pay for the electricity consumed.”

    From A Review on the Use of Blockchain for the Internet of Things (2018) · cites this paper as [68]

  • A single-fee micro-payment protocol aggregates several small payments into a larger transaction to reduce transaction fees of cryptocurrencies like Bitcoin.

    “In addition, to reduce the transaction fees of cryptocurrencies like Bitcoin, the researchers present a singlefee micro-payment protocol that aggregates several small payments into a larger transaction.”

    From A Review on the Use of Blockchain for the Internet of Things (2018) · cites this paper as [68]

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Authors
Lundqvist, T., de Blanche, A., & Andersson, H. R. H.
Affiliations
University West (SE)
ORCID
Andersson, H. Robert H.
Venue
2017 Global Internet of Things Summit (GIoTS)
Publisher
IEEE
Published
2017-06
Pages
1-6
DOI
10.1109/giots.2017.8016254
OpenAlex
W2746768139
Cited by
98
References
7
Citations by year
2026: 1 · 2025: 8 · 2024: 6 · 2023: 10 · 2022: 6 · 2021: 17 · 2020: 18 · 2019: 20 · 2018: 12
FWCI
10.50
Type
conference paper
Language
en
Open access
Licence
other-oa
Locations
  • Global Internet of Things Summit (GIoTS) (publishedVersion)
  • KTH Publication Database DiVA (KTH Royal Institute of Technology) (submittedVersion, other-oa)
Topics
  • Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
  • Physical Sciences › Computer Science › Information Systems › Blockchain Technology in Education and Learning
  • Physical Sciences › Computer Science › Computer Networks and Communications › IoT and Edge/Fog Computing
Keywords
blockchain, Bitcoin, micropayments, Internet of Things, SMART cables, smart socket, transaction fees, decentralized payment systems

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