Strengthening the Blockchain-Based Internet of Value with Trust

Abstract

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 security of transactions that the transactions are nearly impossible to be altered; thus 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.