IoT Security, Privacy and Trust in Home-Sharing Economy via Blockchain

Abstract

The phenomenal growth of Internet-services has created a vibrant new domain for sharing economy. Millions of users around the world share personal services and possessions with others—often complete strangers. Such sharing schemes have been defined by a strong centralization of power and processes, which results in disadvantageous prices and deals for consumers alongside distrust. They also increase the risk of violation of one’s informational and physical privacy and security. Strangers often have to trust each other with their privacy (e.g. a surveillance camera in an Airbnb room). However, very little research has been devoted to investigate security, trust and privacy in sharing economy. In this paper, we explore the security, trust, and privacy concerns associated with contractual renting or leasing of IoT (Internet-of-Things) devices-enabled home. We propose a methodology to eliminate security, trust, and privacy threats from IoT-enabled telematics devices in a smart home via blockchain-based smart contract. For the purpose of illustration, we focus on how we can circumvent the threats from indoor surveillance IP cameras in a smart home sharing economy.