Abstract
In recent years, increasingly many companies have entered the pay-as-you-go business because it has become easier to monitor services constantly due to the development and increase in the number of Internet of Things (IoT) devices. Research is in progress to introduce cryptographic assets into the payment, but if a private key is stolen, the cryptographic assets associated with it can be stolen. To address this issue, this paper proposes a secure automated payment system using contract wallets. This method ensures the security of cryptographic assets even if the private key is stolen. Secure automated payments are enabled by issuing transactions from IoT devices and using internal transactions to link contract wallets and smart contracts that handle the payment of cryptographic assets. Furthermore, the effectiveness of the proposed system is demonstrated on the Ethereum blockchain as a proof of concept, and the cost of gas is measured.
Highlights
In recent years, the effects of Internet of ings (IoT) devices on our lives have increased due to the rise of smart cities and smart homes
We developed a system that enables secure automated payments with IoT devices by using internal transactions to link contract wallets and smart contracts that handle the payment of cryptographic assets
Because the destination of the assets is specified in the contract wallet as the externally owned account (EOA) of the company, merely stealing the private keys of the IoT device will not allow the assets to be moved to the wallet controlled by the attacker
Summary
The effects of Internet of ings (IoT) devices on our lives have increased due to the rise of smart cities and smart homes. Many studies have been conducted on the use of smart contracts for the payment by IoT devices. The wallets utilized for cryptographic asset payments are often managed in the hot wallet state, where the account is connected to the internet. Ere are smart contracts known as contract wallets that minimize the loss of cryptographic assets caused by private key theft. We developed a system that enables secure automated payments with IoT devices by using internal transactions to link contract wallets and smart contracts that handle the payment of cryptographic assets. Our evaluation results show that the proposed system can operate with a reasonable gas cost.
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